Q&A for How to Start a Thrift Store

Although this can be a worthwhile business, remember that owning a business is, unfortunately, a full time commitment. If that's where your heart is, it might be worth it. If you're not willing to commit to it, or trust someone to take the business in the direction that you want it to be, I would highly say don't do it.

There's too much to list in a few sentences. You can go to your city hall for licensing and insurance requirements. You may also want to take a few business courses.

A non-profit generally doesn’t have to make large profits to remain open. Their main goal is to raise money for the organization they are attached to or support charity or a public interest. A for-profit usually has the goal in mind of making a profit and expanding.

You'll need a general liability business insurance and possibly E and O insurance. If you have vehicles used for the business, you'll also need a commercial auto policy.

Advertise through flyers, business cards, online through social media, and by word of mouth through friends, family and associates.

Solicit donations, buy from yard sales, visit trade shows, and look for deals on eBay.

A 501(c)(3) means that your particular nonprofit organization has been approved by the Internal Revenue Service as a tax-exempt, charitable organization. If your thrift store has been approved for tax exempt status, then you qualify, but you have to apply to the IRS to get it.

Quickbooks is amazing for small to large business models and almost runs itself once you set it up for your particular needs.

You'll need at least $50,000 for the first year if you take into account rental space, overhead costs and the costs of inventory and employees.

You can take grant writing courses online or at your local college.

You get paid by hiring yourself as an employee, and you pay yourself a wage or hourly wage, and you do payroll just like any employer. You need a Business License, and a 501 C3, you will need Insurance for the property you rent for Commercial Insurance, so you don't get sued and lose everything. The main thing is to find a person who will rent to you, and you have to show you have money to cover the store if you don't make a profit, so they will rent to you, the rest is just gravy. Finding the landlord is the hardest, and the location. Must have foot traffic, and near a bus line, be easy to see, and catch attention to cars driving by, you need probably 1500 sq. feet or more.

This depends on what kind of non profit you are, if you are helping, say women with children, you can give away a portion of your inventory to help them, or if you are to help the homeless, you can have like sleeping bags, socks, and tents set aside for them, they can pay half price, or sometimes free, depending on circumstances. If someone comes in and needs money and they fit into your mission statement, then you can give them money depending on the circumstance, but verify the need, like if they need to get stuff out of storage to be able to move out of a shelter, or if they need security deposit, and you have the extra money to help. You could also have a donation jar on the counter.

Yes, if you live in a B2 commercial zone. B2 is retail. Consider how much of your home will be used for the shop. Only the portion of the house holding retail items and possibly an office is considered your store. Taxes will also rise.

Most stores start with $100 in the register most of it consists of ones and fives and then rolls of coins.

You could donate these items to homeless or domestic violence shelters, or other charitable organizations. You can often get tax a write-off for these items if you donate them.

Perhaps you could run it through a washing machine with an antibacterial washing detergent. Make sure the customers know they should always wash before wearing for the first time.