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How to Start a Thrift Store
Written by: Carolyn Young
Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Published on December 31, 2021 Updated on November 26, 2023
$2,550 - $35,100
$156,000 - $780,000 p.a.
Time to build
1 – 3 months
$125,000 - $234,000 p.a.
Thrift stores can be full of treasures that someone else didn’t want, from clothing to trinkets to furniture. The US thrift store industry is valued at over $10 billion and growing. Whether you decide to specialize in vintage clothing, furniture, or a variety of items, you can make a profit by opening your own thrift store.
You could also follow the path of a business like Goodwill and have a social mission with your thrift store. Goodwill’s mission is to divert items that would be discarded away from landfills to offer them at affordable prices to customers, while actively helping job seekers find employment in their stores.
Launching and running a thrift store will have challenges and will require work and time to get started. This step-by-step guide has all the relevant information and insight that you need to move forward and begin your entrepreneurial journey.
Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.
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Step 1: Decide if the Business Is Right for You
Pros and cons.
Every business, including a thrift store business, has pros and cons that you should consider before deciding if it’s the right path for you.
- Community Service – Save items from landfills and provide them at affordable prices
- Online Opportunity – You can start your thrift store as an online business
- Growing Market – Re-sale items are in high demand
- High Startup Costs – Costs to open a physical location are high
- Time-Consuming – You’ll have to find merchandise as well as sell it
Thrift store industry trends
Younger consumers are driving the growth of the market. Over 40% of resale apparel shoppers are Gen Zers and millennials.(( https://www.thredup.com/resale/#whos-thrifting-and-why ))
Companies like Poshmark and ThredUp are booming, buying and reselling high-end fashion items . This presents a tremendous opportunity for a go-getter entrepreneur to start an online thrift marketplace without the startup costs and overhead expenses of a physical store.
Industry size and growth
- Industry size and past growth – Market analyst IBISWorld values the US thrift store industry at nearly $11 billion, after an average annual growth of 1% in the past five years.(( https://www.ibisworld.com/industry-statistics/market-size/thrift-stores-united-states/ ))
- Growth forecast – The $35 billion resale industry is expected to grow more than double in the next 5 years to reach $82 billion, according to a report by ThredUp, a resale company.(( https://www.thredup.com/resale/#size-and-impact ))
- Number of businesses – More than 26,000 thrift stores are operating in the US.(( https://www.ibisworld.com/industry-statistics/number-of-businesses/thrift-stores-united-states/ ))
- Number of people employed – Thrift stores in the US employ around 140,000 people.(( https://www.ibisworld.com/industry-statistics/employment/thrift-stores-united-states/ ))
Trends and challenges
Trends shaping thrift stores are:
- Online thrifting, resale, and vintage shopping are becoming popular
- Employment of content creators and use of social media in promoting thrift stores
- Growing awareness of environment-friendly and sustainable fashion products
Challenges faced by thrift stores include:
- Overcoming the negative stigma associated with secondhand or recycled clothing
- Highly competitive landscape
What kind of people work in thrift stores?
- Gender – 72% of storekeepers in the US are male, while 28% are female.(( https://www.zippia.com/storekeeper-jobs/demographics/#gender-statistics ))
- Average level of education – 33% of storekeepers hold a bachelor’s degree and 31% have a high school diploma.(( https://www.zippia.com/storekeeper-jobs/demographics/#degree-level-types ))
- Average age – The average age of a storekeeper is 39 years old.(( https://www.zippia.com/storekeeper-jobs/demographics/#age-statistics ))
How much does it cost to start a thrift store business?
Startup costs for a thrift store range from $2,500 to $35,000. The low end represents opening an online store with the largest costs being inventory and a website setup. The high end reflects the cost of opening a physical store.
You’ll need a handful of items to successfully launch your thrift store business. Here’s a list to get you started:
- Shelving and counters
- Storage containers for items
How much can you earn from a thrift store business?
Typically, the markup on resale items is between 5 and 8 times the purchase price, but it can vary greatly. Use our markup calculator to calculate your sale price and how much revenue and profit you will earn with different markup percentages. If you start an online store from home, you can expect a profit margin of about 80%.
In your first year or two, you could work from home and sell 200 items a week at $15 average per item, bringing in $156,000 in annual revenue. This would mean around $125,000 in profit, assuming that 80% margin. As your brand gains recognition, sales could climb to 1,000 items per week. At this stage, you might rent an office and hire staff, reducing your profit margin to around 30%. With expected annual revenue of $780,000, you would make about $234,000.
What barriers to entry are there?
There are a few barriers to entry for a thrift store. Your biggest challenges will be:
- You’ll have to find inventory to start with which will take some legwork
- Competition, particularly online, is high
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Step 2: hone your idea.
Now that you know what’s involved in starting a thrift store, it’s a good idea to hone your concept in preparation to enter a competitive market.
Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.
Why? Identify an opportunity
Research other thrift stores to examine their products, price points, customer reviews, and what sells best. You’re looking for a market gap to fill. For instance, maybe the market is missing an online home goods thrift store.
You might consider targeting a niche market by specializing in a certain aspect of your industry such as glassware.
This could jumpstart your word-of-mouth marketing and attract clients right away.
What? Determine your products
You can decide to specialize in a certain type of product such as clothing , or you could offer a variety. If you decide to purchase items at garage sales to re-sell, you could find any number of things from clothing to glassware and home goods.
Source products for your thrift store
The key to success in a thrift store is not just about having a wide range of items, but also about having interesting, unique, or high-demand items that attract a variety of customers. Here’s how to source them:
- Community Donations : Encourage local residents to donate items they no longer need.
