thrift shop business plan

Thrift Store Business Plan Template

Written by Dave Lavinsky

Thrift Store Business Plan

You’ve come to the right place to create your Thrift Store business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Thrift Stores.

Below is a template to help you create each section of your Thrift Store business plan.

Executive Summary

Business overview.

Thrifty Treasures is a startup thrift store company located in Buford, Georgia. The company was founded by Georgia Mae Dutton, a thrift store maven with over forty years experience as both a shopper and customer advisor inside thrift stores. After many years of observing the best model for a thrift store; including customer assistance, operations, pricing, stocking inventory, and other practical knowledge, Georgia Mae decided to open her own thrift store to put all those pieces of practical knowledge to work.

Thrifty Treasures will focus on select areas of the best-selling categories for thrift stores: apparel, accessories, furniture, seasonal items, toys, household goods, kitchen items, and heritage favorites (crystal, silver, linen, cutwork, etc). Her plan is to provide everything needed to build the interior of a home while doing so on a dime. Thrifty Treasures will become the one-stop shop for gently-used items and apparel to suit every buyer, from the youngest shopper to the seniors.

Product Offering

The following are the products and services that Thrifty Treasures will provide:

• Gently-used apparel, accessories, furniture, seasonal items, toys, household goods, kitchen items, and heritage favorites
• Rotating inventory items every 30 days
• Clean bicycles and riding toys in good working order
• Respectful and courteous service for every customer
• Leadership training for staff members
• Generous 30-day return policy

Customer Focus

Thrifty Treasures will focus on the residents of Buford, Georgia and those within the surrounding region. They will target owners of gently-used items who want to donate items to be used for families within the community. They will target community organizations who will benefit from acquiring items from Thrifty Treasures for offices, meeting areas, and community kitchens. They will target local store owners who want to give away or sell for greatly reduced prices certain inventory items they hold.

Management Team

Thrifty Treasures will be owned and operated by Georgia Mae Dutton. She has recruited her former shopping assistant, Beula Simpson, to be the office manager and part-time salesperson. Georgia Mae has also recruited the maintenance worker from her church, Johnny Clarkson, to assist in cleaning and maintaining order in the store on a part-time basis.

Georgia Mae Dutton has been a thrift shopper for over forty years, beginning when she was eleven years old. She has observed and witnessed over the years the patterns, inventory, and customer service processes that work best, along with those that don’t. She is a graduate of Buford Community College, where she earned a business certificate.

Beula Simpson has been a shopping assistant for ten years for Georgia Mae, helping in the selection of items and disbursal of those items to friends and family members in need. She has been trained by Georgia Mae to select the best inventory items and to offer these items at reasonable prices.

Johnny Clarkson is a part-time maintenance worker at a local church that sits on a multi-acre property. He oversees one helper, who assists with cleaning, organizing, and maintaining the interior rooms of the church, as well as the outer grounds and landscaping of the areas around the church. Johnny has been employed at this job for over five years and has built an excellent reputation as a person “you can trust.”

Success Factors

Thrifty Treasures will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly-qualified team at Thrifty Treasures
• A wide array of products that will appeal to all buyers, from household items to heritage favorites. There will be something for everyone to appreciate and purchase.
• Thrifty Treasures will offer discounts on gently-used items, increasing discounts throughout the one-month inventory period, until 75% discounts are applied during the last week of each month.
• Inventory is sold and restocked every thirty days; merchandise is never “old and tired.”
• Thrifty Treasures offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.

Financial Highlights

Thrifty Treasures is seeking $200,000 in debt financing to launch Thrifty Treasures. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for Thrifty Treasures.

Company Overview

Who is thrifty treasures.

Thrifty Treasures is a newly established full-service thrift store in Buford, Georgia. Thrifty Treasures will be the most reliable, cost-effective, and enjoyable store for customers of all ages in Buford and the surrounding communities. Thrifty Treasures will provide a comprehensive inventory of items that will solve the issues or concerns of their customers, as each finds what it needed at reasonable and practical prices. Their full-service approach includes comprehensive training extended to each employee upon hire. This ensures fully-trained staff members who want to give their personal best efforts to each customer.

  Thrifty Treasures will be able to effectively purchase, stock and sell inventory every thirty days. The team of professionals are highly qualified and experienced in thrift store buying and selling. Thrifty Treasures removes the concerns of customers who need items or apparel and can’t afford those items at a full-price store. Thrifty Treasures also ensures all issues are taken care of expeditiously while delivering the best customer service.

Thrifty Treasures History

Since incorporation, Thrifty Treasures has achieved the following milestones:

• Registered Thrifty Treasures, LLC to transact business in the state of Georgia.
• Has a contract in place at one of the suburban retail strip malls to lease sales space and an office space, totalling 15,000 square feet.
• Reached out to numerous friends and associates to include Thrifty Treasures as a primary store of choice.
• Began recruiting a staff of three sales representatives and office personnel to work at Thrifty Treasures.

Thrifty Treasures Products and Services

The following will be the products and services Thrifty Treasures will provide:

Industry Analysis

The retail thrift store industry is expected to grow over the next five years to over $64 billion. The growth will be driven by consumers who will shop for lower-priced items as a result of inflation. The growth will also be driven by consumers who want to reuse items as sustainable responsibility is a personal goal. The growth will also be driven by younger consumers who seek certain memorabilia from past decades, fashions from former decades, or those who enjoy items that never seem to wear out. Costs will likely decrease as more and more consumers want to share gently-used items with others who are less fortunate. This will result in more availability and lower costs for thrift store owners.

Customer Analysis

Demographic profile of target market, customer segmentation.

Thrifty Treasures will primarily target the following customer profiles:

• Residents of Buford and surrounding areas
• Businesses that need to acquire furnishings or household items
• Local store owners who may want to buy or sell items
• Community organizations who may want to buy or sell items

Competitive Analysis

Direct and indirect competitors.

Thrifty Treasures will face competition from other companies with similar business profiles. A description of each competitor company is below.

Traci’s Thrift Taxi

Traci’s Thrift Taxi is a mobile store featuring used women’s apparel. The owner, Traci Fordham, purchases “used and returned” women’s apparel in bulk from wholesale companies and sells the items via her mobile store. Traci did not want to incur the expense related to a retail store; therefore, she moves her mobile store to various neighborhoods where her customers congregate to visit and purchase her inventory on wheels. She holds an inventory of up to 200 clothing items for women at one time and uses her oversized van as her mobile showroom, where she can invite up to five women at a time to enter her “store” to shop for used appeal.

By using her van as her store, Traci saves on the expenses related to a brick and mortar store, however she pays for fuel and maintenance on her van, which dilutes her economy somewhat. Traci uses a software program that details where the van will be located and sends a text message to any woman customer to alert customers when the van is in their geographic area. Traci cleans out her inventory every 60 days, or whenever she sells out of inventory.

Annie’s Simple Memories

Annie Swanson has been a collector of dolls for over forty years. During that time, she’s amassed an enviable 400 dolls, many of them complete with clothing and accessories. Annie decided to open a shop to highlight her dolls, selling them as customers preview them, along with other memorabilia related to dolls and the toys girls and boys have loved throughout the years.

Annie’s Simple Memories is focused on the Atlanta, Georgia area, where her shop is located on the outskirts of the city in a suburban mall. Her specialty of dolls and toys defines her customer base. She introduces her shop to local schools and offers various discounts and special promotions to the schools in order to successfully highlight her store in the region.

The consumer target market for memorabilia has continued to grow over the past few decades and, as consumers have more expendable income in this and projected years ahead, they will continue to acquire dolls and toys that represent special memories of the past.

Shifty’s Thrifty Auto Parts

Although not a direct competitor to Thrifty Treasures, Shifty’s Thrifty Auto Parts can be considered an indirect competitor, as the inventory for sale is used. The available inventory contains workable, used auto parts from automobiles of several decades. For the car aficionado, Shifty’s Thrifty Auto Parts is a dream come true, with auto parts from a wild array of cars from all over the world.

Shifty’s Thrifty Auto Parts has been in business since 2005 and has expanded from a small 500 square foot corner hub to a 3,000 square foot store. Customers purchase via in-store selections; however, Shifty’s Thrifty Auto Parts has built a considerably larger online presence during the past ten years, as much of the available inventory is highlighted on the website with the ability to purchase and receive parts in their own home. This part of the business has garnered multiple new customers and boosted the walk-in customer base of the initial years of business.

Competitive Advantage

Thrifty Treasures will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Thrifty Treasures will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees who are able to provide stellar customer service as they assist customers with purchases, returns, and questions that may arise.
• Steady rate of inventory turnover every 30 days that ensures fresh stock of apparel and other items from which to choose.
• Movable discount rates that offer customers an opportunity to save even more on inventory items.
• Inventory that holds value for everyone in the community.

Promotions Strategy

The promotions strategy for Thrifty Treasures is as follows:

Word of Mouth/Referrals

Thrifty Treasures has built up an extensive list of friends and associates over the years by providing expert advice to other shoppers for thrift items. Thrifty Treasures will be the culmination of years of knowledge-put-into-practice, as everyone helps by spreading the word of Thrifty Treasures.

Professional Associations and Networking

Thrifty Treasures will network extensively among community groups and clubs that may require furnishings or some types of inventory that can be purchased at lower-priced rates. Special discounts will be offered to these groups during the first three months of business.

Print Advertising

All residents of the Buford and surrounding communities will receive a direct mail piece, offering a discount for visitors to the store who make a purchase during the first three months of business.

Website/SEO Marketing

Thrifty Treasures will fully utilize their website, sharing photos and video reels of current and new stock items for sale. The website will be well organized, informative, and list all inventory categories that Thrifty Treasures provides. The website will also list their contact information and list their open hours. The website presence will be enhanced with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “thrift company” or “thrift store near me”, Thrifty Treasures will be listed at the top of the search results.

The pricing of Thrifty Treasures will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for Thrifty Treasures. Operation Functions:

• Georgia Mae Dutton will be the Owner and President of the company. She will oversee all staff and manage client relations. She has spent the past year recruiting the following staff:
• Beula Simpson will be the Office Manager who will handle the office administration, inventory management, and accounts payable.
• Johnny Clarkson will be the Maintenance Manager at the store, overseeing the placement and care of the inventory, as well as the cleanliness and maintenance of the store.

Milestones:

Thrifty Treasures will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease store and office space
• 5/15/202X – Finalize personnel and staff employment contracts for the Thrifty Treasures
• 6/1/202X – Finalize contracts with wholesale companies for Thrifty Treasures inventory
• 6/15/202X – Begin networking at community events
• 6/22/202X – Begin moving into Thrifty Treasures store and office
• 7/1/202X – Thrifty Treasures opens its store for business

Beula Simpson has been a shopping assistant for ten years for Georgia Mae, helping in the selection of items and disbursal of those items to friends and family members in need. She has been trained by Georgia Mae to select the best inventory items and to purchase these items at reasonable prices.

Financial Plan

Key revenue & costs.

The revenue drivers for Thrifty Treasures are the fees they will charge to customers for their product purchases.

The cost drivers will be the overhead costs required in order to staff Thrifty Treasures. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

Thrifty Treasures is seeking $200,000 in debt financing to launch its retail store. The funding will be dedicated toward securing the store and office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Customers Per Month: 150
• Average Revenue per Month: $36,000
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, thrift store business plan faqs, what is a thrift store business plan.

A thrift store business plan is a plan to start and/or grow your thrift store business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Thrift Store business plan using our Thrift Store Business Plan Template here .

What are the Main Types of Thrift Store Businesses? 

There are a number of different kinds of thrift store businesses , some examples include: Vintage thrift store, Consignment thrift store, and Goodwill thrift store.

How Do You Get Funding for Your Thrift Store Business Plan?

Thrift Store businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Thrift Store Business?

Starting a thrift store business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Thrift Store Business Plan - The first step in starting a business is to create a detailed thrift store business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your thrift store business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your thrift store business is in compliance with local laws.

3. Register Your Thrift Store Business - Once you have chosen a legal structure, the next step is to register your thrift store business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your thrift store business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Thrift Store Equipment & Supplies - In order to start your thrift store business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your thrift store business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful thrift store business:

• How to Start a Thrift Store

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Thrift Store

Back to All Business Ideas

How to Start a Thrift Store

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on December 31, 2021 Updated on May 14, 2024

Investment range

$2,550 - $35,100

Revenue potential

$156,000 - $780,000 p.a.

Time to build

1 – 3 months

Profit potential

$125,000 - $234,000 p.a.

Industry trend

Thrift stores can be full of treasures that someone else didn’t want, from clothing to trinkets to furniture. The US thrift store industry is valued at over $10 billion and growing. Whether you decide to specialize in vintage clothing, furniture, or a variety of items, you can make a profit by opening your own thrift store. 

You could also follow the path of a business like Goodwill and have a social mission with your thrift store. Goodwill’s mission is to divert items that would be discarded away from landfills to offer them at affordable prices to customers, while actively helping job seekers find employment in their stores.

Launching and running a thrift store will have challenges and will require work and time to get started. This step-by-step guide has all the relevant information and insight that you need to move forward and begin your entrepreneurial journey.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Every business, including a thrift store business, has pros and cons that you should consider before deciding if it’s the right path for you.

• Community Service – Save items from landfills and provide them at affordable prices
• Online Opportunity – You can start your thrift store as an online business
• Growing Market – Re-sale items are in high demand
• High Startup Costs – Costs to open a physical location are high
• Time-Consuming – You’ll have to find merchandise as well as sell it

Thrift store industry trends

Younger consumers are driving the growth of the market. Over 40% of resale apparel shoppers are Gen Zers and millennials.(( https://www.thredup.com/resale/#whos-thrifting-and-why )) 

Companies like Poshmark and ThredUp are booming, buying and reselling high-end fashion items . This presents a tremendous opportunity for a go-getter entrepreneur to start an online thrift marketplace without the startup costs and overhead expenses of a physical store.

Industry size and growth

• Industry size and past growth – Market analyst IBISWorld values the US thrift store industry at nearly $11 billion, after an average annual growth of 1% in the past five years.(( https://www.ibisworld.com/industry-statistics/market-size/thrift-stores-united-states/ ))  
• Growth forecast – The $35 billion resale industry is expected to grow more than double in the next 5 years to reach $82 billion, according to a report by ThredUp, a resale company.(( https://www.thredup.com/resale/#size-and-impact )) 
• Number of businesses – More than 26,000 thrift stores are operating in the US.(( https://www.ibisworld.com/industry-statistics/number-of-businesses/thrift-stores-united-states/ ))
• Number of people employed – Thrift stores in the US employ around 140,000 people.(( https://www.ibisworld.com/industry-statistics/employment/thrift-stores-united-states/ ))

Trends and challenges

Trends shaping thrift stores are:

• Online thrifting, resale, and vintage shopping are becoming popular
• Employment of content creators and use of social media in promoting thrift stores
• Growing awareness of environment-friendly and sustainable fashion products

Challenges faced by thrift stores include:

• Overcoming the negative stigma associated with secondhand or recycled clothing
• Highly competitive landscape

What kind of people work in thrift stores?

• Gender – 72% of storekeepers in the US are male, while 28% are female.(( https://www.zippia.com/storekeeper-jobs/demographics/#gender-statistics ))
• Average level of education – 33% of storekeepers hold a bachelor’s degree and 31% have a high school diploma.(( https://www.zippia.com/storekeeper-jobs/demographics/#degree-level-types ))
• Average age – The average age of a storekeeper is 39 years old.(( https://www.zippia.com/storekeeper-jobs/demographics/#age-statistics ))

How much does it cost to start a thrift store business?

Startup costs for a thrift store range from $2,500 to $35,000. The low end represents opening an online store with the largest costs being inventory and a website setup. The high end reflects the cost of opening a physical store.

You’ll need a handful of items to successfully launch your thrift store business. Here’s a list to get you started:

• Shelving and counters
• Storage containers for items

How much can you earn from a thrift store business?

Typically, the markup on resale items is between 5 and 8 times the purchase price, but it can vary greatly. Use our markup calculator to calculate your sale price and how much revenue and profit you will earn with different markup percentages. If you start an online store from home, you can expect a profit margin of about 80%. 

In your first year or two, you could work from home and sell 200 items a week at $15 average per item, bringing in $156,000 in annual revenue. This would mean around $125,000 in profit, assuming that 80% margin. As your brand gains recognition, sales could climb to 1,000 items per week. At this stage, you might rent an office and hire staff, reducing your profit margin to around 30%. With expected annual revenue of $780,000, you would make about $234,000.

