With a lot of hard work, study, determination and perseverance, most anyone can be an antiques dealer.
Difficulty Level: hard Time Required: N/A
Here's How:
- Start by learning as much as you can about the subjects you collect using books, online resources and talking to experienced dealers.
- Pay close attention to the items you see while visiting shops and shows, noting pricing and any researched details provided by the dealers.
- Ask questions when things don't make sense, and remember that antique dealers can make mistakes or misrepresent things for a variety of different reasons.
- Build a reference library as you're learning. It should include at least one good general reference guide and a few guides on your specialty areas to start.
- Contact your local tax assessor's office to obtain a tax exemption and resale certificate and set up a DBA account with your bank.
- Look for an economical place to do business, such as flea markets and small shows or use online auctions to get your feet wet in the virtual marketplace.
- After paying overhead costs, use all the money you make from your first (and most of your future) sales to purchase more merchandise for your inventory.
- Be prepared to compete with many others to find merchandise at resale prices, remembering not to pay too much for antiques or your prices will not be competative.
- Don't make costly mistakes such as buying without checking reproduction information or noting poor condition that can diminish value.
- If you'll be doing your own bookkeeping, buy a book about running a small business or purchase software to help you with inventory, income and expenses because you'll need these schedules for tax purposes.
- Be sure to keep all your receipts and accurate mileage records for your vehicle in case of an IRS audit.
- Be prepared to spend the majority of your free time hunting, cleaning, researching, pricing and selling your merchandise.
- Remember that you'll probably never make much money in the antiques business, so have fun with it.
- Learn to relish the big finds and big sales, because they don't happen every day.
- Decide whether or not the benefits outweigh the work and frustrations involved before continuing your efforts.
- Remember that being an antiques dealer is an extension of collecting and should be fun for both the seller and buyer.
- Try to represent the profession in an ethical manner, always remembering the golden rule and being aware that greed can cause people to do strange things.
- Don't kick yourself when you sell an item too low. Chances are you made a good profit anyway and someone else was delighted with their find.
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