Rick Harrison has made a lot of news lately. As a cast member of Pawn Stars, one of the hottest reality shows on cable TV with more than 3 million viewers, Rick knows a thing or two about small business because although his success might equal that of a business much larger than the small business category, the small business atmosphere of his pawn shop still gives it the feel of a family owned business although it now has international attention.
Harrison has had the ability to sell people’s unwanted stuff since he was a child and that entrepreneurial spirit has pushed him to find new ways to stand out. There seem to be pawn shops on every street corner of every community so when you’re doing business or starting business in a saturated field, you have to stand out. In Harrison’s case, he became an expert in items that pawn shops don’t normally see. This caused other pawn shops to send customers to him when they didn’t know what an item was or how much it was worth.
He also looked for opportunities where other people found frustration. In an interview he told a story of going online to find specialized tires for his ATV and couldn’t find them. When he found a manufacturer that could make them, he ordered 20,000 of them and had no trouble reselling them. He realized that if he was frustrated, others must be as well and that’s a money making opportunity. For somebody wanting to start an import business, a few items like this could be the cornerstone of a highly profitable business start-up.
Treat People Right
There isn’t much that business experts agree on but this may be one of them. Everything is built on a relationship. Pricing, payment terms, contracts, and return business are built on a relationship. People will gladly pay more to be treated with respect and dignity and if you don’t offer that, nothing else in your business is attractive. You’ll have short term success at best. Rick Harrison knows that and he says “If you’re nice to people and take a minute to talk with them, it’s good for business whether or not they buy anything. Just because they don’t look like they have money doesn’t mean they’re poor.”
Call on the Experts
Guessing may be a big money mistake. Those who watch his show know that Harrison rarely guesses and when he does, he often pays for it, literally. When he doesn’t know what it is or how much it’s worth, he finds and expert that does. Every business owner knows that they can’t know everything about every aspect of their business. When you need to call in an expert, do it. If you’re a corporation and don’t know all the rules that go with that classification, have a business registration expert on your short list of experts to call when needed. Paying a small amount will save you a large amount later.
Rick Harrison isn’t just a TV personality, he’s also a successful business man. Who is a success story where you live? Get to know them and see what advice they can give to you.