Can we break even in the Antique Bussniess......??????????

[Undergroundantiques]

My husband and I have been collecting for years and have always wanted to finds a way to sell.  Well the opportunity presented itself last March when a new  antique coop opened in our neighborhood. We made the owner aware we wanted to keep our cost under 100.00 a month. All was well and we were doing a fair amt of business then due to deteriorating building conditons, the owner didn't want to put money in the leaking roof we were told in Sept that the lease would not be renewed and we could move into another space at a different location and would pay the same rent for one year, and then go up to normal rate.

Since it was a longer drive we were hesitent to but agreed to try it out........ well today I find out 9 days before the next month rent is due that we have to now pay the 200.00.  I blame myself for not getting it in writing. It was a stressful time at the old location and I took the owner at her word. Mistake number one.

We are doing better at the new location, but I am upset that I am being made to pay more when I know what I was told during our conversation when we were given options to move.

Since I am a newbee at this, I sure would love any advice to you seasoned Antique owners ...............can we really make money in the Antique business.  I do search out deals and research on several sites what's as to how to price my merchadise. Is it also common place to pay a 10% fee on top of rent, or am I really getting the soak job? 

I love the hunt and its not work for me, butafter today,  I feel like all my hard work is going right down the drain. I may as well stand outside my house and give stuff away..........Thanks

Katwel

 

[Shirley Grundman]

Dear Underground antiques,  I agree that wasn't right the shop owner not telling you the truth about uping your rent to $200.  I want to comment on your question wondering if you can make money selling your treasures.  I love to collect, I love the hunt.  I opened a 8 ft. by 16 ft. booth up in one of our big local antique malls, in Oct. of 2010.  The space cost me $280. a month and we don't have to pay a percentage when we sell any of our items.  So far my rent has come right out of my monthly sales.  I get a little bit more, but I'm not getting rich.  I'm treating it as a hobby, since I already have a 40 hr. week job.  Having the booth lets me buy vintage items I like.  I keep a few items for myself and put some up for sale  in my booth.  I am able to meet and become friends with collectors just like me.  Hanging out at the antique mall is so much fun.  So what I'm saying is, if you enjoy the treasure hunt, and enjoy putting your items up for sale, then that is what should count.  Be a happy collector!  Another way to  look at the cost of selling is everybody has to pay rent on a shop weather it comes from your sales or your pocket.  Just imagine what a hair stylist has to pay to rent a space in a beauty shop!  We are so lucky to have our rent come from out treasures.  Happy Collecting to you.  

[Undergroundantiques]

Thanks for your comment........ your so right. I do love the hunt, and this has also allowed me to get rid of things I am board with and buy new..........it just seems like its been a rocky start........I was also wondering, did you manage to make out on your taxes, and having some expenses to write off....... I ask for some advice of my tax acct last year when I knew was getting into this, but he wasn't a lot of help, just said you have to show a profit sometimes or you can't write off all this stuff for years and years..........so I am still clueless.......

[Shirley Grundman]

Oh, that's so great you are enjoying the hunt and the selling.  I did get a good tax return last year.  I had just started my booth in Oct. and had bought some show cabinets.  This year again I have had to buy allot of shelves to display my items on.  If I heard right they give you two years of loss on a new business.  Which makes since.  There is things to buy when you are just starting a booth.  I'm all new to this tax stuff too, but my tax lady is very helpful.  She says it is very important to write down everything you buy for you booth.  Like pens, tape, gas miles going to your yard sales, just everything.  Hey, check out my "I antique on line" site.  I have some of my booth photos on there along with a few of my collections in my home.   You know as treasure hunters and collectors we are saving our history.  It's such a good feeling that I can rescue a poor old dirty vase, clean it up, identify it and sell it to a collector who will treasure it.   Just the other day I bought a old coal box for $5.  I'm replacing the legs now and someday someone will buy this old coal box and give it the love it deserves.