What barriers to entry are there?

There are a few barriers to entry for a thrift store. Your biggest challenges will be:

• You’ll have to find inventory to start with which will take some legwork
• Competition, particularly online, is high

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Step 2: hone your idea.

Now that you know what’s involved in starting a thrift store, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research other thrift stores to examine their products, price points, customer reviews, and what sells best. You’re looking for a market gap to fill. For instance, maybe the market is missing an online home goods thrift store. 

You might consider targeting a niche market by specializing in a certain aspect of your industry such as glassware.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your products

You can decide to specialize in a certain type of product such as clothing , or you could offer a variety. If you decide to purchase items at garage sales to re-sell, you could find any number of things from clothing to glassware and home goods.

Source products for your thrift store

The key to success in a thrift store is not just about having a wide range of items, but also about having interesting, unique, or high-demand items that attract a variety of customers. Here’s how to source them:

• Community Donations : Encourage local residents to donate items they no longer need.
• Estate Sales and Garage Sales : These are great places to find unique and valuable items at a low cost.
• Auctions and Liquidation Sales : Check out local auctions, including online platforms.
• Collaborations with Local Businesses : Partner with local businesses looking to offload old stock or unwanted items.
• Online Marketplaces : Platforms like eBay, Craigslist, or Facebook Marketplace are excellent for finding items.
• Flea Markets : Flea markets can be treasure troves for unique thrift items.
• Storage Unit Sales : Sometimes storage units are auctioned off. These can contain a wide variety of items, often at a very low cost.
• Consignment and Buy-Outright : Consider setting up a consignment system where people can leave their items for you to sell, or offer to buy items outright from individuals.
• Wholesale Purchases : Look into wholesalers who specialize in used or surplus goods. While this might require a larger initial investment, it can be a reliable source of inventory.

How much should you charge for thrift store items?

Your prices are going to vary based on what you buy items for and how much people are willing to pay for items. Keep in mind that your customers are going to be looking for items that are significantly less than they would pay for new items. 

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will depend on the type of products you decide to offer. If you specialize in trendy or vintage clothing, your target market will likely be younger, so you can find them on sites like Instagram or TikTok.

Where? Choose your thrift store location

If you have an online store, in the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office.

Look for a spot with high visibility and easy accessibility for both foot and vehicle traffic, preferably in a commercial area or close to other complementary businesses. You can find commercial space to rent in your area on Craigslist , Crexi , and Commercial Cafe .

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Thrift Store Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• The name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “thrift” or “thrift store”, boosts SEO
• Choose a name that allows for expansion: “Affordable Finds Thrift” over “Furniture Finds Thrift”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Thrift Store Business Plan

Here are the key components of a business plan:

• Executive Summary: Provide a brief overview of your thrift store business, emphasizing its focus on selling affordable, quality second-hand goods and its unique position in the retail market.
• Business Overview: Describe your thrift store’s operation, which includes sourcing and selling a variety of used items such as clothing, furniture, and household goods.
• Product and Services: Detail the range of products offered, including second-hand apparel, home décor, books, and potentially upcycled items.
• Market Analysis: Assess the demand for thrift and second-hand goods, identifying key customer segments like budget-conscious shoppers, vintage enthusiasts, or eco-friendly consumers.
• Competitive Analysis: Compare your store to other local thrift shops and second-hand stores, highlighting your advantages in product variety, pricing, or store location.
• Sales and Marketing: Outline your strategy for attracting customers, such as through community engagement, social media marketing, or loyalty programs.
• Management Team: Highlight the experience and roles of your team, focusing on retail management, merchandising, and sustainable business practices.
• Operations Plan: Describe the day-to-day operations, including inventory sourcing, store layout, and customer service procedures.
• Financial Plan: Provide an overview of financial aspects, including startup costs, pricing strategy, and revenue projections.
• Appendix: Include supplementary documents like supplier agreements, market research data, or community partnership details to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to thrift stores. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your thrift store will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
• Benefit Corporation – A B-Corporation is a business of any entity type that has a social mission but can still make a profit. By passing rigorous standards and “meeting the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose” they can get a B-Corp certification from B Lab, a non-profit organization. Not all states recognize the B-Corp status. The B-Corp is taxed based on what type of entity it is. For example, a corporation that has B-Corp certification is taxed as a regular corporation.
• Non-Profit Corporation – A corporation that does not generate profits and works toward a social mission. The owners are not personally liable for debts. Funding comes from donations or fund-raising activities. 

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.  
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family : Friends and family can help fund your company either for a stake in the company or as a loan. It’s a good idea to have legal advice when doing so because SEC regulations apply.      
• Crowdfunding : Websites like Kickstarter offer an increasingly popular low-risk option, in which donors fund an entrepreneur’s vision. Other crowdfunding sites like Fundable and WeFunder allow you to invite multiple investors to fund your business for a stake in the company       
• Personal : Self-fund your business via your savings, or the sale of property or other assets.

Bank and SBA loans are probably the best options, other than friends and family, for funding a thrift store. You might also try crowdfunding if you have an innovative concept.

Step 8: Apply for Thrift Store Business Licenses and Permits

Starting a thrift store business requires obtaining a number of licenses and permits from local, state, and federal governments. 

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money you’ll need a place to keep it, and that requires opening a bank account . Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your thrift store business as a sole proprietorship. 

Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.  

You can use industry-specific software, such as ConsignPro , AccuPOS , or MicroBiz , to manage inventory and sales.

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Developing a website for your thrift store is a critical step in establishing your online presence and reaching a broader audience. Utilizing website builders like Shopify, Wix, or Squarespace is a convenient and cost-effective way to create a professional-looking site without needing extensive coding knowledge. These platforms offer customizable templates, which you can tailor to reflect your store’s unique personality and brand.

It’s important to optimize your website for both user experience and search engines (SEO), ensuring it loads quickly, is easy to navigate, and is mobile-friendly. Incorporating clear calls to action (CTAs) is essential; these could be prompts for visitors to sign up for newsletters, follow your social media, or check out your latest collection.

Opening a thrift store presents unique marketing opportunities to connect with your community and stand out. Here are some effective strategies:

• Social Media Engagement : Use platforms like Instagram, Facebook, and TikTok to showcase unique finds, store events, and promotions. Regular posts and engaging content can build a loyal following.
• Local SEO Optimization : Ensure your website and online content are optimized for local search engine results. This includes using local keywords, having a Google My Business listing, and ensuring your store’s name, address, and phone number (NAP) are consistent across the web.
• Community Involvement : Participate in local events, sponsor community activities, or collaborate with local artists and creators. This builds your brand’s presence and reputation within the community.
• Email Marketing : Collect email addresses at the point of sale or through your website. Send out newsletters with special deals, store updates, and featured items to keep your store top of mind.
• Customer Loyalty Programs : Implement a loyalty program to encourage repeat business. This could be a points system, discounts on future purchases, or special sales for returning customers.
• Local Directories and Online Listings : Get your thrift store listed in local business directories and online platforms like Yelp, TripAdvisor, or local chamber of commerce websites to increase visibility.
• Targeted Local Advertising : Consider using local advertising in community newspapers, radio, or local online forums and groups. Tailor your ads to the local audience to maximize impact.
• In-Store Events and Promotions : Host special events like vintage fashion shows, DIY upcycling workshops, or themed sale days to draw in customers and create a buzz.
• Collaborate with Influencers and Bloggers : Partner with local influencers or bloggers who align with your brand to reach a broader audience.
• Visual Merchandising : Make your store visually appealing and regularly change displays to keep the shopping experience fresh and engaging.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your thrift store meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your thrift store business could be: 

• Thrifty home goods that fit your budget
• Sustainable clothing that sustains your wallet
• Re-sale jewelry at rock bottom prices

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a thrift store, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in the resale market for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in thrift stores. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a thrift store business would include:

• Sorters – sort and price items
• Store clerks – make sales if you have a physical store
• Marketing lead – SEO strategies, social media, other marketing
• Buyers – find items for re-sale

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Thrift Store – Start Making Money!

Thrift stores are great for the community and the planet, and your own store can be good for your bank account. It’s a nearly $11 billion industry and growing, so why not make money while doing a service for others? It’s fairly easy to start an online store, and you can do it for very little money. You can also start from home.

You could grow your business to include physical locations later. Now that you’ve read all about it and have all the information you need, you’re now ready to start your entrepreneurial journey and open your own thrift store! 

• Thrift Store Business FAQs

Yes, you can make money from a thrift store. While some operate as nonprofits and take donations, others are for profit. With an online thrift store, you can earn a high profit margin, as much as 80%.

Many re-sale stores extend offers to buy people’s used items and then re-sell them for a profit. You can also go to garage sales or estate sales to find quality items to re-sell.

Utilize social media platforms to showcase unique and desirable items, share styling tips, and engage with your audience. Offer special discounts or promotions for loyal customers or new visitors. Collaborate with local influencers, bloggers, or community organizations to generate buzz and attract new customers.

To ensure cleanliness and quality of items in your thrift store, establish strict quality control procedures. Implement a thorough inspection process for all items before they are placed on the sales floor. Regularly clean and organize the store to provide a pleasant shopping experience.

The profitability of a thrift store can vary depending on factors such as location, pricing strategy, quality of items, and target market. With careful selection of items, effective marketing, and efficient operations, thrift stores can generate a profitable income. 

Thrifting is popular worldwide, but certain regions, cities, or neighborhoods may have a stronger thrift store culture. Thrifting is often popular in urban areas with a diverse population, strong community involvement, and a sustainability-focused mindset. 

Curate a unique and diverse selection of items, focusing on high-quality and sought-after brands. Regularly update your inventory to provide a fresh and exciting shopping experience. Offer competitive pricing by carefully pricing items based on their quality, brand, or demand. Implement sales or discount programs for specific items or designated shopping periods.

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Thrift Store Name
• Create a Thrift Store Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Thrift Store Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run a Thrift Store - Start Making Money!

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How to Start a Thrift Store Business

A thrift store business focuses on reselling items such as clothing, home goods, and furnishings. Some sell a little bit of everything, while others focus on a niche such as vintage clothing. Many thrift stores are focused on charity and/or nonprofit work, such as funding job programs or feeding the hungry. However, some thrift stores are for-profit businesses that seek to maximize revenue as any other for-profit business would.

Learn how to start your own Thrift Store Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a thrift store business by following these 10 steps:

• Plan your Thrift Store Business
• Form your Thrift Store Business into a Legal Entity
• Register your Thrift Store Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Thrift Store Business
• Get the Necessary Permits & Licenses for your Thrift Store Business
• Get Thrift Store Business Insurance
• Define your Thrift Store Business Brand
• Create your Thrift Store Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your thrift store business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is very important. Read our detailed guide on how to name your business . We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.

Want some help naming your thrift store business?

Business name generator, what are the costs involved in opening a thrift store business.

According to one previous thrift store owner in Nevada, opening a store costs between $20,000 and $30,000. That is if you do it right and have enough capital to stay open long enough to build a business. Among other things, you’ll need to rent space, purchase shelving and display cases, obtain merchandise, and implement a marketing plan. 

What are the ongoing expenses for a thrift store business?

The ongoing expenses for a thrift store include rent for the commercial space, utilities, internet, and phone. Storage is often an expense as well unless you have enough space to store plenty of merchandise. Probably the most significant ongoing expense is merchandise purchases. These businesses have to keep purchasing merchandise to keep the shelves filled. 

Who is the target market?

The target market for thrift stores is typically bargain hunters. Many of these are elderly and on fixed incomes, but not all. Some are just excited to find the best bargain or the hidden gem like they see others do on TV. There are also certain types of thrift stores, such as vintage clothing shops, that target a more specific market like fashion-conscious customers. 

How does a thrift store business make money?

A thrift store makes money by selling merchandise. This process begins by finding merchandise for sale that the businesses can buy at the right price. These businesses need to acquire merchandise for a low enough price to turn a profit when they resell it. 

As a general rule, thrift stores should price their merchandise at a quarter of the value of retail. So, if a good costs $100 in a store, you should charge $25 for it in your thrift store. There are exceptions to this rule, such as if you find a desirable product in great condition. However, you want to avoid overpricing your products because you want repeat customers. 

How much profit can a thrift store business make?

Thrift stores are not the most profitable businesses. Many are lucky to make $100 to $200 a day – just enough to keep the lights on. If you are trying to start a business with serious profit potential, a thrift store is not it. 

Most of these businesses are labors of love and/or charity organizations. 

There are exceptions. Large national chains like Goodwill are quite successful.

How can you make your business more profitable?

The biggest key to profitability in the thrift store business is learning how to buy the right merchandise at the right price. Far too many thrift stores fail to be profitable because they don’t buy the right merchandise or spend too much on merchandise. For example, they may pay $1,000 for a storage unit sale but only make $500 from the merchandise they find in the storage unit. If you want to increase your profitability, pinpoint where you can get the most bang for your buck in merchandise purchases. 

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your thrift store business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a thrift store business

One of the most effective ways to market a thrift store is to use social media. Platforms like Pinterest and Facebook have groups dedicated to thrift store shopping, antiques, and similar hobbies. If you can become a part of all of these different groups and post high-quality photos of your most desirable merchandise, you can attract customers to your store. Once they get there, they are likely to look around at all of your merchandise.

How to keep customers coming back

For most thrift store customers, the reason to frequent a store is to find a great deal. You can only deliver on these expectations if you are good at finding merchandise for your store. The better your inventory, the more likely you will get repeat customers. 

Another way to ensure customers like your store is to avoid excessive markups on merchandise. If you try to charge too much for your goods, shoppers will notice and may steer clear of your store.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

A thrift store is right for people who love a good deal and are willing to work hard to get one. If you love shopping at thrift stores, have a passion for guessing the value of merchandise, and are motivated – either to pay your bills or to contribute to a good cause – you may be the perfect fit for a thrift store business. 

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a thrift store business?

Thrift store owners spend their days on two primary tasks – obtaining merchandise and running their store. They obtain some merchandise through donations, but they also seek out storage unit sales and estate sales. A typical day may include scanning publications for potential merchandise purchases, organizing current merchandise, selling goods to customers, and designing displays. 

What are some skills and experiences that will help you build a successful thrift store business?

Running a successful thrift store requires good instincts for estimating merchandise value. If you spend $500 on merchandise that you can only sell for $400, you are going to struggle to get by. But if you are skilled at identifying a great deal – merchandise that you can buy low and sell high – then you are more likely to be successful as a thrift store owner. 

Other skills and experience that can prove useful are sales experience, negotiation skills, organizational skills, and retail display design experience.

What is the growth potential for a thrift store business?

The growth potential for a thrift store is usually not that great. Depending on where you live, you may have seen multiple thrift stores open and close in your area. That’s because it is difficult to turn a significant profit in the thrift store business – unless you are one of the big players. However, that does not mean growth is not possible. With the right model and some luck, you could hit upon a system that leads to growth for your business. 

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a thrift store business?

One of the most often overlooked aspects of the thrift store business is obtaining merchandise. New business owners often assume that people will just bring them merchandise for free or that they can go to a storage unit auction and get all they need. The problem is that these strategies tend to result in a lot of sub-par merchandise that you can’t make a profit on. 

To be successful in this business, you need sources of higher-quality merchandise. Estate sales are one source that can be fruitful. Estate sales companies often want to get rid of stuff as effortlessly as possible. If you can get them to call you first, you will have access to merchandise that can help keep your store profitable.

How and when to build a team

Thrift stores are not the most profitable businesses, so the more you can keep your labor costs down, the better. Ideally, you and perhaps your partner can do all of the work. Of course, business could be so good that you can’t keep up with everything. If that is the case, it is time to start looking for help. 

Have a Question? Leave a Comment!

How to Start a Thrift Store

Starting a thrift store can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful thrift store.

Importantly, a critical step in starting a thrift store is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .

Download our Ultimate Business Plan Template here

14 Steps To Start a Thrift Store :

• Choose the Name for Your Thrift Store
• Develop Your Thrift Store Business Plan
• Choose the Legal Structure for Your Thrift Store
• Secure Startup Funding for Your Thrift Store (If Needed)
• Secure a Lease for Your Location
• Register Your Thrift Store with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Thrift Store
• Buy or Lease the Right Thrift Store Equipment
• Develop Your Thrift Store Marketing Materials
• Purchase and Setup the Software Needed to Run Your Thrift Store
• Open for Business

1. Choose the Name for Your Thrift Store

The first step to starting your own thrift store is to choose your business’ name.  

