A Special Message For Anyone
Who Wants To Start or Open Their Own
Pawn Shop Business.

Dear Fellow Entrepreneur,

So you’re thinking about opening a pawn shop? You want to start your own pawn shop, but you’ve begun to do your research on the industry and due diligence on the business and you’ve come up nearly empty handed. Don’t worry, I understand, I’ve been there before myself, and I realize your frustration.

My name is Steve Krupnik and I’ve been a pawnbroker for over 30 years. Back when I got into the industry there was practically NOTHING available on how to successfully open and manage a pawn shop business. Because of this I struggled mightily to succeed. But I did, and I tell you this with sleeves rolled up bloody nosed dogged determination experience. It is my hope to help you ease your struggle.

Times have changed. So has pawnbroking. There is so much to learn about opening and running a successful pawn shop and yet it is so difficult to locate practical and useful information on how to make it happen. That’s why I’ve created this website for you.

Here is how you can make the best use of your time on this website. Enter your name and e-mail address into the box you see on this page and click on submit. By doing so you will receive by e-mail two special reports I’ve written for people just like you who are doing research on the pawnbroking industry. You will also receive directly from me occasional e-mails about updates that have been made to this website and additional valuable information that has been added. Don’t worry, I do not sell or rent your information. You can also opt out of these e-mails at any time.

Top 10 Mistakes People Make
When Starting A Pawn Shop Business

The first report entitled “Top 10 Mistakes People Make Getting Into The Pawnbroking Business” may help clear up some misconceptions you have about the industry. I’ve seen these mistakes made time and time again by otherwise intelligent entrepreneurs like you. You may not agree with me about these top 10 mistakes, but remember this.

These mistakes are not based on my feelings. They are based on my observations.

That’s because I was in charge of a State Pawnbroker Association for 17 years. I witnessed many business people who wanted to get into the pawnbroking industry, and these are the biggest mistakes they made. I am providing you with this special report in hopes that you will not follow in their footsteps and make the same mistakes.

Tips For Opening A Pawn Shop:
How To Become
A Pawnbroker Yourself

The second report entitled “Tips For Opening a Pawn Shop” will give you many useful ideas on choosing pawnbroking as a business, what you will need to prepare to enter into the business, the best way to choose potential locations, and many other helpful tips in your pawnbroking endeavors. I can only wish I would have had such a report available to me when I first entered into the business. It would have vaulted me to success in a much smoother and timely fashion.

Now that you’ve gotten this far with me I feel it’s wise to inform you of what owning a pawnshop is not. First of all, it’s not a part-time business that you can run from your kitchen table in your underwear. It’s not a get rich quick scheme where you can be here today and gone tomorrow. It is not loan sharking, a flea market, or a secondhand junk dealership. And it’s certainly not a licensed opportunity to take advantage of people or to deal in stolen merchandise. If you would happen to believe the pawnbroking industry is any of these you have been watching too much television.

Becoming a pawnbroker requires dedication, education, and resources. It is a reasonably recession-proof business that can offer you and your family business freedom, financial security, and peace of mind. It will provide you with an opportunity to truly help many consumers in your market area. The main focus of the business is on short-term consumer credit. Pawnbroking is the oldest form of consumer credit. But because you accept personal property as collateral for the customer to obtain credit from you, there are none of the typical qualifiers as there are in more mainstream credit. There is also no recourse on the loan except for the personal property that was pledged.

If you are still interested in getting into “the business” I again advise you to enter your name and e-mail address into the box you see on this page and click on submit. The two special reports you receive on the next page will assist you in making decisions about your new business venture and will also help you to utilize the additional resources available on this website. Good luck with your new business enterprise and welcome to the world of pawnbroking.

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Steve Krupnik Signature

Steve Krupnik

Creator of the Pawn Shop Advisorâ„¢ coaching program
Creator of the Pawn Shop Performerâ„¢ coaching program
Author of the best selling book Pawnonomics

Questions and Comments Answered by Steve Krupnik:

  1. Raymond,

    Here’s a link to some Wisc ordinances: http://www.govtogovsolutions.org/Default.aspx?tabid=76

    There also may be local and federal licensing and regulation according to your circumstances. Startup costs vary greatly depending on market, regulation, type of pawn shop, and style of lending. Any where from $25k to $500k+ but an average shop (you should not choose average in my mind) in an average location would require an initial investment of at least $50k. Hops this helps, Steve

  2. I’m trying to open up a pawn shop in Wisconsin about how much would it cost to start up the business & what kind of license would I need ?

  3. Danielle, Wow, GREAT demographics for a high-end pawn operation. However, a high-end business requires a high-end initial capital investment. I would take an educated best guess at between $200k – $300k will hold you over and put you in the black. This is considering a modest overhead and moderate marketing budget. Determining fair market values of items has never been easier thanks to the internet. Although different types of items are researched in different ways. This process is far easier than it sounds. Especially if you have a working knowledge of gemology and metallurgy. Good Luck!

  4. Danielle says:

    Hi Steve, what is the minimum investment to rent a place, lawyer’s fee… and start a pawn shop business in Markham, ON, Canada? I am thinking about opening one in Markham area. What is the best environment to be successful? I have seen bad poor area pawnshop who have more pawnshop stores. My area is mostly for rich people. I am not rich. I just moved here recently and looking to open a new business. I have been selling and buying items on net for a while. How can you know the value of the items you purchase? Thank you

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Professional Pawnbroker Steve Krupnik Shows You
How To Start Or Open Your Own Pawn Shop Business
And How To Avoid Common Mistakes Made When Becoming A Pawnbroker.

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