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9/22/2017 12:11:25 AM
Posted: 8/22/2005 3:32:15 PM EDT
What do you folks think? Any money in it?? Problems?? Things to look out for?? Possibilities??? Best way to start?? Anyone with any experience in the business???
Link Posted: 8/22/2005 3:33:32 PM EDT
I would buy a check cashing franchise and build it from there. Very recession proof business. I have looked into it myself.
Link Posted: 8/22/2005 3:44:05 PM EDT
Tell me more please. My email is widmn@msn.com
Link Posted: 8/22/2005 3:51:47 PM EDT
Shit load of money in it, even when the economy is down (you do the math....blackmarket economy is recession proof )
If there is a local factory near by, offer check cashing for a small fee and a small purchace.
Sell anything Shiney...


I have a friend that started a car audio business at his dad's pawn shop 10 years ago...dude is loaded now, especially considering the 24" wheel craze...and, custum audio/video


I would try to find a place on MLK Blvd. if possible, remember: Location, location, location.


All said, I frequent pawn shops because I occasionally find good deals. You need people that know values on a broad range of things. last year I scored a new DeWalt drill w/ 2 batteries for $40. Beside it sat a old Ryobi, slightly worn, for the same price...

You will need staff that knows jewelry, firearms, weapons, musical instruments, electronics and tools.



Good luck....this is all I can come up with....

-HS
Link Posted: 8/22/2005 4:00:18 PM EDT
Sounds kinda seedy. Betta get a goo security system & pack two guns.
Link Posted: 8/22/2005 4:02:17 PM EDT
Link Posted: 8/22/2005 4:25:56 PM EDT
I know zippo about check cashing and I see signs about that around the more diverse? neighborhoods.

You'd probably have to have a lot of cash on hand to handle paychecks so right there you are a prime target to get robbed.

Why does someone need a check cashing service? Cant one open up a 'free' bank account and cash your check? Why spend extra money just to receive yours?

Link Posted: 8/22/2005 4:27:59 PM EDT

Originally Posted By 7:
I know zippo about check cashing and I see signs about that around the more diverse? neighborhoods.

You'd probably have to have a lot of cash on hand to handle paychecks so right there you are a prime target to get robbed.

Why does someone need a check cashing service? Cant one open up a 'free' bank account and cash your check? Why spend extra money just to receive yours?




Check cashing is big money, the local tribesmen will spend half of their pay in the store if you have the right items for sale. Cheapo stereo equipment and those large hollow rope 10k gold chains.
Link Posted: 8/22/2005 7:33:37 PM EDT

Originally Posted By 7:
I know zippo about check cashing and I see signs about that around the more diverse? neighborhoods.

You'd probably have to have a lot of cash on hand to handle paychecks so right there you are a prime target to get robbed.

Why does someone need a check cashing service? Cant one open up a 'free' bank account and cash your check? Why spend extra money just to receive yours?




Check cashing businesses provide two services -
- they let the customers essentially write a bad check in exchange for cash, which is redeemed with interest on pay day,
- they cash pay checks for a fee for folks that don't want a bank account. There are all sorts of reasons folks don't have bank accounts. One being that you can't bounce a check if you can't write one. Free checking accounts usually require a minium balance of say $1000; the problem here is that many of these customers don't have $1000 (except when "their" check comes from the .gov each month).

Sleazy, sleazy business.

I was in a pawn shop in Homen, Wisconsin Saturday - they stick with what they know - fishing equipment, firearms, and a few musical instruments. I was pretty nice to look without stepping over rows of clapped out power tools and cheap electronics.
Link Posted: 8/23/2005 12:43:15 AM EDT
[Last Edit: 8/23/2005 12:44:27 AM EDT by GAU5-A-A]
Ebay is the tool of choice for pawnshops today. Not only to sell, but as a very advanced research tool.

They can buy/sell a much wider range of merchandise by looking up past sales of your ratty moosehead, 3ft bong, chinese camera, etc. When Ebay shows a median price for several similar items, that becomes the bottom price they expect to get for it, and makes it easy for the shop owner to give you cash, and accept a reasonable offer, while preserving his profits.

The unpredictability of in-store sales to harm the monthly returns is substantially diminished. Most of the pawnshops I frequent are heavily involved selling on Ebay. However, Ebay has seriously lowered their profits as well. Customers who like an item, but not the pawnshops lowest price, can often find similar items on ebay for less.

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