This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your thrift store:

• Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
• Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
• Think about marketing . Come up with a name that reflects the desired brand and/or focus of your thrift store.

2. Develop Your Thrift Store Business Plan

One of the most important steps in starting a thrift store is to develop your thrift store business plan . The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

The following are the components of a business plan :

• Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your thrift store.
• Company Overview – this section tells the reader about the history of your thrift store and what type of thrift store you operate. For example, there are different types of thrift stores, but the most common are donation-based and secondhand stores. Donation-based thrift stores accept donations from the community in order to stock their shelves, while second hand stores typically buy and sell used items.
• Industry Analysis – here you will document key information about the thrift store industry. Conduct market research and document how big the industry is and what trends are affecting it.
• Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing products like the ones you will offer?
• Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
• Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
• Product : Determine and document what products/services you will offer 
• Prices : Document the prices of your products/services
• Place : Where will your business be located and how will that location help you increase sales?
• Promotions : What promotional methods will you use to attract customers to your thrift store? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
• Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
• Management Team – this section details the background of your company’s management team.
• Financial Plan – finally, the financial plan answers questions including the following:
• What startup costs will you incur?
• How will your thrift store make money?
• What are your projected sales and expenses for the next five years?
• Do you need to raise funding to launch your business?

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3. choose the legal structure for your thrift store.

Next you need to choose a legal structure for your thrift store and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole proprietorship

A sole proprietorship is a business entity in which the thrift store owner and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start their own thrift store together. The partners share in the profits and losses of the business. 

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a thrift store include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a thrift store is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.

Once you register your thrift store, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

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4. Secure Startup Funding for Your Thrift Store (If Needed)

In developing your thrift store business plan , you might have determined that you need to raise funding to launch your business. 

If so, the main sources of funding for a thrift store to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a thrift shop that they believe has high potential for growth.

5. Secure a Lease for Your Location

When looking for a location for your thrift store, it’s important to find a space that is accessible and visible to potential customers. You’ll also want to make sure the space is big enough to accommodate your inventory. 

Another important consideration is the cost of rent. Be sure to budget for rent and other associated costs, such as utilities and security. You’ll also need to factor in the cost of marketing and advertising your store.

Finally, be sure to check with your local zoning board to make sure your chosen location is allowed to operate as a thrift store.

6. Register Your Thrift Store with the IRS

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).

Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

7. Open a Business Bank Account

It is important to establish a bank account in your thrift store’s name. This process is fairly simple and involves the following steps:

• Identify and contact the bank you want to use
• Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
• Complete the bank’s application form and provide all relevant information
• Meet with a banker to discuss your business needs and establish a relationship with them

8. Get a Business Credit Card

You should get a business credit card for your thrift store to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company.

When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.

9. Get the Required Business Licenses and Permits

In order to open a thrift store, you will need to know what permits you need to open a thrift store and obtain the necessary licenses. The requirements for each state vary, so it is important to contact your local government to find out what you need. Generally, you will need a business license and a zoning permit. You may also need a special permit to sell used clothing.

10. Get Business Insurance for Your Thrift Store

Below are the main types of insurance to consider for your business:

• General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
• Workers’ compensation insurance : If you have employees, this type of policy works with your general liability policy to protect against workplace injuries and accidents. It also covers medical expenses and lost wages.
• Commercial property insurance : This covers damage to your property caused by fire, theft, or vandalism.
• Business interruption insurance : This covers lost income and expenses if your business is forced to close due to a covered event.
• Professional liability insurance : This protects your business against claims of professional negligence.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs. 

11. Buy or Lease the Right Thrift Store Equipment

To start a thrift store, you’ll need some basic equipment: a cash register, tables and racks to display clothing and hangers for clothes. You may also want to invest in a security system to protect your store’s inventory.

12. Develop Your Thrift Store Marketing Materials

Marketing materials will be required to attract and retain customers to your thrift store.

The key marketing materials you will need are as follows:

• Logo: Spend some time developing a good logo for your thrift store. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
• Website: Likewise, a professional thrift shop website provides potential customers with information about the products you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
• Social Media Accounts: establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your thrift shop.

13. Purchase and Setup the Software Needed to Run Your Thrift Store

There are a few different software programs that are necessary to run a thrift store. The first is a Point of Sale (POS) system, which is used to track sales and inventory. The second is a donation management system, which is used to track donations and keep track of what items are in stock. The third is a consignment management system, which is used to manage consignment items.

14. Open for Business

You are now ready to open your thrift store. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.

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Thrift Store FAQs

Is it hard to start a thrift store.

No, it's not hard. In fact, it's a relatively easy business to get into. You just need to find a space for your store, and then stock it with items that people will want to buy. You'll also need to market your store and attract customers. 

How can I start a thrift store with no experience?

There are a few things that you can do in order to launch a thrift store with no experience. First, you can research the industry and learn about the different aspects of running a thrift store. You can also reach out to people who have experience in the thrift store industry and ask for advice. Finally, you can attend workshops and training sessions that are specifically designed for those who want to start a thrift store.

Is a thrift store a good idea and/or a good investment?

Yes, a thrift store is a good investment. They typically have low overhead costs, meaning they can be profitable with relatively small sales volumes. Additionally, thrift shops can be a great way to recycle unwanted items and help keep them out of landfills.

What type of thrift store is most profitable?

There is no definitive answer to this question, as the profitability of a thrift store can vary depending on a number of factors, such as the location of the store, the type of merchandise it carries, and the amount of competition in the area. 

One profitable type of thrift store is a vintage store. These stores typically carry a wide variety of unique items that are not found in most other thrift shops . Another profitable type of thrift store is a consignment shop. Consignment shops accept used clothing and other items from people and then sell them for a profit. This type of store typically does not carry as much merchandise as a traditional thrift store, but it makes up for this by selling the merchandise at a higher price.

How much does it cost to start a thrift store?

The cost to start a thrift store varies depending on the size and scope of your business. Here are a number of initial costs you'll need to cover:

• Renting or purchasing a storefront
• Outfitting the store with shelves and displays
• Purchasing inventory
• Hiring employees

If you're looking to start a thrift store on a shoestring budget, you may want to consider starting an online store instead. This can be a less expensive option, and you can still offer a wide variety of items for sale.

What are the ongoing expenses for a thrift store?

The ongoing expenses for a thrift store can vary, but typically include rent, utilities, and staff salaries. It's important to factor these costs into your business plan when starting a thrift store so you can be sure to make a profit.

How does a thrift store make money?

Thrift stores make money by selling many different items, including clothes, furniture, toys and other items at a discounted price. They typically buy these items from people who no longer want them, or from companies that are going out of business. The thrift store then sells the items at a discounted price, but for more than what they bought them for. The price is typically lower than that of a retail store.

Is owning a thrift store profitable?

Yes, the thrift store business is profitable, as long as you do it right. 

The profitability of a thrift store depends on the location of the store, the merchandise that is offered for sale, and the prices that are charged. 

There are a few things that you can do to increase the chances of your thrift store being profitable:

• Research the area you plan to open up your thrift store. You want to make sure that there is a need for another store of your kind in the area.
• Look for a space to house your thrift store. Find a rental space that will give you enough room to display and store your items.
•  Learn how to price the items in your thrift store.
• Make sure that everything in your thrift store is clean and properly organized, because the best way to attract customers is to have a neatly organized space.
• Hire employees if necessary, but make sure they fit the culture of your business and know what you expect from them before you hire them.
• Decide how to advertise your thrift store, whether through social media or in-person announcements.
• Start selling. Make sure that you're committed to selling all of the items in your store, and adjusting prices, if need be so that you do not end up with unsold inventory.
• Grow your business by promoting it to local charities that might want to donate items to be sold, or by getting permission from businesses in the area that are closing down to sell their stuff alongside you.

Why do thrift stores fail?

There are a number of reasons why thrift stores can fail. One reason is that it can be difficult to compete with big box stores and online retailers. Additionally, thrift stores often have high overhead costs, and it can be difficult to make a profit.

Other Helpful Business Plan Articles & Templates

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How to write a business plan for your thrift store.

Starting a thrift store is a great way to reduce waste and support the local community.

It can provide affordable and sustainable clothing and household items to those in need, while also creating job opportunities and raising funds for local charities.

But, first thing first, you need to write a business plan.

A business plan is an essential step before starting any project, as it will provide a clear roadmap and goals for the project. Additionally, it can help to identify potential risks and opportunities associated with the project.

In short, a thorough business plan will help make sure your thrift store is profitable .

What are the essential parts of a business plan for a thrift store? How can it be presented clearly? Which performance indicators should be included in the financials? What's the best way to create a business plan quickly and effectively?

Good news, you can find all the answers to these questions in the forthcoming article!

Finally, please note that you don't have to start your business plan from scratch.

You can download our comprehensive business plan for a thrift store and adjust it to match your preferences.

Crafting a business plan for a thrift store

Is it worth considering a business plan for your thrift store.

Yes, you should consider creating a business plan for your thrift store.

Developing a robust business plan will enable you to:

• learn about the thrift store market
• be knowledgeable about the industry's latest trends
• highlight what makes a thrift store thriving
• understand the items and styles that attract customers seeking second-hand goods
• find a unique value proposition for your secondhand shop
• compare and contrast competitor offerings
• find competitive advantages for your thrift store
• find a business model that creates a path to financial viability
• develop and execute a comprehensive long-term action plan
• identify and manage risks related to inventory, pricing, and customer safety to operate a successful thrift store

Our team has created a business plan for a thrift store that is designed to make it easier for you to achieve all the elements listed.

How to outline a business plan for a thrift store?

Inside a business plan, you'll come across a lot of important information and details. There should be a clear structure, to make easy to read and digest.

When we built our business plan for a thrift store , we made sure it had a proper structure.

The content is arranged in 5 sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The section number one is titled "Market Opportunity."

Explore this section to access comprehensive data and insights related to the thrift store business, enabling you to understand market trends and cater to budget-conscious shoppers.

We constantly update all the data there.

2. Project Presentation

In the "Project" section, you can outline your thrift store, highlighting the range of second-hand items you offer, such as clothing, accessories, furniture, and household goods, your commitment to sustainability, community impact initiatives, affordable pricing, and the unique value proposition that promotes sustainable and budget-friendly shopping options.

Also include a short description about yourself at the end of this section.

Explain your passion for sustainable fashion, your knowledge of thrifted items, and how you plan to create a unique and affordable shopping experience for customers. Highlight your commitment to offering quality second-hand items, your variety of clothing and accessories, and your dedication to promoting a circular economy by giving pre-loved items a new life through your thrift store.

We've composed text for you in our business plan. Tailor it to fit your idea exactly.

3. Market Research

Moving on, there's the "Market Research" section.

This section describes the target audience for your thrift store.

It includes a comprehensive analysis of competitors in the thrift store industry and emphasizes your store's unique selection of secondhand items and competitive advantages.

A tailored SWOT analysis is provided as well.

4. Strategy

Within the "Strategy" section, a 3-year development plan is outlined, specifying the necessary initiatives to make your thrift store highly profitable.

Furthermore, there is a marketing strategy for a thrift store, a way to manage risks, and a completed Business Model Canvas included in this section.

5. Finances

To summarize, you'll find the "Finances" section, which contains all the financial data and metrics related to your project.

How to write an Executive Summary for a thrift store?

The Executive Summary can be seen as a condensed overview of the business plan of your thrift store.

Don't surpass 2 pages; only include the necessary details.

It's the initial section that a bank will read when you bring them your business plan. It should make them interested and want to read the rest of the plan.

In the Executive Summary of your thrift store, answer these questions: what products do you sell in your thrift store? who is your target audience? are there other thrift stores in the vicinity? what makes your store special? what funding do you require?

How to do the market analysis for a thrift store?

Conducting a market study for your thrift store helps you grasp external factors like customer demands for second-hand items, competition within the thrift industry, and emerging trends in sustainable fashion.

By conducting an extensive market study, a thrift store can understand consumer preferences, offer affordable and unique secondhand items, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased sales, and a prominent presence in the local thrift market.

You'll discover the following in the "Market Research" section of our business plan for a thrift store :

• recent data and statistics about thrift stores, including secondhand clothing trends, sustainable fashion movements, and the growth of thrift shopping
• a list of potential customer segments for a thrift store
• the competitor study
• the potential competitive advantages for a thrift store

The key points of the business plan for a thrift store

What's the business model of a thrift store, business model of a thrift store.

A thrift store's business model revolves around selling second-hand clothing, accessories, furniture, or other pre-owned items to customers. Revenue is generated through product sales, potentially accepting donations or consignments.

The business model focuses on curating quality and unique thrifted items, providing exceptional customer service, creating an organized and inviting store environment, effective marketing to target thrift shoppers, and building strong customer relationships based on sustainable fashion and value.

Success depends on maintaining a steady supply of thrifted goods, delivering affordable and well-preserved items, fostering positive customer experiences and recommendations, and continuously adapting to customer fashion trends and preferences in the thrift market.

Business model ≠ Business plan

Don't confuse "business plan" with "business model."

A business model is a framework that demonstrates how a company operates profitably and adds value to customers.

In a business plan, you outline your business model employing a framework referred to as the Business Model Canvas.

Rest assured, there is a Business Model Canvas (already completed) in our business plan for a thrift store .

How do you identify the market segments of a thrift store?

Market segmentation for your thrift store involves dividing your potential customers into different groups based on their shopping preferences, style choices, and demographics.

These categories may include factors such as vintage clothing, second-hand furniture, home decor, or customers seeking specific thrift store experiences or items (e.g., designer brands, sustainable fashion).

By segmenting your market, you can offer a thrift store experience and product selection that caters to each segment's specific requirements. For example, you might focus on vintage clothing and offer a curated collection of retro and unique fashion pieces for customers seeking one-of-a-kind styles, provide a variety of second-hand furniture options for individuals looking to furnish their homes affordably and sustainably, specialize in home decor items and offer a range of vintage and upcycled decor pieces, or focus on specific thrift store experiences or items such as designer brands or sustainable fashion to cater to customers with specific preferences or ethical considerations.

Market segmentation allows you to effectively target your marketing efforts, create visually appealing displays, and provide a satisfying and eco-friendly shopping experience that meets the unique needs and preferences of each customer segment.

In the business plan for a thrift store , you will find a comprehensive market segmentation that will help you better understand your potential customers.

How to conduct a competitor analysis for a thrift store?

Without surprise, you won't be the only thrift store in your area. There will be other second-hand stores offering affordable and unique clothing and goods to customers.

When crafting your business plan, it's important to assess your competitors in detail, considering their traits, strengths, and weaknesses.

Identify their weaknesses (such as poor clothing quality, inadequate inventory management, or lack of popular fashion trends).

Why should you focus on these elements? Well, these weaknesses can hinder the success of thrift stores. By addressing these aspects, you can offer a well-organized and diverse selection of secondhand items, provide affordable and budget-friendly prices, and deliver friendly and helpful customer service, positioning your thrift store as a preferred choice for thrift shoppers and environmentally conscious consumers.

It's what we call competitive advantages—work on developing them for a distinct business identity.

Here are some examples of competitive advantages for a secondhand store: wide selection of quality secondhand items, affordable prices, eco-friendly shopping experience.

How to draft a SWOT analysis for a secondhand store?

A SWOT analysis can help identify the strengths, weaknesses, opportunities, and threats of starting a thrift store, allowing for informed decision-making and a better chance of success.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a thrift store

The strengths for a thrift store

The "S" in SWOT symbolizes Strengths, highlighting the project's internal factors that give it a competitive edge.

For a thrift store, strengths could include offering quality merchandise at low prices, providing a wide selection of items, having knowledgeable staff, and offering convenient hours.

The weaknesses for a thrift store

The letter "W" signifies Weaknesses, which are the weak points of the project that need to be addressed.

For a thrift store, potential weaknesses could include limited selection, lack of marketing, limited customer service, and lack of financial resources.

The opportunities for a thrift store

O represents Opportunities in SWOT, referring to the external factors or circumstances that can offer growth opportunities for the project.

In the case of a thrift store, potential opportunities could include expanding into online sales, partnering with other local businesses, offering delivery services, and hosting special events.

