Wednesday, August 10, 2011

My Mom's Dream Business

For me to be able to attend private school here in our city, my mom who is a single mom raised me on the salary of a teacher. After a while, she decided to sell some things. She learned how to sell imported goods, shirts, clothes, lipsticks, even slippers and bedsheets. She would joke that she experienced selling everything except herself and coffins.

Now, her dream business is that of a pawnshop. She thinks there's no loss in a pawnshop. A pawnshop mainly relies on the price of gold. It is important to know the current gold price in every transaction. Jewelries are actually priced by its weight and gold prices. We even planned to attend a seminar discussing it. But most seminars are held in Manila so we didn't pursue it then.

You also have to check the gold spot or know how to spot gold from the fake ones. This is what pawnshop owners should really study the art of appraisals. Future pawnshop owners should also invest on great insurance companies, a solid security, and the study of gold and jewelry.

I agree with my mom that a pawnshop would be a good business but I think it is too much of a risk. It's a very high-risk business where a lot have experienced mugging, even murdered because of it. Thieves tend to target it because jewelry is easy to pocket and is always a sound investment since its value appreciates like land properties.


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