It’s never too late to start pricing right, but far better to price right from the start

The NextGen Pricing System suggests the best price for an item, specifically, the price at which an item can be expected to sell within 75 days.  Initially, NextGen obtained these data from a limited number of stores around the country.  But in the 2 yrs since, the data base has grown to include stores in most  states and provinces in North America, most of which had been in operation for...

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Children’s Resale – Taking Risk?

Children’s resale is one of those businesses that attracts dreamers into thinking that resale is risk free because “how hard can it be?”  Such dreamers want to be independent and in control and pride themselves into believing that they can do it alone.  They fool themselves into thinking that because recycling children’s goods makes so much sense all they have to do is open the door and...

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How to Open a Children’s Resale Store in 2015

I read on January 15, 2015 that big box retailer Target announced it would close all of its operations in Canada; totaling one hundred and thirty three stores. I was quite surprised to learn that some of the issues that led to the closings were operational. How could this be? Isn’t Target a well-oiled, well run retail machine? The shelves were frequently empty because “Target grappled...

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Children’s Resale – Questions?

Should I be open in the evening? What about holidays, should I close early or be open at all? Should I close for a family vacation? Should I be open on Sunday? Should I do print advertising? What about direct marketing, is it worth it? Resale owners are not naturally equipped with answers on how to establish such policies for their retail/resale stores. In today’s Internet environment, I have...

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Children’s Resale – Want to Sell?

Recently I worked with a client who was preparing to sell her very lucrative children’s resale business. I recommended that she prepare her documents by referring to NextGen’s “what to pay” cash flow guideline to help guide “how to price” the sale of her store. The “fair” price (be that purchase price or for sale price) is pegged to the net cash flow. What the owner is able...

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Children’s Resale – Franchise or Not?

NextGen says some business models lend themselves nicely to the franchise model, not so for children’s resale. A franchise will get you started, hold your hand and then dictate for the term of your franchise agreement contract what you can and can not do in your store, no matter what your market will bear or requires. If it’s not in your contract you can’t do it. Most of the nationally...

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Children’s Resale – Quantity or Quality?

NextGen says “both!” The first rule of thumb in establishing a children’s resale store is to research the strength of the location to learn if you will be able to “mine” enough quality resale inventory for a viable business.  The second rule is a great location must be paired with substantial cash flow to operate and populate the store with abundant used inventory year in and year...

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Children’s Resale – Where’s Your Help?

NextGen knows having reliable, hard working and trainable employees can make or break a business, which is why our Knowledge Base devotes an entire section to the topic of employees.  New owners, who choose to not use a business system and/or are not financially prepared for a new business, often approach the issue of hiring and training employees in a quick and hurried way, just to get it over...

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Children’s Resale: Part 9: How to Open A Children’s Resale Shop –Year One Stay The Course

Opening a resale business starts with planning the plan.  The first step is to secure a business system tailored for the children’s resale industry to guide your important decisions.  An all inclusive business system will guide site selection decisions, and is valuable the moment you begin the process, because planning in earnest starts long before you zero in on your location and sign the...

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Children’s Resale – Here’s the Scoop!

Today I thought it might be a value to post the Preface to NextGen Resale Systems Knowledge Base.  The Knowledge Base provides a business system/guidance for independently owned resale stores from start-up thorough Grand Opening Day and beyond. When clients ask, “what does it do?”  I always respond with “here’s the scoop on what you will find in the Knowledge Base.” Preface The...

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