The threats for a thrift store

The "T" in SWOT symbolizes Threats, indicating the potential risks or unfavorable factors that the project should be prepared for.

How to craft a marketing strategy for a secondhand store?

A marketing strategy is an important part of a business plan as it outlines how a business will attract customers and drive revenue.

A thrift store can attract bargain hunters and eco-conscious shoppers by developing an effective marketing strategy that highlights the store's affordable prices, diverse inventory, and commitment to sustainable fashion.

Shoppers won't visit your secondhand store without proper promotion; emphasizing the quality, affordability, and unique finds available is necessary.

Have you explored marketing approaches to attract customers to your thrift store? Consider organizing charity events or donation drives, collaborating with local fashion influencers or stylists for brand endorsements, and utilizing social media platforms to showcase unique finds and affordable fashion.

No need to worry if you have no understanding of marketing and communication.

How to build a solid financial plan for a secondhand store?

A comprehensive business plan requires a thorough analysis of financial data to ensure its success.

It is essential to include revenue forecasts for your thrift store.

To instill trust and confidence in potential investors, your business plan should have revenue projections that are reasonable and backed by sound assumptions.

Our financial plan for a thrift store is user-friendly, providing automated validations that allow you to rectify any assumptions swiftly. This guarantees the creation of credible projections with ease and assurance.

Of course, you will need to create a preliminary budget for your thrift store. Don't forget any expense (we have listed them all in our financial plan !).

A key aspect of your financial plan is the break-even analysis, which helps determine whether your thrift store will be profitable or not.

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Thrift Business Plan Template & Guidebook

Starting a thrift business can be an exciting and profitable venture for budding entrepreneurs. But, it's important to remember that the success of your thrift store depends on having an organized, comprehensive business plan in place. To help you create a road map for your thrift shop, use the #1 Thrift Business Plan Template & Guidebook. This comprehensive guide will show you not only how to write a business plan but also provide you with detailed instructions on how to navigate the process from beginning to end. You’ll be well on your way to developing a successful thrift business – with confidence – in no time!

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Thrift Business [11 Steps]
• 10+ Best & Profitable Thrift Business Ideas [2023]

How to Write a Thrift Business Plan in 7 Steps:

1. describe the purpose of your thrift business..

The first step to writing your business plan is to describe the purpose of your thrift business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a thrift business:

Our purpose is to offer quality pre-owned products to our customers at an affordable price while helping to reduce the environmental impact of over-consumption and waste. We strive to build strong relationships with our customers and provide exceptional customer service. We will use the profits from our business to help support local charities and organizations dedicated to sustainability, recycling, and environmental awareness.

2. Products & Services Offered by Your Thrift Business.

The next step is to outline your products and services for your thrift business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your thrift business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your thrift business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your thrift business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a thrift business?

• Computer and cash register
• Inventory management system for tracking sales and purchases
• Shelving, racks, or other furniture for storing merchandise
• Security system (cameras, alarms, etc.) to protect merchandise and guard against theft
• Adequate lighting for store hours
• Signs for advertising and/or regulations inside store
• Insurances to cover property against fire, theft, etc.
• Licenses or permits required by local authorities (including the Department of Health in some states)

5. Management & Organization of Your Thrift Business.

The second part of your thrift business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your thrift business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Thrift Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a thrift business varies based on many different variables, but below are a few different types of startup costs for a thrift business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your thrift business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your thrift business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your thrift business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Thrift Business Plans:

Why do you need a business plan for a thrift business.

A business plan for a thrift business is necessary to provide direction and guidance for launching, managing, and growing the business. It helps determine the startup capital required and identifies potential areas of revenue. Additionally, it can provide a benchmark to measure success as the business progresses over time, enabling an entrepreneur to adjust strategies quickly and make informed decisions.

Who should you ask for help with your thrift business plan?

It is always a good idea to get input from experts in the field and those who have experience starting and running a business. This could include a qualified business consultant, accountant, lawyer, and/or mentor. Additionally, you may want to research resources available from government or local small business agencies.

Can you write a thrift business plan yourself?

Yes, it is possible to write a thrift business plan yourself. Creating a thorough business plan is one of the most important steps when launching a new project, especially if it involves a lot of money. To write your own thrift business plan, start by researching the market and competitors, list out your goals and objectives, identify potential funding sources, create a budget and determine how you will measure success. Additionally, make sure to cover topics such as strategies for marketing, inventory management and staffing.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

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How To Start a Thrift Store Business in 2023- The Ultimate Guide

March 27, 2024

Starting a thrift store can be lucrative as the thrift industry continues to boom. According to market analyst IBISWorld , the thrift store market grew by 2.4% in 2022.

Between 2017 and 2022 the market size in the U.S. has grown 0.9% per year on average, and younger consumers are driving the market growth – over 40% of resale apparel buyers are Gen Zers and millennials .

For instance, companies like Poshmark and ThredUp are experiencing tremendous growth by buying and reselling high-end fashion items. Such an unprecedented opportunity offers an excellent way for an ambitious entrepreneur to launch an online thrift store without a physical store’s startup costs and overhead.

You can profit by starting your thrift store, whether you focus on vintage clothing, furniture, or other items. However, opening a thrift store can be nerve-wracking, especially if you don’t know where to start. But don’t worry, we’re here to help! This ultimate guide will walk you through the information you need to know on how to start a thrift store business from scratch.

What Are The Steps to Starting a Thrift Store?

Before opening a thrift store, you, of course, must first do some preparatory work to set your business up for success. Here are the steps to follow before opening a retail thrift store.

Step 1: Create a Thrift Store Business Plan

As with any other business, the first thing to do before starting a thrift store is to create a business plan, including all the details and decisions about collecting your product, how many employees you will need, the most appropriate location, your marketing strategies , etc.

A business plan also helps potential partners and investors better understand your business and its vision. Since you may be starting this business without experience, you will need help writing a professional business plan. Be sure to include in it the following points:

Executive summary

• Mission statement
• Vision statement
• Sales forecasts
• 5-year profit forecast
• Potential expansion plan

Company summary

• Business structure
• Startup summary
• Startup cost

Products and services

• Inventory planning
• Supplier analysis
• Consignment vs Wholesale

Market analysis

• Market trends
• Marketing segmentation
• Target audience

Strategy & implementation s

• Sales strategy
• Marketing objectives
• Advertising strategy
• Pricing strategy
• Average salary of employees
• Number of staff needed
• Benefits and bonuses

Financial plan

• Important assumptions
• Break-even analysis
• Projected profit and loss
• Annual profit
• Annual gross margin
• Projected cash flow
• Projected balance sheet
• Business ration

Before writing your business plan, make sure you have chosen your niche so that you can write the elements of the plan accordingly and have a focused but broad enough target market.

Step 2: Register Your Business

Registering your business is an essential step in the process of opening a thrift store. It is a prerequisite for raising capital from investors, paying taxes, opening a bank account, or establishing your company’s business structure. Follow these steps to get started. And don’t forget to consult your local city hall, too:

Choose a business name and trademark it

Starting any business begins with the name. This is the most immediate thing that will set your thrift store apart from others. Make sure you choose a name that represents the identity of your business but is also memorable. After picking a name, you should trademark it to avoid any legal disputes down the road. 

To make sure the name you choose is not already in use by another company, consult the United States Patent and Trademark Office . You can trademark any intellectual property associated with your brand, not just the name.

Get your EIN

Also known as a Federal Tax Identification Number, EIN stands for Employee Identification Number and is used to identify a business entity. You will need it to open a merchant account, but also to proceed with other administrative procedures. You can obtain the EIN online on the IRS website . 

Choose your thrift shop business structure

There are several types of business entities, each with its advantages and disadvantages. The type of business structure you choose will determine your taxes, personal liability, and business registration requirements. Here are some of the types of business entities you can choose:  

1. Sole proprietorship

This is the most common type of business entity. It makes no legal distinction between the business and its owner. In this type of structure, the owner is responsible for all income, debts, or liabilities incurred by the business. The owner pays taxes on the business income on their income tax return. However, keep in mind that you will have difficulty accessing bank loans or capital from other investors if you register your business as a sole proprietorship . 

2. Partnership

A partnership is a business structure similar to a sole proprietorship but for two or more people. As with a sole proprietorship, the owners own the profits and are responsible for any losses. In addition, each partner pays taxes on their share of business income on their income tax returns.

  3. Limited Liability Company (LLC) 

Unlike a partnership or sole proprietorship, a limited liability company is a business structure that protects its owners from personal liability for its debts or liabilities. Their profits and losses are passed on to the members, who report their tax returns. The regulation of LLCs varies from state to state. Most thrift stores will fall under this category.

4. Corporation

A corporation is a legal entity that is separate from its owners. Under the law, corporations have many rights and responsibilities as individuals. They can sign contracts, lend and borrow money, sue and be sued, hire employees, own property, and pay taxes.

Step 3: Register for Taxes

Before paying taxes, you must obtain your Employer Identification Number or EIN. As aforementioned, this number will be helpful when filing other essential documents. 

Once you have your EIN, you must choose your tax year. From a financial standpoint, your thrift store business will operate on a calendar year (January-December) or a fiscal year, meaning a 12-month period that can begin any month. This selected period will end your tax cycle, while your business structure will determine the taxes you pay.

The IRS website also has a taxpayer checklist, and taxes can be filed online. It is advisable to consult with an accountant or other professional to help you with your taxes to ensure that you file correctly.

Step 4: Fund Your Thrift Shop

Knowing how to start a thrift store also means figuring out how to finance the projects listed in your business plan. Securing financing for your business is paramount, and there are several ways to raise capital:

Bank loans  

Bank loans are the most common form of financing for small and medium-sized enterprises. Bank loans are frequently used to finance start-up capital and also for larger, long-term purchases.

The loan is not flexible and may not be the best capital for businesses with fluctuating financial needs. And loan defaults can result in lower credit ratings, higher interest rates on existing and future loans, foreclosure of collateral, and legal proceedings against the company. The structure of the loan can also lead to long-term issues.

Sole proprietorships must be especially wary of large bank loans since your personal assets aren’t protected in the event of bankruptcy.

Business credit cards

Much like personal credit cards, business credit cards offer the ability to borrow up to a predetermined credit limit. At the end of each month, you must pay off the stated minimum balance, and any unpaid balance will begin to incur interest until it is paid off in its entirety. So you can avoid interest if you pay off your balance in full each month.

Unlike business loans, credit card providers generally use your income and personal credit score to extend credit, making it a viable option for businesses with little or no cash flow. This means you won’t have to provide your monthly or annual business income documentation. For most business credit cards, the minimum personal credit score is 670. However, a higher score will get you the best terms.

This route is also very risky and will come with very high interest rates.

Business Loans

It is usually difficult to obtain a traditional business loan, as many lenders require potential borrowers to have a minimum annual income to qualify for a loan. However, some lenders are willing to provide loans to start-ups without significant revenue. 

In the case of a new thrift store that does not yet have proof of annual revenue, commercial lenders may likely require additional documentation. In this situation, you are usually required to provide financial projections and a detailed business plan to illustrate your ability to repay your debts. 

Among the institutions that grant loans to start a thrift store business is the Small Business Administration (SBA), which acts as a guarantor, helping entrepreneurs obtain bank approval for a loan. The SBA has several types of loans depending on your budget, your needs, and your company’s size.

Step 5: Get Your Licenses/ Permits

No matter what business you start, there are permits or licenses that you must have in order to practice your profession or run your business without getting into trouble with authorities. If you want to run a thrift store , it is essential to know the licenses or permits that will be required:

1. General business license

A general business license is a license required before operating a business in almost every state in the United States. It is usually issued by the Department of Revenues and the Secretary of State, depending on the office responsible for business registration. Thrift shops, like any other, will require this.

2. Sales permits

A vendor permit, sometimes called a sales tax permit or sales and use tax permit, is a business license that allows you to collect sales tax on taxable goods and services. Your business’s responsibility is to send the collected tax to your state taxing authority.

3. Zoning permit

A zoning permit is a type of permit you need to have before operating your physical store. Since the thrift store business is a retail business, choosing the right location is critical to the success of your business. It should be your number one priority. However, if you want to build a retail store or lease a location for your business, obtaining a zoning permit is the first step.

4. Sign permit

A sign permit is another key item for many thrift shops. You can’t open a brick-and-mortar store without putting a sign on the storefront. However, any information about your business that needs to be displayed must be done lawfully. This information can be in the form of words, signs, symbols, or pictures to promote your business.

5. Wholesale license

As a retailer, you will often purchase your products in bulk from your suppliers. Wholesale licenses allow you to purchase items at wholesale prices and give you more credibility. You get specific discounts and other related benefits. Since business owners are exempt from paying tax on items purchased for resale, suppliers require you to show a wholesale license, hence the need to have one. Thrift store owners, however, may not have a need for this.

Most aforementioned licenses are the most obvious. Depending on your state, you may be required to obtain additional licenses or permits. Contact an attorney to assist you in the process. 

Step 6: Open a Business Bank Account  

Before you start earning money, you’ll need a place to keep it, which requires opening a bank account. Having your business finances separate from your personal account makes it easier to file taxes and track your business income. 

Opening a business bank account is very simple, just like opening a personal account. Just ask your favorite bank about their rates and features. They also offer accounts tailored to businesses.  

There are several banks that offer different options, so it’s a good idea to review your options and select the best plan for you. Once you’ve chosen a bank, all you need to do is bring the necessary documents to open a new account. 

Step 7: Invest in Technology

Technology is at the heart of effective retail management. And one of the essential tools in the industry is a great thrift store POS system. Choosing the best thrift store POS system for your business allows you to handle transactions within your store better control inventory management to avoid stockouts or excess inventory.

KORONA POS offers a robust thrift store POS platform with comprehensive inventory management software that tracks all operations taking place in your thrift store in real-time. Apart from the POS system, you should also have cameras in case of theft.

Step 8: Get Business Insurance

One of the aspects often overlooked when starting a business is the business insurance side. To be fully covered, a thrift store will need to purchase several types of insurance, including the following:

1. General liability insurance

This covers certain expenses such as medical bills or legal expenses in the event of a customer injury on the business premises.

2. Commercial property insurance

This covers items such as the cost of the building and the value of inventory in case of a fire or natural disaster damages the store.

3. Workers’ compensation insurance

This covers the business if an employee is injured on the job. It can cover expenses such as lost wages or medical expenses.

4. Business Property

It provides coverage for your equipment and supplies.

Ready to get started?

Speak with a product specialist and learn what KORONA POS can do for your business.

FAQs: The Thrift Store Business

Yes, it is possible to make money by opening a thrift store. Some online thrift store companies make a high-profit margin of 80%. 

The start-up costs to open a small thrift store can range from $20,000 to $30,000. Typical start-up costs include inventory, building renovation costs, employee salaries, furniture and fixtures such as shelving, counters, point of sale software, marketing budget, licenses, permits, etc. 

Yes, as with any business, you must obtain state and local licenses and permits to operate. As long as you are operating in a state, you will need a seller’s permit, for example. Check with your local government offices for requirements for further information. 

Thrift store suppliers include online sources, wholesalers, and thrift store communities. You can get your merchandise from online thrift store suppliers. You can also get them from yard sales, estate sales, and moving sales. 

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How to Start a Thrift Shop Business

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How to Start a Small Business Boutique to Trade & Sell Brand Name Clothing

How to own a secondhand children's store, how to run a consignment store as nonprofit.

• eBay Rules for a Charity Auction
• How to Open a Sporting Goods Business

One of the biggest challenges you’ll face starting and running a thrift shop is getting your initial inventory and keeping your store stocked. You can sell used items that you purchase or are donated, or you can buy from wholesalers (often Chinese suppliers) who sell cheap goods.

You’ll also need to get the correct licenses, handle your sales taxes correctly and decide if you want to operate as a for-profit or nonprofit business. Reviewing the pros and cons of opening a thrift store will help you decide if this business venture is right for you.

What Is a Thrift Store?

Before you going far in your research, you need to decide what you want to sell. You can sell used items and compete with Goodwill, the Salvation Army and similar stores. You can sell inexpensive new items. You might sell dinged and damaged goods that large retailers can’t sell and discount heavily to local resellers.

You can also operate as a consignment store, which might bring in inventory without you having to spend cash to acquire it. People bring in items for you to sell and pay you a percentage of the sale price. If the items don’t sell, you return them to the consignee.

For-Profit or Nonprofit Business?

