If the past’s more fun than the present – antiques dealing’s for you!
If you’re fascinated by the art and artefacts of past generations and can’t afford to collect the best of the rest, there’s a way to own the treasures you crave – if only for a short time! Dealing in antiques must surely be the world’s second oldest profession, given the human race’s predilection for owning a reminder of its heritage. The Roman were into collecting in a major way – usually focusing on Greek statues of the gods they’d borrowed and converted into their own – with modern collectors worldwide at all financial levels rushing to get their hands on a slice of their past.
This interesting career is not for the faint-hearted or those allergic to the 24/7 work ethic, but it’s one of the most satisfactory SME opportunities for unconventional entrepreneurs. The only snag is the necessary start-up capital to present a display at your very first antiques fair or in your newly-rented shop in an established antiques market. A six-month inauguration trip around stores, markets and fairs should result in enough basic knowledge to begin to buy for resale, with spotting a gap in the market the best way to begin. Another way is online, a modern marvel for dealers, with websites such as Ebay and Trocadero providing all the sales tools you need, excepting a digital camera and a bank balance.
Antiques dealers come in all shapes, sizes, sexes, ages and specialities, with no formal qualifications necessary – just a passion for their chosen stock. After all, if you don’t love it, how can you expect anyone to buy it? Strong verbal communications skills are essential, plus the ability to thoroughly research your items and their history. ‘Antiques’ are not always as they seem… Starting out part-time while keeping your day job is sensible, as you can plough your net profits into more and higher quality stock. When you’re ready to go it alone, price your items to give yourself enough profit to live from but don’t get greedy – the guy around the corner with similar artefacts at lower prices will win out every time!
Skills required include honesty, commitment, the ability to cope with governmental and legal requirements such as bookkeeping and sales tax returns, computer competence and an instinct for your chosen stock speciality. A friendly bank manager and an understanding of the term ‘workaholic’ are also important. You’ll need a reliable vehicle with storage capacity, as you’ll spend a great deal of time ‘on the road’ searching for stock at auctions, antiques shows, markets and useful dealerships. Price knowledge of your chosen field is essential in chasing bargains, and comes, gradually, with experience.
As with most SMEs, your salary is up to you, but it’s mandatory to keep your stock money separate from the general pot and to increase your stock value on a regular basis from your net profits. Many dealers fall by the financial wayside in spite of good profit margins by ignoring this rule. Onwards and upwards is the name of this game unless you start with a heavy investment – not a good idea unless you’ve the knowledge to back it up.
