I had a rare opportunity to interview a guy with a rare business. Many of you will agree with me that they have come across a pawn shop, but am sure most of you have not come across an online pawn store right? Well, Dan does it online. He runs an online store called shopfacet.com.
Hello Dan, welcome to million small business ideas. Tell us what you do and what problem your business solves?
A lot of people have a problem getting loans with their credit. Most of them always have items that they really don't always need which are very valuable. We solve the problem with getting cash in relatively simple and easy way with their items by pawning.
We also provide a one stop shop for hard to get items such as antiques and hard to get up to date items. Items are sold both online and in store at our locations in Cincinnati, Ohio.
How did you come up with the idea to start this business?
We saw the frustrations people had with most pawn shops and we decided to change that. We changed the way people look at pawn shops, offering great service and a unique up scale shop.
Had you toyed with the idea for long before you decided to act upon it?
Yes, I worked at pawnshops with my father growing up.
What are the most important or unique features of
We offer more than the typical pawn shop does, with an online store, jewelry store, music section, and tooling section. We also have cash for gold programs and repair jewelry.
Who does your business target?
Anyone that needs quick cash or unique items in Cincinnati and people all over the US through our online store.
What is your competitive edge?
Our competitive edge is to offer an up scale pawn shop and great customer service. We aren't like the typical run down pawn shop that tries to take advantage of customers. Building relationships with customers keeps them coming back for more and away from the competition.
How do you generate income?
Pawning items with an interest and sell items.
How many hours were you putting into your business when you started? Do you work less hours now?
I started out working 60 to 70 hours a week. But once the business is off the ground, you can work less. Now its more like 40 hours per week.
What is the best advice you never got?
Be a pro at budgeting because it can be hard to get enough income coming in at the start to cover all the expenses.
What is the one thing that you did right?
Work hard and never quit even when things get tough.
How big do you plan to grow your business?
Possibly add two more stores throughout the Ohio area.
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