The difference between a consignment or cheap goods store and a thrift store is that thrift stores are typically associated with a charity, according to 2nd Avenue Thrift Superstore . With a nonprofit-based model, you will likely generate loads of donations, in part because people receive a tax write-off for them. They also feel good about donating their items. You’ll also receive a variety of tax breaks.

You need to make sure the majority of your profits go to your charity, or the IRS will consider you a for-profit business. Charity watchdogs suggest that nonprofits spend anywhere from two-thirds to 75 percent of their revenues on the charity’s mission. That means if you bring in ​ $150,000 ​ per year, spend ​ $75,000 ​ running the business and pay yourself a ​ $50,000 ​ salary, you’ll only donate ​ $25,000 ​ to your charity, which isn't sufficient to satisfy the IRS.

Your other operating costs are legitimate, but it might look bad if the Form 990 tax documents you file each year (and which are public records) show that you pay yourself more than you donate to your charity partner.

Meet with an attorney or tax advisor who specializes in working with nonprofits to find out what it costs to set up a charity, the kinds of benefits you’ll receive, and what types of record-keeping you’ll need to do.

Decide on Your Inventory

If you live in an affluent area with many residents and few or no other thrift stores, you might be able to generate large amounts of donations. If not, you might have to buy your inventory. You can go to swap meets, garage sales and yard sales and look for toys, clothing, exercise equipment, kitchen appliances, sporting goods and other items people are unloading.

Many professional sellers go to garage and yard sales as early as possible to cherry-pick items they can resell at three to four times (or more) their buying price. Some go toward the end of the day, offering to haul off a homeowner’s unsold goods, paying the seller a small fee.

If you want to sell new items, visit websites like Alibaba to find suppliers who sell inexpensive items you can resell for big profits. For example, those cat laser toys you see in stores for $10 or more might only cost you 80 or 90 cents.

If you’re going the donation or consignment route, you need to put up signs and start advertising well before you open. Not only will you need to gather enough inventory, but you might also need to clean or repair much of it, price it and display it.

Write a Business Plan

You should never start a business without a launch plan and post-launch operating manual. This will help you determine your thrift store objectives, how much money you’ll need to start the business, and how much money you’ll need to pay your bills each month. You can find countless free business plan templates online, but you’ll increase your chances of success if you have your plan reviewed – for free – by a SCORE mentor.

One of the main considerations is the store location. Will you rent or own your store? You might want to rent until you see how the business goes. Be aware that once your lease is up for renewal, if you want to renew, your landlord will know you’re doing well and might increase your rent.

One part of your thrift shop business plan will be managing your legal responsibilities, including insurance, business license, seller’s permit, sales tax account and other issues. Talk to an attorney with small-business expertise to walk you through these tasks.

Set Up Your Marcom

A thrift store is a retail business, so you need to drive traffic to the store. You need good on-site signage and ongoing marketing communications (marcom) campaigns. This includes social media campaigns, so set up Facebook, Twitter, Instagram, TikTok, LinkedIn and YouTube accounts. If you’re a charity, get other businesses to promote you by allowing you to place brochures or flyers on their premises. Radio and TV advertising on local stations might cost less than you think, and stations often include free commercial production with a contract, so check out their rates.

Set Up Your Store

Research online to learn the best practices for displaying retail merchandise, setting up checkout counters, creating the right traffic flow and handling security. Learn about best practices for window and in-store signage. The easier you make it for people to buy, the more they’ll spend.

• 2nd Avenue Thrift Superstores: The Difference Between Consignment and Thrift Stores
• SCORE: Find Your Business Mentor
• Entrepreneur: Good as New

Steve Milano is a journalist and business executive/consultant. He has helped dozens of for-profit companies and nonprofits with their marketing and operations. Steve has written more than 8,000 articles during his career, focusing on small business, careers, personal finance and health and fitness. Steve also turned his tennis hobby into a career, coaching, writing, running nonprofits and conducting workshops around the globe.

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Start a Thrift Store Business

Discovering Treasures: The Thrills and Spills of Running a Thrift Store

THRIFT STORE BUSINESS

Related business ideas, discover your perfect domain, thrift store mini business plan, business analysis: thrift store business, expected percent margins:, earnings expectations:, actions to hit those numbers:, inventory management:, marketing and customer acquisition:, sales and customer experience:, cost control:, business operations:, not what you had in mind here are more ideas, grab your business website name, step 1: determine if starting a thrift store business is right for you, breakdown of startup expenses, breakdown of ongoing expenses, examples of ways to make money, step 2: name the business, step 3: obtain necessary licenses and permits, step 4: secure a location, step 5: set up the store, step 6: source inventory, step 7: market the business, step 8: set up accounting and bookkeeping, step 9: open the store, explore more categories, take the next steps.

Thrift Store Business Plan Template [Updated 2024]

Thrift Store Business Plan Template

If you want to start a Thrift Store or expand your current Thrift Shop, you need a business plan.

The following business plan template gives thrift store owners the key elements to include in a winning thrift store business plan. It can be used to write a plan for a consignment thrift store, vintage thrift store or goodwill thrift store.

You can download our business plan template (including a full, customizable financial model) to your computer here.

Example Business Plan For Thrift Stores

Below are links to each of the key sections of a sample business plan for a successful thrift shop.

I. Executive Summary – The Executive Summary provides an overview of your business opportunity and summarizes the business plan.

II. Company Overview – The company analysis includes information about your business concept, products and legal structure.

III. Industry Analysis – The industry analysis includes market research that supports your business and provides insights into market trends and the thrift store industry.

IV. Customer Analysis – The customer analysis provides an overview of your target market.

V. Competitive Analysis – The competitive analysis should identify your direct and indirect competitors and highlight your competitive advantage.

VI. Marketing Plan – The marketing plan includes your marketing strategy, pricing strategy and search engine optimization plan.

VII. Operations Plan – The Operations Plan includes information on your company’s day to day operations and processes.

VIII. Management Team – The management team section includes a profile of the business owner and business management, their experience and company responsibilities.

IX. Financial Plan – The financial plan includes financial projections, a cash flow statement, profit and loss statement and balance sheet.

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Thrift Store Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

• Entertainment

The Ultimate Guide: Crafting the Best Thrift Store Business Plan

• December 06, 23
• 4 mins read

Believe it or not, thrifting is the new black. Everyone wants to stay on top of fashion trends but on a budget. This creates space for entrepreneurs to come up with business strategies that can be profitable. However, you need to take the first step. And writing a thrift store business plan is the one.

Whether you’re a seasoned entrepreneur or a budding business enthusiast, crafting a meticulous thrift store business plan is the key to unlocking success in today’s dynamic market. So, let’s explore the hype around this topic.

What is a Thrift Store?

A thrift store is a retail establishment that sells second-hand goods, often donated by individuals. These treasures range from clothing and furniture to books and electronics, providing customers with affordable options while contributing to sustainable living.

4 Practical Ideas for a Thrift Store Business Plan

1. unique value proposition.

Begin your thrift store business plan by defining your unique value proposition. What sets your store apart from the rest? Whether it’s a curated selection of vintage fashion or a commitment to eco-friendly practices, clearly articulate what makes your thrift store a must-visit destination for shoppers seeking one-of-a-kind finds.

2. Target Market Analysis

Understanding your target market is essential for tailoring your thrift store’s offerings to meet their preferences. Conduct thorough research to identify your ideal customers, considering demographics, psychographics, and purchasing behavior. 

3. Online Presence and E-commerce Integration

A robust online presence is crucial for business success in today’s digital age. Incorporate an e-commerce component into your thrift store business plan to tap into a broader customer base. Create a user-friendly website, leverage social media platforms, and explore online marketplaces to showcase your inventory and drive sales.

4. Community Engagement Strategies

Thrift stores often thrive when they become an integral part of the community. Develop strategies in your business plan to engage with local residents and organizations. Host events, collaborate with local artists, or partner with charitable causes to boost your store’s visibility and contribute to the community’s well-being.

3 Secret Tips that Would Work in Today’s World

1. adaptability and flexibility.

In the ever-evolving landscape of retail, adaptability is critical. Your thrift store business plan should reflect your ability to pivot in response to market trends and consumer demands. Stay informed about industry changes and be prepared to adjust your strategies accordingly.

2. Social Media Marketing

Utilize platforms like Instagram, Facebook, and Twitter to showcase your inventory, engage with customers, and run targeted advertising campaigns. Social media is a powerful tool for building brand awareness and driving traffic to your physical and online stores.

3. Customer Feedback and Reviews

Integrate mechanisms for collecting customer feedback and reviews into your business plan. Positive reviews build credibility and trust, while constructive feedback provides valuable insights for improvement. 

Wrapping Up:

Let’s toast the exciting journey in thrift store entrepreneurship. Crafting a thoughtful thrift store business plan that aligns with modern trends, sustainability practices, and community engagement will lead you to success and contribute to a more vibrant and sustainable retail landscape. 

Read our latest blog on ‘ Cash Flow Businesses to Boost Finances in 2024 ‘ to explore innovative opportunities and discover how to improve your financial standing.

Sarah McKenzie, a wordsmith passionate about knitting elegance into every sentence. As an editor, literary explorer, and culinary adventurer raised in the historic charm of Edinburgh, Scotland, Sarah brings a touch of cultural richness to her storytelling. Join her in exploring the delight of the rich tapestry of Scottish culture and dance in the world of elegance with every story or blog post.

Sample Thrift Store Business Plan

• April 28, 2023

THRIFT STORE BUSINESS PLAN SAMPLE

Starting a thrift store business is essentially the same as starting any other business. However, the difference here is that you will be selling used merchandise at discounted prices. This niche of business has grown to be continually popular because shoppers are increasingly interested in what thrift stores have to offer.

It is a fact that thrift stores have presented shoppers with very good deals. Therefore starting a thrift store business can be exciting as it gets because you will never lack quality and affordable items which will always interest your buyers.

Another reason thrift store shopping has become very attractive is that it has a vast collection of items that range from clothing, furniture, glassware, tools, and several other collectibles.

However, we are interested in showing you how you can start a thrift store business. If you had an interest in this area of business, then this article will show you how you can make your dreams come true.

• Selecting a Niche

A thrift store business as earlier stated is a wide area that needs you to choose your particular niche which should be an area you are most interested in.

However, you can decide to start a general thrift store which involves selling a variety of products. Part of the reasons for choosing a niche or type of thrift store to operate is due to available competition. Before starting a thrift store business, you should scan your competition for goods on offer.

There are general-item thrift stores as well as those selling particular types of products such as used clothing, furniture, or baby items.

The results of your search would determine if you would prefer a general thrift store or choose a particular niche to sell. The choice is all yours to make. The decisions you make can determine how successful your thrift store turns out.

• Obtaining Registration and Licensing

Starting a thrift store business will require registration and licensing. For your business to be registered, you need to have applied for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This is especially relevant to businesses with employees.

This is also a requirement for payment of state taxes. Business licensing on the other hand largely depends on where you want to locate your thrift store as there are no uniform requirements for licensing. This is an important requirement for starting a thrift store business.

• Choosing an Outlet or Space

Depending on how well you are prepared, selecting a space is of utmost importance. There are faith-based thrift stores which are mostly located on church property. Most of the time, these are not ideal locations for attracting high patronage.

However, one of the advantages this type of outlet offers is that you are likely not to pay for rent. You must choose a space just about the size of what you intend to offer. This should be able to convey the right message to your clients.

That is, how you stock your thrift store with inventories will either portray a crowded store or a scanty store with little to offer. You should be able to strike a balance between these two options.

• Choosing the Type of Thrift Store to Operate

There are two types of thrift stores. These are the for-profit thrift stores as well as the non-profit thrift stores.

Each presents its opportunities as well as downsides. To make the right decisions that will align with your desires, you may want to seek the services of legal experts for interpretation of these models of business.

Although for-profit thrift stores allow for more control over how you manage and set profit margins, it is lacking in state-issued incentives such as obtaining tax-exempt status, as well as the availability of fewer low-interest loans and grants.

The non-profit thrift store model attracts government regulations which lead to having lesser control over how your business is run.

However, there are advantages to running this type of business as you are offered a chance to apply for low-cost rent or obtain the same for free. Other aspects of your business are also significantly subsidized. This includes adverts and marketing. However, you may not make as much as a for-profit thrift store.

• Hiring Your Workforce

This is a basic requirement you must consider. Although this may be a bit different for non-profit thrift stores as such can attract the services of volunteers, you must have people on the ground to help make running your business much easier. Sometimes the hiring process can be challenging especially when you handle such yourself.

To make the process a lot easier, take the burden off your shoulders by letting a professional hiring agency do the job for you. All you need to provide are your criteria for selection.

This step should not be overlooked for anything. Developing good marketing strategies as well as proper implementation create increased awareness about your business as well as what you offer. This significantly increases sales.

You must give this strategy all the attention it deserves as it can reward your efforts significantly. There are several marketing channels you can use to your advantage. These include the mainstream media as well as the new media which includes social media.

These are basic requirements for starting a thrift store which can be of immense benefit to you if properly implemented.

As simple as it may seem on the surface, starting a thrift store requires proper planning and diligence in its management to yield the much-desired results you wish to obtain.

THRIFT STORE BUSINESS PLAN EXAMPLE

Here is a sample business plan for starting a profit and non-profit thrift store business.

Starting a thrift store business is considered quite easy. This is because not much money is not needed to start one.

Goods that get sold in a thrift store are usually gotten from people that are clearing up their homes and want to dispose of things that occupy space unnecessarily.

This article contains a thrift store business plan sample. This will come in very handy for anyone that is looking to start a thrift store business.

GUIDE: Choosing A Thrift Store Name

Business Name: Loveday thrift store [ Resale Shop Business Plan ]

Executive Summary

Our Products and Services

• Vision Statement

Mission Statement

Business Structure

• Market Analysis
• Sales and Marketing Strategy
• Financial Plan

Competitive Advantage

Loveday thrift store Inc is a thrift store business that is located in Las Vegas . It is owned by the McDonald family and will be managed by Donald McDonald because of his wealth of experience in running this type of business. To get started, we have acquired a facility in a choice part of town. The newly acquired facility is large enough to fit into the idea of the type of thrift store business that we want to run.

Loveday thrift store business will make retail items such as clothing, books, furniture, kitchen equipment, etc. available to those that require them.

At the loveday thrift store, we are looking to run a business that will give our customers the best treatment possible. We have already devised a means of starting and maintaining a personal relationship with every potential customer that will patronize our store.

Loveday thrift store business is in the thrift store business to ensure that goods that are no longer needed in homes in the United States and beyond are made available to those that need them. In as much as no amount is needed to start this business, we are looking to make as much profit as possible from this business.

Some of the second-hand products that will be available to our potential customers include:

• Fairly used books
• Fairly used kitchen equipment
• Fairly used office equipment
• Fairly used sports equipment.

Vision Statements

Our vision at loveday is to be one of the most prestigious thrift store brands in the United States and beyond.

However, before becoming a force to be reckoned within the United States, we intend to win our immediate environment.

Our mission at the Loveday thrift store is to set up a thrift store business that will make top quality fairly used goods available to individuals that are residents of Las Vegas. We also intend to move from just Las Vegas to other parts of the United States.

Loveday thrifts store business is not going to end up like most thrift stores that are popular in Las Vagas. We at Loveday thrift store intend to build a business empire from a thrift store business. Although we are still a startup and cannot be reasonably compared to the many established thrift stores in Las Vegas and other parts of the United States, we are putting up the needed arrangements that will get us to the apex in this business rapidly.

To achieve our aim of becoming one of the top and most recognized brands in the thrift store business, we are going to hire honest and qualified individuals. We will ensure that the promotion and recognition of our employees are strictly on merit.

Market Analysis Market Trend

Although not everyone will be comfortable with buying used items, some don’t mind. One thing that keeps this industry running is the fact that a lot of people are looking for ways to save some money. The two major ways through which this is done is by selling used products and by buying used and cheap products.

More often than not, those that fall into the category of buying used goods are low-income individuals while high-income earners do the selling.

Target Market

It is a fact that one of the industries with the widest range of customers is the thrift store industry. We are certain that we can’t reach absolutely everyone. As a result of this, we have decided to settle for the following group of people

• Pregnant women
• Business executives
• Entrepreneurs

Sales and Marketing strategy

We are conscious of the fact that we have a lot of work to do if we must break into the market quickly. Due to this, we have come up with some strategies to make our potential customers aware of our presence. Some of them include;

• Good customer service
• Cheaper rates
• The sale of a wide range of products.

