Photo: CaptPiper / Flickr

What’s so wonderful about having your own business is that you have absolute control over how you want to operate. When it comes to dealing in antiques and collectables, you have the added advantage of having control over what you wish to charge. The reason for this is that there is no set price for a unique piece. If you set your prices at reasonable levels compared to other dealers, your main concern will be finding good quality stock.

Setting prices

If you’re able to buy old pieces at low prices and refinish them yourself, you’ll add to your profit. Before setting your price, research the possible value of the item. Keep in mind the cost of the piece as well as your acumen, finishing skills, time and associated expenses.

Make a price policy and stick to it. Allow for a small margin for markdowns as collectors often enjoy negotiating with dealers. Many dealers allow for a 10 per cent discount to customers. It goes without saying that a fellow dealer should be given a discount.

Keeping it fresh and interesting

People who are looking for something quite specific will browse through antique shops on a regular basis. To avoid boring your regular ‘browsers’, keep rotating your stock. Many dealers rotate their stock every four months.

Unsold pieces can be sold at a discount or auctioned off. Those antiques and collectables with potential can be stored for a period of time. Stale pieces can also be displayed in a new setting to give them new life.

Psychology

Consider the psychology of colour when decorating. Yellow is bright and cheery whereas grey and black can evoke feelings of depression. Many people dislike purple and orange. Green and blue can bring about feelings of peace and serenity. Red, while powerful and exciting, should be used in moderation.

Research has shown that music often dictates the pace at which shoppers progress through an area. Slow, melodious music encourages a slow ambling through a shop. Soft music can give a wonderful ambience and it also breaks the chill of a silent, quiet space.

Tags: antiques