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I wanted to bump this and see if I can get some insight from you guys with similar businesses.
jonblack
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We own a pawnshop.
Do not hire friends its a good way to lose them.
What you want is a middle-aged men or women without criminal records and reasonable credit score (excluding Medical). They will show up on time, you will be able to count on them and they won't be making deals out back or at WalMart with your regular customers.
Do cut your employees good deals on some of the merchandise that comes in on occasion, say cost (financing plus loan) plus 10% (use reasonable discretion here).
If you intend on passing it down to your kids, let them get experience working for someone else so they have a basis for comparison....
You will need to have a tolerance for sob stories and derpitude. Learn to laugh and watch your six everyone will "know" you have cash and stuff they want.
Edit: It will be tempting to keep your regulars paying forever on some item once we reach a certain level of profit on something we on occasion tell them to just come and get it. It keeps them coming back and amazingly it will be back in your shop the next week anyway.
Edit2: Most thieves will not use a pawnshop to get rid of stolen items UNLESS they are family of the person the stole from then they will.