Financial Plan Source of Startup Capital

Although not much is need to start this business, we do not have all the capital that we require. This is because we intend to hire a facility in the heart of town that comes with a very large parking lot.

As a result of this, we will get a loan of $10,000 from the bank. With this, we can get the sum of $15,000 which is needed for this business.

The fact that starting a thrift store business does not require much capital increases the competition level in this industry.

Our way of beating our competition is by having a wide range of products and having a parking lot that can accommodate a lot of cars all at once.

This is a business plan sample for a thrift store. It is owned by the McDonald family and will be located in Las Vegas.

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• What License Is Needed To Open A Thrift Store?
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Creating a Winning Business Plan for Online Thrift Store

Published Aug.03, 2023

Updated Apr.22, 2024

By: Jakub Babkins

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Table of Content

1. What is an online thrift store business plan?

A well-crafte­d business plan is essential for e­stablishing and running a successful online thrift store. This plan outline­s the goals, objectives, and strate­gies that will guide the ve­nture. The online thrift store business plan pdf plan should include key considerations such as initial operational costs, marketing requirements, selling strategies, and an estimated budget. The offline thrift store business plan should also identify the target audience for the online store and the competitive landscape that the store will face. Additionally, it should provide a cle­ar timeline for when profitability is e­xpected and identify any pote­ntial risks that may arise. It is important to include a financial proje­ction in the plan. This projection should outline the­ anticipated annual revenue­ and expenses re­lated to operating the store­.

2. Why do we need an online thrift store business plan?

An online thrift store business plan sample is essential for any business looking to launch an online thrift store. Having a clear ecommerce business plan consultants is e­ssential for maintaining focus on your business objective­s and strategies. Deve­loping a plan is crucial for starting and expanding your business. It provides you with a cle­ar and comprehensive unde­rstanding of the necessary ste­ps that need to be take­n.

3. How to write an online thrift store business plan

When writing a business plan for the virtual online thrift store, start by thoroughly researching the industry and potential markets. Identify the target audience for the store and the associated competitors. Determine the sales and marketing strategy, and identify any potential operational and financial risks. Then, develop an estimated budget and timeline for profitability. Finally, include financial projections and forecasts by the e-commerce business plan consultants that include estimated revenue and expenses, as well as a general feedback loop that can be used to measure progress and success.

4. Executive summary

The Attic Shop CIC is a modern online store business plans shop where you can purchase clothing and other items at discounted rates. Efforts are made to make second-hand procurement sustainable, affordable, and accessible to all.

Similar to the e-commerce business plan sample , their mission is to provide you access to quality, gently used merchandise while being mindful of the environmental impact. Through their thrift store platform, they aim to make second-hand shopping fun, easy, and satisfying for shoppers of all clothing and budgets.

At The Attic Shop, they source their products from consignment stores and their own internal collection. They also offe­r a platform where you can sell your own use­d items, making it convenient and satisfying to shop while­ supporting the circular economy.

The targe­t audience for this includes mille­nnials who are searching for stylish and affordable me­rchandise that is within their budget. They also se­ek to engage with individuals who are­ passionate about environmentally-frie­ndly practices and intereste­d in a sustainable fashion.

5. Company analysis

The mission of The­ Attic Shop is to make affordable, high-quality used me­rchandise available to people­ across the United States. They strongly be­lieve that second-hand goods have­ the ability to reduce pove­rty, minimize waste, and provide value­ to customers in their online store­ business model .

At The Attic Shop, our vision is to be­ the preferre­d thrift store in America, providing a diverse­ range of new and used ite­ms at unparalleled prices.

6. Structure and background

The Attic Shop is a private­ly owned business that focuses on offe­ring customers throughout the United State­s with high-quality used items.

We care­fully select our products from trustworthy suppliers, prioritizing local sourcing. This e­nsures that our customers can confidently purchase­ certified second-hand ite­ms that meet safety standards. The Attic Shop aims to be­ America’s top choice for secondhand goods, with a strong focus on e­xceptional customer service­, sustainability, and supporting those in need.

7. Market (industry) analysis

The thrift store industry is growing rapidly due to the increased interest in second-hand choices for goods. The growing tre­nd of waste reduction, coupled with the­ increasing costs of new items, has be­en a contributing factor to this growth. The thrift store­ industry is projected to maintain its competitive­ness and profitability in the next five­ years, with an estimated growth rate­ of 3.7%. By 2023, the se­condhand and resale market is proje­cted to reach approximately $53 billion, as pre­dicted by thredUP, an online marke­tplace for reselling ite­ms.

The growth of online­ thrift stores is primarily fueled by the­ advancements in technology that have­ made them more use­r-friendly, convenient, and cost-e­fficient compared to traditional retail store­s.

8. Competitor analysis

• ThredUp: ThredUp is an online­ consignment and thrift company where you can find clothe­s, accessories, and shoes at gre­at discounts. They collaborate­ with various thrift stores, consignment shops, and other ve­ndors that specialize in secondhand appare­l. This partnership enables custome­rs to access a vast online sele­ction of clothing options.
• Poshmark: Poshmark is an online marke­tplace for second-hand clothing and shoes, with a focus on wome­n’s fashion. They collaborate­ with various shops, including vintage boutiques, thrift, and consignme­nt stores, as well as luxury clothing rese­llers.
• Vinted: Vinted is an online­ thrift store that specializes in se­lling used clothing and shoes. They have­ a diverse range of options available­ for women, men, and kids, including clothing and accessorie­s. Additionally, they offer virtual styling service­s to help customers create­ their desired looks. One­ popular feature on Vinted is the­ir “bargain bin,” where shoppers can find gre­at deals on various items.
• The RealReal: The Re­alReal is a luxury consignment store that spe­cializes in high-end designe­r and contemporary fashion, accessories, je­welry, and home decor. The­ir offerings are carefully curate­d and available at discounted prices.

9. Products and services

The online thrift store business plan template will offer the following products and services:

• An array of pre-owned items, from clothing to furniture and antiquities
• A wide selection of books
• Comprehensive customer service and support
• An efficient delivery system
• An easy-to-use online shopping experience

10. Sales and marketing plan

This business plan template for an online thrift store section outlines the strategy for growing the online thrift store.

• Promotions: In the clothing store business plan, the company will aggressively market its thrift store using traditional media, such as print and radio advertising, as well as online promotional strategies, such as search engine optimization, online display ads, and social media campaigns. They will also leverage a network of affiliates to help spread the word about the store.
• Public Relations: They will seek out public relations opportunities to bolster the store’s reputation locally, such as sponsoring events, participating in charity drives, and being involved in the local community.
• Measurement: To measure the success of their promotional efforts, they will monitor website traffic, track online sales, and analyze the results of their online ad campaigns. They will also track customer satisfaction by surveying customers and monitoring customer reviews.
• Expansion: With successful measurements, the company plans to expand its online store into more markets, working with more partners and affiliates. Their ultimate goal is to dominate the online thrift store market.

11. Operational plan

The business plan checklist operational plan for the online thrift store business will cover the management of the online store, marketing, staff, delivery, and other operational aspects of running the online store.

Management:

A team of professionals with experience in online marketing, e-commerce, web design, customer service, and inventory management will manage the online store. The team will also handle customer relations, customer service, payment, and other operational aspects of the business.

The online thrift store will use online and offline marketing to reach its target audience. Online marketing will include email blasts, search engine optimization, content marketing, and social media marketing. Offline marketing strategies will include radio, print, billboards, and direct mail.

The online store will require a small staff team to help manage the store. The staff will include customer service representatives, inventory managers, and marketing staff.

The online store will use a third-party delivery service to handle the delivery of goods purchased from the store.

12. Evaluation/assessment

The busine­ss plan includes a comprehensive­ analysis of the market, identifying targe­t customer demographics, outlining the products and se­rvices offered, asse­ssing the competitive landscape­, detailing the organizational structure, de­scribing the marketing plan and operations plan. Additionally, it provide­s financial projections and estimated startup costs.

The busine­ss plan writers provide comprehe­nsive information about different aspe­cts of the online thrift store. This include­s its market positioning, differentiation from compe­titors, as well as donation acquisition and processing strategie­s.

The plan also e­xamines various sources of reve­nue, strategies for acquiring custome­rs, and ways to enhance user e­ngagement on the platform.

13. Management team

The management team for how to write a business plan for an online thrift store includes:

• CEO: Responsible for overseeing the business operations, developing and implementing strategies, and managing all day-to-day operations.
• CFO: Responsible for managing finances, handling customer payments, bookkeeping, and analyzing financial reports.
• Marketing Manager: Responsible for developing and executing marketing strategies, identifying new target audiences, and analytic tracking of customer segmentation data.
• IT Manager: Responsible for developing and maintaining the company website, keeping the technology infrastructure up to date, and providing customer service support.
• Purchasing Manager: Responsible for sourcing products, negotiating with suppliers, and managing inventory.
• Product Catalog Specialist: Responsible for managing and cataloging products, creating descriptions, and managing pricing.

14. Projection and financial planning

• Start-up costs:
• Business registration and filing fees – $1,000
• Legal and professional fees – $2,000
• Website design and development – $3,000
• Systems development and programming – $2,000
• Marketing and advertising – $3,000
• Office supplies and equipment – $3,500
• Insurance and permits – $800
• Technology infrastructure – $4,000
• Facility rental/leases – $2,000
• Labor costs – $3,500
• Miscellaneous – $1,000

Total Start-up Costs – $25,800

2. Sales Projections:

Assuming a 20% commission on sales, the projected sales and corresponding revenue and profits for the first year are:

• Sales ($10,000/month): $120,000
• Revenue ($2,000/month x 20% commission): $24,000
• Profits ($24,000 – $25,800 start-up costs): -$1,800

3. Strategic Plan:

• Establish strong relationships with vendors for regular supply of inventory.
• Develop a user-friendly and engaging online marketplace.
• Create an effective marketing and advertising plan.
• Make use of data analytics to improve customer experience and marketing efforts.
• Strengthen relationships with existing customers and increase customer loyalty.
• Incorporate sustainable logistical solutions with a short turnaround time.
• Implement strategies to reduce wastage and maximize profits.

4. Financial Plan:

The financial plan for the business continuity plan consultants comprises the following components, which will be implemented to achieve the desired financial targets:

• Establish a line of credit and secure investors for additional capital.
• Monitor cash flows, reduce costs, and reduce operational expenses.
• Leverage digital and technological solutions to reduce manual work and increase efficiency.
• Reduce inventory waste and optimize inventory turns.
• Set up clear accounting systems with bookkeeping and audit procedures in place.
• Utilize funds productively and reinvest profits wisely.
• Monitor financial performance closely and maintain up-to-date financial records.

15. Discover True Value: Welcome to OGS Capital, Your Trusted Source for a Successful Online Thrift Store

If you’re an aspiring e­ntrepreneur aiming to launch a succe­ssful online thrift store, creating a solid busine­ss plan is crucial. With over a de­cade of expertise­ in developing tailored busine­ss plans for online thrift stores, OGS Capital business plan writers has successfully supporte­d numerous entrepre­neurs in realizing their goal of owning and ope­rating thriving enterprises.

Our skilled consultants provide­ tailored business plan service­s to assist you in navigating the startup process and optimizing your investme­nt. No matter the­ size or scope of your online thrift store­, we have the se­rvices to meet your spe­cific needs and goals. Whethe­r you’re starting small and focused on a local market or planning to e­xpand nationwide, our comprehensive­ solutions are tailored for your success.

Let us assist you in translating your vision into a tangible­ plan that will serve as your roadmap throughout each ste­p of the process. OGS Capital understands that e­very client has unique goals and obje­ctives. That’s why our team of expe­rienced professionals will work close­ly with you to create a personalize­d business plan tailored specifically to your ne­eds. We’ll collaborate on de­veloping strategies that are­ solid and effective, e­nsuring your success in this competitive marke­t.

Discover the­ immense possibilities of online­ thrift stores with our expert guidance­. We’ll work together to cre­ate a comprehensive­ plan that ensures your success in this e­xciting industry.

Q. Can thrift resellers make money?

Absolutely, thrift re­sellers can indee­d make money. They achie­ve this by purchasing items from thrift stores such as Goodwill, Salvation Army, or othe­r second-hand shops and then rese­lling them on platforms like eBay, Amazon, or the­ir own online stores. Some re­sellers focus on brand-name ite­ms or vintage clothing and are able to turn a profit by acquiring the­se pieces at a lowe­r cost and subsequently selling the­m for higher prices.

Q. How lucrative is the online thrift store business?

The online­ thrift store industry offers a promising opportunity for businesse­s to thrive. As more consumers se­ek affordable deals on pre­-owned items, the de­mand for online thrift stores continues to rise­. In fact, projections from Crunchbase predict that the­ global market for online thrift shopping will reach a stagge­ring $84 billion by 2025. With such potential for growth and profitability, it’s easy to see­ why this industry is becoming increasingly attractive to se­llers. Download Online Thrift Store Business Plan in PDF

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Thrift Store Business Plan

Written by Elma Steven | Updated on April, 2024

How to Write a Thrift Store Business Plan?

Thrift Store Business Plan  is an outline of your overall thrift store business. The business plan should includes a  5 year financial projection, marketing plan, industry analysis, organizational overview, operational overview and finally an executive summary.  Remember to write your executive summary at the end as it is considered as a snapshot of the overall business plan. You need to be careful while writing the plan as you need to consider various factors that can impact the business’s success.

You can spend 3 to 4 weeks trying to write your own Business Plan by browsing through free online resources or hire a professional writer for $2,000. There is a better way to do this-  Download Our Thrift Store Business Plan to write a plan in just 2 days .

This depends on your expected revenue and cost. Also, we need to consider the startup cost. Find out the answer- Is Thrift Store Business Profitable?

Table of Contents

Executive summary.

Overview : [Thrift store name] is a revolutionary thrift store aiming to transform the shopping experience for consumers who are seeking affordable, stylish and high-quality pre-owned items. It is located in [location] and was founded by [founder] during [year of establishment]. As a socially responsible business, we are committed to giving back to the community by reducing waste, promoting sustainable shopping habits, and providing job opportunities for the underprivileged.

Problem Summary: The global fashion industry produces 92 million tons of waste annually, with clothing consumption expected to rise by 63% by 2030. The fast fashion trend has led to increased clothing disposal rates, overwhelming landfills and negatively impacting the environment. Additionally, low-income families struggle to afford fashionable and quality clothing, which limits their ability to express themselves and feel confident.

Solution Summary: Bargain Bonanza addresses these issues by offering a curated selection of gently used, high-quality, and fashionable clothing at affordable prices. Our store provides an eco-friendly shopping alternative that reduces the environmental impact of fast fashion and extends the lifecycle of garments. By collaborating with local non-profit organizations and offering vocational training, we will also create job opportunities for disadvantaged individuals and support the local community.

Industry Overview: The global second-hand clothing market was valued at $32 billion in 2020 and is projected to reach $51 billion by 2023, growing at a CAGR of 11% from 2018 to 2023 (source: GlobalData). The US thrift store industry alone generates approximately $10.5 billion in annual revenue (source: IBISWorld). This growth is driven by increasing environmental awareness, consumer preference for unique and vintage styles, and the desire for affordable clothing options. The industry is characterized by a mix of small, local stores and large-scale chain operations such as Goodwill and The Salvation Army, creating a diverse and competitive market landscape. Check out this guide on  how to write an executive summary?  If you don’t have the time to write on then you can use this  custom Executive Summary Writer  to save Hrs. of your precious time.

Financial Overview: Click here for Updated Chart

Business Description

Business Name:  Bargain Bonanza

Founder: Jacob Harrison

Management Team: 

Legal Structure: LLC

Location: 1234 Main St, Bellevue, WA 98004

Mission: “To provide a sustainable, affordable, and fashionable shopping experience that fosters community growth and environmental responsibility.”

Vision: “To become a leading thrift store chain recognized for its commitment to social and environmental impact, while empowering customers to make responsible and stylish choices.”

