Plus you should also consider having a marketing system in place to attract qualified customers into your pawnshop and keep them returning again and again. If at least someone in your business cannot identify a diamond from a moissanite or a solid gold ring from a heavily plated ring, you will have an extremely difficult road ahead of you. In most pawnbroking operations, fine jewelry accounts for over 50% of items pledged for a pawn loan or offered for sale. The first being, will you have sufficient capital after your initial startup costs to begin building a solid pawn loan base and also to operate with negative cash flow and minimal profits for several months? If the answer to this question is no, you should not even consider opening a pawnshop until the answer is yes.Īnother thing you will need immediately, before the front door opens for the first time, is sufficient knowledge and tools to test and identify precious metals and gemstones. While I’m not suggesting you open a pawnshop with an empty showroom, what I am saying is there are many more important aspects to opening a pawnshop that should concern you first. Most wannabe pawnbrokers are overly concerned about filling up their showroom with used merchandise before opening their business. Simply stated if you do not want to be a moneylender, you should not choose to be a pawnbroker. The main business activity of any pawnshop is providing short-term credit to consumers who in turn pledge personal property as collateral for the pawn loan. I always suggest to them to consider opening a secondhand store as opposed to attempting to meet the requirements to become a licensed pawnbroker. They are shocked to discover this is not the main business activity of a legal licensed pawnshop. In talking to them I discover they are most interested in buying, selling, and trading secondhand goods. I’ve had many entrepreneurs contact me who state they are planning to open a pawnshop and are seeking my assistance. Our goal is to help our customers train their employees faster and provide better customer service."īravo users can re-register for Bravo Academy here.By Steve Krupnik Should I Be A Pawnbroker? "With the improved targeted courses, we hope to help Bravo pawnbrokers quickly become experts. "Our first Academy program was attended by nearly 1,000 pawnbrokers, and what we saw was that the time to adoption of our point-of-sale platform was cut in half," said CEO Tally Ray. This course includes a review and training on dashboard performance reports, post to accounting, and Ad Hoc reporting.īravo plans to follow this up with a second rollout of courses in June, including a level for eCommerce, Physical Inventory and Audits, and Advanced Reporting. Reports – Bravo announced in Q12018 a recommitment to superior reports for pawnbrokers.Level Two – For intermediate users and managers, Level Two includes backroom tasks and administrative requirements such as expiring loans, pricing inventory, purchasing general merchandise and jewelry, managing bucket SKUs, voiding transactions, and exporting to police departments.
Level One – Designed for new pawnbrokers and new Bravo users, Level One shows customers how to navigate the dashboard, open and close the store and tills, search and add new customers, complete a loan and buy, complete a sale and layaway, and collect pawn or layaway payments.The new Bravo Academy Training program will have an initial rollout on March 1, 2018, that includes three key training courses: Next month, the fastest growing pawn platform is introducing a new and improved version of the Academy, based on customer feedback. 27, 2018 /PRNewswire-PRWeb/ - In 2014, Bravo launched Bravo Academy to help train pawnshop employees on all aspects of Bravo.