One of the most difficult retail stores to start up is an antique store. Unfortunately, you can’t just open up a distributor catalog to order merchandise. You have to search items out. At the same time, the unique items in your store’s inventory are also what make every antique store distinctive. According to the Princeton Review, the average part-time antiques dealer makes anywhere from $18,500 to $49,000 a year. Not bad for a part-time gig. And full time dealers can earn six figures once they are established. So how do you grab a piece of this lucrative industry?

Successful antique store owners are today’s version of treasure hunters. They seek out valuable items from our past and make them available to the general public. They value craftsmanship and detail. Owners of these types of stores aren’t people that go down to the big box store to buy furniture out of necessity. They purchase things as an aesthetic addition to the design of a room, not because they need a coffee table to set their drink cup.

Last week, our spotlight store owner Maura Lawlor mentioned that you shouldn’t buy something just because you like it. This is valuable advice for antique store owners. This industry is dependent on buying items that will appeal to a niche audience. So you want to make sure you diversify your antiques to appeal to the most antique hunters possible.

So how do you get started? Most people recommend trying your hand at the antique business online before opening a brick and mortar store. Sell items in your attic, from your friends and family and antiques that you find at local flea markets. Try sites like eBay and Craigslist to get the ball rolling.

The next natural step is to rent a booth at an antique mall or flea market. This approach allows you to accumulate more merchandise without giving up substantial space in your home. Antique malls tend to take a percentage of your profits, but you don’t always have to be at the actual location all the time, allowing you to keep your day job while accumulating capital.

Then it is time to take the big step, opening a brick and mortar location. When selecting a location, keep a couple of things in mind. First, your target clientele is important. Most antique hunters are looking for nostalgic items. As a result, the audience tends to be skewed toward the older generations. Accordingly, a store in the heart of a trendy neighborhood may be appealing, but your target audience most likely does not live in the area.

Look to other antique stores. People tend to make a day out of “antiquing” so choosing a location near other antique stores will actually increase your traffic because people will stop in after they go to their usual antique store.

Once you have a store, network with other store owners and buyers to determine the “hot” items to carry. Then with a little faith and a lot of luck, your store could very well be on its way to success.

Any antique aficionados out there? What is your advice to the budding antique store owner?