Goals: 

• Environmental Impact: Divert a significant amount of textile waste from landfills by promoting sustainable shopping habits and increasing the lifecycle of clothing items.
• Community Development: Create job opportunities and offer vocational training for disadvantaged individuals, in partnership with local non-profit organizations.
• Customer Satisfaction: Deliver a consistently high-quality, diverse, and stylish selection of pre-owned products that cater to a wide range of consumer preferences.
• Expansion: Establish multiple store locations across the country, fostering a strong brand presence and further promoting sustainable shopping alternatives.
• Financial Success: Achieve profitability within the first three years of operation and maintain steady revenue growth.

Products: 

• Clothing: A curated selection of gently used men’s, women’s, and children’s apparel, including shirts, pants, dresses, outerwear, and activewear.
• Accessories: A diverse assortment of bags, belts, hats, scarves, and other fashionable accessories that complement our clothing offerings.
• Shoes: A range of stylish and comfortable footwear for men, women, and children, including sneakers, boots, sandals, and heels.
• Jewelry: Unique and affordable pre-owned jewelry, such as necklaces, bracelets, rings, and earrings.
• Vintage and Collectibles: An exclusive section featuring vintage clothing, memorabilia, and collectible items for enthusiasts and collectors.
• Home Goods: A variety of gently used home décor, kitchenware, and small furniture items that appeal to eco-conscious customers looking to furnish their homes in a sustainable manner.

Financial Overview

Key Metrics

Click here for Updated Chart

Business Model 

Check out  100 samples of business model canvas .

Check out the  100 SWOT samples  which will give you a better idea on SWOT writing process.

Organizational Overview

Jacob Harrison

Founder/ CEO/ 

Hi there! My name is Jacob Harrison and I am the passionate and driven founder of Bargain Bonanza, a thriving thrift store focused on promoting sustainable shopping, providing affordable fashion, and giving back to the community. With over a decade of experience in the retail and fashion industries, I have cultivated a deep understanding of customer needs and market trends, positioning me as an innovative leader in the second-hand clothing market.

I began my career working for a major clothing retailer, where I quickly rose through the ranks and gained invaluable experience in inventory management, merchandising, and sales. This experience ignited my passion for the fashion industry but also exposed me to the environmental and social issues associated with fast fashion.

Determined to make a positive impact, I pursued a degree in Environmental Science from a renowned university, where I specialized in sustainable business practices. Upon graduation, I worked for an environmental consultancy firm, honing my skills in sustainability and corporate social responsibility.

Combining my love for fashion, retail expertise, and commitment to sustainability, I founded Bargain Bonanza in 2023. My vision was to create a business that not only offered affordable and stylish pre-owned items but also promoted eco-friendly shopping habits and contributed to community development.

Under my leadership, Bargain Bonanza has successfully curated a diverse and fashionable inventory that appeals to a wide range of customers. In addition, the store has developed strong partnerships with local non-profit organizations, creating job opportunities and offering vocational training for disadvantaged individuals.

My dedication to environmental responsibility, social impact, and customer satisfaction has set the foundation for Bargain Bonanza’s success and future growth. As the company expands, I remain committed to upholding the core values that have made Bargain Bonanza a beloved and trusted shopping destination for eco-conscious consumers.

Management & Operations:

Marketing & Sales:

Finance & Accounting:

Industry Analysis

Industry problems .

• Environmental Impact: The fast fashion industry contributes to pollution, excessive water consumption, and textile waste in landfills, which raises concerns about sustainability.
• Disposable Clothing Culture: The rapid pace of fashion trends encourages consumers to frequently discard clothing, leading to increased waste and overconsumption.
• Limited Access to Quality Affordable Clothing : Low-income families often struggle to find fashionable and high-quality clothing at affordable prices.
• Inefficient Resource Management: The fashion industry often lacks efficient recycling and upcycling processes, leading to the underutilization of resources.
• Labor Issues: Fast fashion production often involves unethical labor practices, such as low wages and poor working conditions, in developing countries.

Industry Opportunities

• Circular Economy: The growing interest in a circular economy promotes recycling, upcycling, and reusing materials, which can drive innovation and reduce waste in the fashion industry.
• Sustainable Fashion: The demand for sustainable and ethically-produced clothing presents an opportunity for businesses to adopt eco-friendly practices and appeal to environmentally conscious consumers.
• Technology Integration : The use of technology, such as AI and data analytics, can help businesses optimize inventory management, enhance customer experience, and reduce waste.
• Collaborations and Partnerships: Forming strategic partnerships with sustainable fashion influencers, designers, and organizations can boost brand recognition and customer engagement.
• Educational Initiatives: Raising consumer awareness about the environmental and social impacts of fast fashion can encourage sustainable shopping habits and support the growth of the second-hand clothing market.

Market Segmentation

• Demographic Segmentation:  
• Age: Targeting various age groups, such as teens, young adults, and adults, who are interested in affordable and sustainable fashion options.
• Gender: Catering to the clothing preferences and needs of both men and women.
• Income: Focusing on low to middle-income individuals who seek affordable, stylish, and quality clothing.
• Family Life Cycle: Providing clothing options for families with children, as they often require budget-friendly and sustainable clothing choices.
• Location: Targeting urban and suburban communities with a higher concentration of environmentally conscious consumers.
• Psychographic Segmentation:
• Values and Beliefs: Catering to customers who prioritize sustainability, ethical production, and reducing their environmental impact.
• Interests and Hobbies: Targeting individuals who enjoy thrift shopping, vintage fashion, and unique clothing styles.
• Lifestyle: Attracting customers who prefer a sustainable and eco-friendly lifestyle, including those who actively recycle, upcycle, and support ethical businesses.
• Behavioral Segmentation:  
• Occasion-Based: Offering seasonal and event-specific clothing, such as holiday attire, summer wear, or back-to-school selections.
• Benefits Sought: Catering to customers seeking affordable prices, unique styles, and eco-friendly shopping experiences.
• Usage Rate: Targeting both frequent and occasional thrift shoppers, as well as those new to second-hand shopping.
• Brand Loyalty: Implementing loyalty programs and promotions to encourage repeat business and long-term customer relationships.
• Customer Readiness Stage: Providing education and awareness initiatives to attract potential customers who may be hesitant to explore second-hand clothing options.

Market Size

Marketing Plan

Marketing budget.

Marketing Objectives

• Boost brand awareness: Increase recognition and recall by 20% within 12 months using targeted campaigns and social media.
• Grow market share: Expand market share by 10% in two years with innovative products and new segments.
• Retain customers: Raise repeat customer rate by 15% within a year through personalization, loyalty programs, and customer support.
• Enhance online presence: Increase website traffic by 25% and social media followers by 30% in 18 months using engaging content and SEO.
• Increase sales revenue: Achieve a 20% revenue growth in the next financial year with promotional strategies and product expansion.
• Strengthen brand loyalty: Improve net promoter score (NPS) by 10 points in 12 months by focusing on customer satisfaction and loyalty benefits.
• Promote sustainability: Increase eco-friendly products by 30% in two years to appeal to environmentally conscious consumers.
• Improve customer engagement: Boost email open rates by 20% and click-through rates by 15% in a year with targeted email campaigns.
• Enter new markets: Launch products in two international markets within 24 months using market research and strategic partnerships.
• Enhance product positioning: Raise top-of-mind awareness as a leader in comfort and innovation within 18 months through marketing and product innovation.

Go-to-Market (GTM) Strategy

• Social Media Marketing:

a. Create and share engaging content that reflects the brand’s values and showcases products.

b. Collaborate with influencers who resonate with your target audience to increase reach and brand awareness.

c. Utilize paid advertising campaigns on platforms like Instagram, Facebook, and Pinterest to target specific customer segments.

d. Engage with followers, respond to comments, and address customer inquiries to strengthen customer relationships and loyalty.

• Content Marketing:

a. Develop a blog on the brand’s website featuring educational and informative content about undergarments, trends, and styling tips.

b. Leverage video content on platforms like YouTube to showcase products, share tutorials, and engage with customers.

c. Create infographics or visually appealing content to share on social media platforms and drive website traffic.

• Email Marketing:

a. Build and segment email lists based on customer behavior, preferences, and demographics.

b. Send personalized email campaigns with targeted offers, promotions, and relevant content.

c. Utilize automation tools to nurture leads and encourage repeat purchases.

• Public Relations:

a. Develop press releases and media kits to promote product launches, collaborations, or brand milestones.

b. Cultivate relationships with industry journalists and bloggers to secure coverage in relevant publications.

c. Participate in industry events, trade shows, and fashion weeks to increase brand visibility and networking opportunities.

• Search Engine Marketing (SEM) and Search Engine Optimization (SEO):

a. Optimize website content and structure to improve organic search ranking on search engines like Google.

b. Utilize keyword research and on-page optimization to target relevant search queries.

c. Implement paid search campaigns (Google Ads) to capture high-intent search traffic and drive conversions.

• Affiliate and Influencer Marketing:

a. Develop an affiliate program to incentivize bloggers, influencers, and content creators to promote the brand and products in exchange for a commission on sales.

b. Collaborate with influencers on content creation, product reviews, and giveaways to generate buzz and increase brand exposure.

• Offline Advertising and Promotions:

a. Place ads in print magazines, newspapers, or on billboards that cater to your target audience.

b. Host in-store events, pop-up shops, or fashion shows to create memorable experiences and connect with customers.

Budget allocation across channels: 

A financial plan of a Thrift Store business plan provides a comprehensive projection of a company’s financial health and its anticipated monetary performance over a specified period. This section encompasses a range of financial statements and projections such as profit and loss statements, balance sheets, cash flow statements and capital expenditure budgets. It outlines the business’s funding requirements, sources of finance and return on investment predictions. The financial plan gives stakeholders particularly potential investors and lenders a clear understanding of the company’s current financial position. A financial plan helps businesses demonstrate their financial prudence, sustainability, and growth potential.

Income Statement

Cash Flow Statement

Balance Sheet

Revenue Summary

Cost Summary

Non- Current Asset Schedule

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How to Thrift Shop Like an Interior Designer

Unlike antiquing, thrift shopping can unearth treasures from any era—from the past to present day.

Kelsey is a freelance writer for MarthaStewart.com.

In a time when you can decorate your home with a few swipes or clicks, thrift shopping can seem like an antiquated endeavor. (The amount of time and research is at odds with today's emphasis on instant gratification.) But if you're looking for beautiful, budget-friendly items that speak to your unique sense of style, slow and steady wins the race.

Unlike antiquing—which is similar in theory but different in practice—thrift shopping celebrates the art of buying secondhand . "When you go thrift shopping, you may come across an amazing French antique that's 100 years old, a vintage piece from the '80s, or a recently manufactured item from West Elm at a major discount," says Paige Kontrafouris , an interior designer and stylist. "It's an open book of what you can find, whereas you know that an antique store has very old pieces and collectibles from the start."

Anyone can go thrift shopping, but separating your new treasure from another person's trash can be easier said than done. To help, we asked designers to share their top tips for thrift shopping like a pro.

Make a Plan—and Stick to It

Unlike shopping online or at a typical brick-and-mortar storefront, thrift shopping has its mysteries. While it is important to keep an open mind, Enrique Crespo, CEO and founder of Crespo Design Group , encourages you to make a plan for your shopping excursion. "While impulse buying can be a total thrill in the moment, remember that those price tags could haunt you later," he says.

Bring a List

Thrift stores can be packed to the brim with items—it helps to have a list of exactly what you're looking for. "Create a shopping list of specific items you're seeking before entering the thrift store," says Julie Leffell , an interiors photographer. "Begin your search by heading straight to those sections. Once you've checked off your targeted items—or if you can't find them—explore the rest of the store. Hidden treasures often lurk in unexpected corners, waiting to be discovered."

Kontrafouris keeps an ongoing list of pieces at all times. "When I'm out shopping, I'll constantly reference it," she says. "One day I might really be looking for a side table and not find it, but later in the week, I might be out again looking for something else and see the perfect table I was searching for a week ago."

Write Down Measurements—and Bring a Measuring Tape

If your list includes furniture, be sure to bring your ideal measurements along with you, too. "For items like furniture, artwork, or decor, come equipped with knowledge of the measurements that will work best in your space. I like to keep a note on my phone with the maximum and minimum measurements that work," says Leffell. "Carry a tape measure in your bag to swiftly confirm whether a find aligns with your requirements. This proactive approach ensures you make informed decisions and avoid purchasing items that won't fit."

Start Small

With so little time and so many items, walking into a thrift store can feel understandably overwhelming. If you're new to this endeavor, you might want to start with some smaller pieces. "Searching for smaller items like décor is a great way to add some interest to your coffee table or bookshelf without having to commit to larger pieces," says Laura Chappetto, interior designer and founder of Element Design Network .

While Crespo does shop for furniture at thrift stores, he also looks out for smaller pieces like glassware and home accents. "There are usually a few hidden gems within these categories," he says.

Shop Local and in Person

Though the internet is packed with wonderful ways to thrift shop from the comfort of your couch, Kontrafouris and Crespo agree that the hunt is best done in person. In fact, many of the best vendors are hiding in plain sight. "Some of the best places to thrift are sometimes the most inconspicuous," Crespo says. "Markets—while they do not always contain antique or designer pieces—have some of the most gorgeous items to browse and pick up."

Make your first stop at your local flea market. Not only is it a treasure trove for amazing finds, but you'll also be able to peruse multiple vendors, making it possible to find something that'll fit your budget or price point.

Do Your Research

The best—and, well, sometimes worst—part of thrift shopping is that you truly never know what you're going to find. So, how do you know if a piece is valuable or high quality? You might need to do your homework beforehand. "If you're looking for a chic, valuable piece, you have to understand which materials are of genuine quality and are undeniably authentic when you see it," says Crespo.

Understand Markers and Signs—or Research in Real-Time

What are burgeoning thrift shoppers to do if they fall in love with a piece and haven't done their research ahead of time? Keep your eyes peeled for signs such as unique markings, countries of origin, and confirmation that you're dealing with high-quality materials like wood or porcelain.

And if you're really stumped, head online. "I love using the Google Lens app to quickly scan the internet for an item if it's not something I have a ton of knowledge on," Kontrafouris says. "It also helps to research items you like in your free time, so you can learn the unique details about them and know what to keep an eye out for."

Visit Your Favorite Thrift Stores Often

You never know what you're going to find and inventory can change often, so it helps to become a regular at your favorite places. "Make it a habit to revisit thrift stores regularly. The inventory is constantly evolving, with new and unique items making their way onto the shelves regularly," says Leffell. "By checking back often, you increase your chances of stumbling upon that one-of-a-kind find you've been dreaming of."

Related Articles

Convenience Store Business Plan PDF Example

• May 13, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful convenience store. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your convenience store’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a convenience store business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the retail industry, this guide, complete with a business plan example, lays the groundwork for turning your convenience store concept into reality. Let’s dive in!

Our convenience store business plan is structured to encompass all key components necessary for a well-rounded strategic approach. It details the store’s operations, marketing strategies , market context, competitive landscape, management structure, and financial outlook.

• Executive Summary : Provides an encapsulated view of the convenience store’s business concept, market analysis , management framework, and financial strategy.
• Store & Locations: Describes the store’s layout, location advantages, and why it’s appealing to potential customers, emphasizing convenience and accessibility.
• Products & Operations: Lists the wide range of products offered, from snacks and beverages to household essentials, and details the operational aspects such as inventory management and customer service.
• Key Stats: Provides industry size , growth trends, and critical statistics for the convenience store market.
• Key Trends: Outlines recent trends impacting the convenience store sector, like the rise in health-conscious products and digital payments.
• Key Competitors : Analyzes the main competitors in the vicinity and distinguishes how the store differentiates itself from them.
• SWOT : A thorough analysis of strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Strategies for enhancing brand visibility, attracting, and retaining customers.
• Timeline : Significant milestones and objectives from the store’s setup through the first year of operation.
• Management: Information about the individuals leading the store and their roles, emphasizing their experience in retail management and customer service.
• Financial Plan: Projects the store’s financial performance over the next five years, including revenue, profits, and anticipated expenses, with a clear outline of funding strategies to support growth and operations.

Convenience Store Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your convenience store’s business plan, providing a succinct overview of your store and its offerings. It should detail your market positioning, the range of products and services you offer, including groceries, household items, and quick-service foods, its location, size, and an overview of daily operations. 

This section should also delve into how your convenience store will fit into the local market, including an analysis of the number of direct competitors in the area, identifying who they are, along with your store’s unique selling points that set it apart from these competitors. 

Moreover, you should include information about the management and co-founding team, detailing their roles and contributions to the store’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to offer a clear view of your store’s financial strategy.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

For a Convenience Store, the Business Overview section can be effectively organized into 2 main slides:

Store & Location

Briefly describe the store’s physical setup, focusing on its layout, ease of navigation, and the inviting atmosphere that welcomes customers. Mention the store’s location, emphasizing its accessibility and the convenience it offers to customers, such as proximity to residential areas or ease of parking. Explain why this location is beneficial in attracting your target customer base.

Products & Operations

Detail the range of products and services offered, from basic groceries and household essentials to quick-service food items and possibly even niche products tailored to local preferences. Outline your operational strategy, ensuring it reflects efficiency, quality of offerings, and matches the market you’re targeting. Highlight any special offerings, such as local produce, organic sections, loyalty programs, or promotional deals that provide added value to your customers, encouraging repeat visits and customer loyalty.

Make sure to cover here _ Store & Location _ Products & Operations

Market Overview

Industry size & growth.

Begin with an analysis of the retail convenience sector’s size and growth potential to understand market opportunities.

Key Market Trends

Highlight trends such as increased demand for quick access to essentials, healthy and organic products, and ready-to-eat meals. Note the rise in stores offering additional services like bill payments and parcel collection.

Key Competitors

Then, explore the competitive landscape, which encompasses a variety of stores from large chain convenience stores to small, independent shops, as well as online delivery services. For instance, underline what sets your store apart, whether it’s through superior customer service, a diverse product selection, or the provision of unique services that cater to community needs. This section will help articulate the demand for convenience store services, the competitive environment, and how your store is positioned to succeed within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, perform a SWOT analysis for the convenience store , identifying Strengths (like a strategic location and diverse product range), Weaknesses (such as limited floor space or high competition), Opportunities (for instance, the growing demand for quick and easy shopping options), and Threats (like economic shifts that may affect consumer spending on non-essential items).

Marketing Plan

Next, formulate a marketing plan detailing strategies to draw and keep customers through targeted advertising, in-store promotions, an active social media presence, and community engagement.

Lastly, set up a comprehensive timeline that marks key milestones for the convenience store’s launch, marketing initiatives, customer base development, and growth goals, ensuring the business progresses with clear goals and intent.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the convenience store’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the convenience store towards its financial and operational goals.

For your convenience store business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your convenience store’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your convenience store business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Privacy Overview

Business in brief: SRC opens self-storage; NaviLens now at Blind Community Thrift Store

Src holdings opens enterprise self storage.

This week, SRC Holdings opened its latest business venture, Enterprise Self Storage, serving east Springfield. The storage facility offers 300 units ranging in size from 10 feet by 5 feet up to 12 feet by 40 feet for indoor boat and vehicle storage. The facility also offers 24/7 video surveillance.

The new business is the latest phase in SRC’s decade-long, $100 million plan for real estate development anddiversification led by SRC Development Group. According to a press release, the new storage facility allows SRC to more efficiently utilize its land and diversify its income while meeting Springfield's high demand for storage space.

“This has been a fun project to work on, and we’re excited to be opening our doors. We’ve already had a lot of reservations from members of the community, and we’re excited to see the growth this brings for our employee-owners,” said Kim Bell, who manages the new venture.

Blind Community Thrift Store introduces NaviLens codes

The Blind Community Thrift Store on North Kansas Expressway in Springfield has become one of the first retail stores to introduce NaviLens codes. NaviLens allows blind, visually impaired, and non-English speaking customers to shop via the NaviLens app by scanning codes. The adaptive software uses voiceover technology to provide departments, directions, and prices throughout the store.

NaviLens is free to use, and the codes are simpler to scan than traditional QR codes. They can also be scanned from up to 50 feet away. At the Blind Community Thrift Store, these codes are used to describe items, where items are located in the store, prices of those items, and descriptions of clothing racks. Codes can also be translated into 36 different languages.

"Technology like this is just a step for accessibility, but it is an incredible step that we hope can be used as a model for the rest of the world," the store said in a press release.

The Blind Community Thrift Store will also be providing free personal use NaviLens codes to those who need them. The codes can be taped to various personal items around the home and are fully customizable to the user's needs. These codes can be shared with up to five other people. For more information, stop by the Blind Community Thrift Store at 2713 N. Kansas Expressway.

Nixa Public Schools wins international communications award

Hermes Creative Awards has announced Nixa Public Schools as a Gold Winner of its international awards competition for the concept, writing, and design of emerging media. The school district, honored among companies such as AARP, Bank of America, Chicago White Sox, Cisco, and Pepsico, won the award for its district magazine, Eagle Express.

This year, more than 6,500 corporate marketing and communication departments, advertising agencies, PR firms, design shops, production companies, and freelancers entered the Hermes Creative Awards competition. Hermes Creative Awards recognizes "outstanding" work in the industry.

Hermes Creative Awards is judged by the Association of Marketing and Communication Professionals. The international organization consists of thousands of marketing, communication, advertising, public relations, media production and freelance professionals. 

Egg Central Station earns sustainability certification

Egg Central Station, Vital Farms' egg washing and packing facility in Springfield, has earned a prestigious Leadership in Energy and Environmental Design (LEED) Gold Certification for the 2022 expansion of its facility. LEED is the U.S. Green Building Council's internationally recognized green building rating system.

"This prestigious acknowledgment underscores Vital Farms’ commitment to raising the standards in the food industry and the company’s impact goal of reducing operational greenhouse gas intensity by 25% by 2027," the company said in a press release.

Egg Central Station is at the heart of Vital Farms' operations. Each day, 6 million pasture-raised eggs from the company's more than 300 family farms are washed, sized, graded, and packed at Egg Central Station.

Inside the facility there are features such as daylighting and climate control to improve conditions for workers. Food safety practices also go "above and beyond current regulatory requirements," and Egg Central Station also has advanced water filtration systems. Solar panels generate renewable energy while providing parking shade, and bioretention elements clean and cool rainwater. Additional construction elements include the use of low-VOC emitting materials and finishes made from high recycled content.

Baxter joins OMB Bank commercial lending team

OMB Bank has announced John Baxter has joined its commercial lending team as a vice president and loan officer.

Baxter has two decades of banking experience. He began his career in 2004 as a mortgage loan officer for Central Bank in Sedalia. In 2006, he was named branch manager for Central Bank’s Ozark location and in 2008, he joined Central Bank’s lending team in Springfield. Before joining OMB, he was vice president of commercial lending for Simmons Bank, a position he had held since 2012.

“John brings an incredible amount of experience and a deep understanding of the local market to our commercial lending team,” said Joey Orr, executive vice president of community banking. “With 20 years in the banking industry, his expertise will be invaluable as we continue to support the financial needs of businesses in the communities we serve. We're thrilled to welcome John to OMB.”

Mediacom makes enhancements to internet speeds

Mediacom announced this week that the company would make significant speed enhancements to several of its Xtream Internet services. Beginning May 17, new and existing customers can take advantage of the following speed increases:

• Xtream Internet 100 will become Xtream Internet 250. Speed jumps from 100 Mbps down to 250 Mbps down (a 150% increase)
• Xtream Internet 300 will become Xtream Internet 500. Speed jumps from 300 Mbps down to 500 Mbps down (a 67% increase)

Mediacom has also replaced its Connect2Compete Plus service with a new and improved low-cost broadband plan called Xtream Connect. Xtream Connect offers speeds of 100 Mbps down by 20 Mbps up. Priced at $14.99 per month (plus modem rental if applicable) Xtream Connect provides qualifying households affordable internet access.

Mediacom is further enhancing the program by allowing customers enrolled in the Xtream Connect program to add landline phone service for $5 per month. Xtream Connect is available to any household in Mediacom's service territory that participates in the National School Lunch Program, SNAP, Medicaid, Federal Public Housing Assistance, SSI, WIC, or certain other federal programs.

Local consignment shop aims to grow business within the community

BRIDGEPORT, W.Va (WDTV) - “The store has been here for 12 years; I actually purchased it from the first owner 7 years ago, so it’s been mine for 7 years. It’s consignment, they get money once it sells. I take a little bit of everything here, have something for everyone. I have kid’s, men’s, women’s, formals, shoes, purses, jewelry, baby gear; just a little bit of everything here,”

Kathy Bryan and her Cool Kid’s Consignment shop has been serving the community of Morgantown for over a decade. During the 12 year period the business has been open; the shop has aimed to provide a location where customers can come in to buy or sell some of their un-wanted items, for a reasonable price. Consignment shop’s are a bit different than thrift stores; as the owners of the items still get a profit after their item is sold in the store. Which makes this not only an opportunity to benefit customers, but also the greater community.

" I have something for everyone; it’s not just kid’s, it’s not just women. I have a combination the whole family can come here and shop. Our economy right now is the big issue; this store should be busy all day every day because of the pricing that is happening out in our world. I try to take the best, I do my pricing, so I know you can come in and afford it. And when you shop here know that I have tried my best to take the best.”

What makes Cool Kids a little different than other consignment shop’s; is their ability to cover any and every one of their customers needs. Offering a diverse selection to any customer that could walk through their doors at any given moment.

" I love when I see the mommies come in, and then I get to watch the baby grow up. Because I have maternity clothes, then they have the baby, and you get to watch the baby grow; I love that part. I also love the prom, homecoming. They come in, try the dresses on. I get to help, I love it.”

Growth is an important to part to any successful business and shop’s like Cool Kid’s aren’t any different. Therefore, as a customer you could possibly-- not only be investing in your own pocket’s, but also in the growth of a local business.

" I do plan on doing this as long as I possibly can; and I just hope I continue to grow and people keep coming. I do need people to come shop.”

For any more information on Cool Kids Consignment; be sure to visit their Facebook or Instagram page at Cool Kids Consignment.

Copyright 2024 WDTV. All rights reserved.

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Michael Moranelli's Saturday Evening Forecast | May 18, 2024

• Productivity Center

Plan Your Thrifting Trips This Summer With These 9 Tips

Angela Ruth

Sunday, May 19th, 2024

Thrifting is a fun, inexpensive, and eco-friendly way to expand your wardrobe and improve your personal style. It’s also a fun summer activity you can do with your friends. Planning your thrift trips ahead of time will help you make the most of them and find the unique pieces you’re looking for. Here are nine tips to help you have an amazing thrifting adventure this season.

1. Decide What You’re Looking For

The thrift store can be overwhelming, especially if you’re visiting for the first time. Planning ahead makes for a more fun and rewarding shopping experience. Start by going through your closet to determine what items you need. For example, you might need new dresses, pants, or accessories.

Once you’ve gone through your closet, make a list of items you want to focus on. The more specific you can be, the better. For example, instead of just looking for shoes in general, you might specify that you want vintage cowboy boots or strappy red sandals. If you’re still not sure exactly what to look for, social media platforms like Pinterest, TikTok, and YouTube are great places to gather inspiration.

2. Find The Right Time to Go

The next step is to schedule a time to go to the thrift store with your friends. You can use calendar apps like Calendar.com or Google Calendar to share your schedules and coordinate a thrifting day together. Try to avoid thrifting on days when you have other commitments. Thrift shopping can take time, and you won’t want to feel rushed.

If you can, try going to the thrift stores in the morning, as this is often when the stores have the best selection. It’s also often best to avoid going on busy weekend days, as you’ll compete with other shoppers for the most exciting pieces. Going on a weekday usually means you’ll have more space to shop.

3. Choose Your Stores

The next step is to choose which stores you want to visit. Do some in-depth research about the thrift and vintage stores in your area. Read reviews from other shoppers to learn what to expect. Consider what you’re looking for in a store — for example, are you looking for the lowest possible prices, or are you willing to pay a little more for stores with designer items? Consider the size selection available as well. Some stores are known for having more plus-size or petite items than others.

Once you’ve decided which stores you want to hit, plan a shopping route for the day. This will prevent any confusion or indecision among your group as you shop. Plan how you will get from store to store, whether that’s driving, taking public transit, or walking. If you’re driving, check ahead of time to make sure there are places to park. And make sure you have room in your car for all your thrifting finds!

4. Set a Budget

Thrifting your clothes is generally cheaper than buying them new. However, it’s still important to keep your finances in mind. Take a realistic look at what you can afford to spend on this thrift trip before you go to help prevent any unpleasant surprises.

Setting a budget ahead of time can help with decision-making while you’re at the thrift store. Consider the cost per wear of each item while shopping. Sometimes, it’s worthwhile to spend more on items you know you’ll wear frequently. Use your phone to keep track of how much you’ve spent throughout the day so you don’t go over budget.

5. Wear a Comfortable Outfit

Expect your thrifting days to be very active — after all, you’re sorting through huge amounts of clothing and other items. Wear a comfortable and weather-appropriate outfit that’s easy to get in and out of. Now’s probably not the time to wear your tightest pair of pants or a shirt with detailed ties and buttons.

Wearing a comfortable outfit will make it much easier to try clothes on. Keep in mind that many thrift stores don’t have dressing rooms. Consider wearing clothes you can try on over the top, such as leggings and a tank top.

6. Bring a Measuring Tape

Since not all thrift stores have dressing rooms, it can be tricky to determine whether an item will fit you. One way around this problem is to bring a flexible measuring tape with you to the store. This will help you take your measurements on the go to determine whether a piece will work for you.

Then, you can compare your measurements to the measurements of the clothes. Consider fabric when doing this, as some fabrics have more stretch than others. Bringing a measuring tape can help you avoid regret at the thrift store, particularly when purchasing jeans or other form-fitting items.

7. Take Breaks Throughout the Day

Since thrifting can be tiring, taking breaks throughout the day is very important. When planning your thrifting route, look for places where you and your friends can relax, recharge, and get some food. Make your food experience part of the trip and the fun. This is the perfect opportunity to check out nearby restaurants, coffee shops, and parks and enjoy connecting with your friends.

Be sure to wear supportive shoes to make a long day of thrifting more comfortable. You should also bring a water bottle and snacks to tide you over between breaks and keep your energy up. This will help you keep your stamina up for the entire day.

8. Be Discerning

There are so many amazing items at the thrift store, many of which are available at very affordable prices. This can make it tempting to buy everything that catches your eye. You’ll need to resist the temptation to do this, as it can lead to thrifting regret.

You’ll need to be very discerning to find the best items for your closet. Consider factors like fit, material, and style. Well-constructed items made from durable materials are your best bet since they tend to last longer. Additionally, consider how the item will fit into your wardrobe in the long term. Can you style it in multiple ways for different occasions? Is it a trendy piece that will fall out of style quickly, or will it last for years? These questions can help you decide if a piece is right for you.

9. Clean Your Items

Be sure to leave some time at the end of the day to clean the items you purchased. This way, you can start wearing them right away! Although most thrift stores do wash their clothes, chances are that many people will have touched them before they get to you.

Read the tag on each item before you wash it to avoid damaging the clothes. Items made from delicate materials may need to be hand-washed. Wipe down accessories like shoes, jewelry, and bags. Although these items can’t usually be washed in a machine, this will help disinfect them. If you’re unsure how to clean an item, take it to your local dry cleaner for assistance.

Final Thoughts

If you’ve never tried thrifting, this summer is the perfect time to go. Planning your thrift trips ahead of time will help you make the most of each shopping day and leave you feeling satisfied. Thrifting can be a fun part of developing your own personal style and finding unique pieces that no one else has.

Featured Image Credit: Cottonbro Studios; Pexels

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Tidewell Treasures

Hours updated 3 months ago

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5441 Palmer Crossing Cir

Sarasota, FL 34238

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Recommended Reviews

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• 2 star rating Could’ve been better
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Overall rating

Checked out this store since I was at nearby Rendez-vous French Bakery. Today everything in the store was 50 percent off. They have a calendar in the front that shows their discounts for the day. The store was very clean. It doesn't smell dusty. In the front they have clothes for women, then men, they also have housewares, electronics, & furniture. It's very organized. I would definitely come back and spend more time here. Everyone was very nice and the prices seemed good especially with 50 percent off. Another faux flower arrangement I saw would have been $5 today and I definitely wanted to take it home.

Beautiful store - clean, great displays, prices clearly marked, friendly staff and nice merchandise selection, and HUGE!. Felt more like a retail store - one of the nicest thrifts I've had the pleasure of shopping at.

Clean and organized

Very large and clean store with a decent variety of items. Most items are priced appropriately and a few are a bit high but for the cause, some may be worth the premium. Check their deal calendar online to plan for a discount day if you're unwilling. Nice staff, great book selection!

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