- Estate Sales and Garage Sales : These are great places to find unique and valuable items at a low cost.
- Auctions and Liquidation Sales : Check out local auctions, including online platforms.
- Collaborations with Local Businesses : Partner with local businesses looking to offload old stock or unwanted items.
- Online Marketplaces : Platforms like eBay, Craigslist, or Facebook Marketplace are excellent for finding items.
- Flea Markets : Flea markets can be treasure troves for unique thrift items.
- Storage Unit Sales : Sometimes storage units are auctioned off. These can contain a wide variety of items, often at a very low cost.
- Consignment and Buy-Outright : Consider setting up a consignment system where people can leave their items for you to sell, or offer to buy items outright from individuals.
- Wholesale Purchases : Look into wholesalers who specialize in used or surplus goods. While this might require a larger initial investment, it can be a reliable source of inventory.
How much should you charge for thrift store items?
Your prices are going to vary based on what you buy items for and how much people are willing to pay for items. Keep in mind that your customers are going to be looking for items that are significantly less than they would pay for new items.
Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.
Who? Identify your target market
Your target market will depend on the type of products you decide to offer. If you specialize in trendy or vintage clothing, your target market will likely be younger, so you can find them on sites like Instagram or TikTok.
Where? Choose your thrift store location
If you have an online store, in the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office.
Look for a spot with high visibility and easy accessibility for both foot and vehicle traffic, preferably in a commercial area or close to other complementary businesses. You can find commercial space to rent in your area on Craigslist , Crexi , and Commercial Cafe .
When choosing a commercial space, you may want to follow these rules of thumb:
- Central location accessible via public transport
- Ventilated and spacious, with good natural light
- Flexible lease that can be extended as your business grows
- Ready-to-use space with no major renovations or repairs needed
Step 3: Brainstorm a Thrift Store Name
Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.
Here are some ideas for brainstorming your business name:
- Short, unique, and catchy names tend to stand out
- Names that are easy to say and spell tend to do better
- The name should be relevant to your product or service offerings
- Ask around — family, friends, colleagues, social media — for suggestions
- Including keywords, such as “thrift” or “thrift store”, boosts SEO
- Choose a name that allows for expansion: “Affordable Finds Thrift” over “Furniture Finds Thrift”
- Avoid location-based names that might hinder future expansion
- Use online tools like the Step by Step business name generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.
Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.
Find a Domain
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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.
Step 4: Create a Thrift Store Business Plan
Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:
- Executive Summary: Provide a brief overview of your thrift store business, emphasizing its focus on selling affordable, quality second-hand goods and its unique position in the retail market.
- Business Overview: Describe your thrift store’s operation, which includes sourcing and selling a variety of used items such as clothing, furniture, and household goods.
- Product and Services: Detail the range of products offered, including second-hand apparel, home décor, books, and potentially upcycled items.
- Market Analysis: Assess the demand for thrift and second-hand goods, identifying key customer segments like budget-conscious shoppers, vintage enthusiasts, or eco-friendly consumers.
- Competitive Analysis: Compare your store to other local thrift shops and second-hand stores, highlighting your advantages in product variety, pricing, or store location.
- Sales and Marketing: Outline your strategy for attracting customers, such as through community engagement, social media marketing, or loyalty programs.
- Management Team: Highlight the experience and roles of your team, focusing on retail management, merchandising, and sustainable business practices.
- Operations Plan: Describe the day-to-day operations, including inventory sourcing, store layout, and customer service procedures.
- Financial Plan: Provide an overview of financial aspects, including startup costs, pricing strategy, and revenue projections.
- Appendix: Include supplementary documents like supplier agreements, market research data, or community partnership details to support your business plan.
If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.
Step 5: Register Your Business
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!
Choose where to register your company
Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to thrift stores.
If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.
Choose your business structure
Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your thrift store will shape your taxes, personal liability, and business registration requirements, so choose wisely.
Here are the main options:
- Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
- Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
- Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
- C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends which is sometimes referred to as double taxation.
- S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
- Benefit Corporation – A B-Corporation is a business of any entity type that has a social mission but can still make a profit. By passing rigorous standards and “meeting the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose” they can get a B-Corp certification from B Lab, a non-profit organization. Not all states recognize the B-Corp status. The B-Corp is taxed based on what type of entity it is. For example, a corporation that has B-Corp certification is taxed as a regular corporation.
- Non-Profit Corporation – A corporation that does not generate profits and works toward a social mission. The owners are not personally liable for debts. Funding comes from donations or fund-raising activities.
We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.
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Step 6: Register for Taxes
The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.
Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.
The IRS website also offers a tax-payers checklist , and taxes can be filed online.
It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.
Step 7: Fund your Business
Securing financing is your next step and there are plenty of ways to raise capital:
- Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
- SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
- Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
- Friends and Family : Friends and family can help fund your company either for a stake in the company or as a loan. It’s a good idea to have legal advice when doing so because SEC regulations apply.
- Crowdfunding : Websites like Kickstarter offer an increasingly popular low-risk option, in which donors fund an entrepreneur’s vision. Other crowdfunding sites like Fundable and WeFunder allow you to invite multiple investors to fund your business for a stake in the company
- Personal : Self-fund your business via your savings, or the sale of property or other assets.
Bank and SBA loans are probably the best options, other than friends and family, for funding a thrift store. You might also try crowdfunding if you have an innovative concept.
Step 8: Apply for Thrift Store Business Licenses and Permits
Starting a thrift store business requires obtaining a number of licenses and permits from local, state, and federal governments.
Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.
You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.
You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.
This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.
If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.
Step 9: Open a Business Bank Account
Before you start making money you’ll need a place to keep it, and that requires opening a bank account . Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your thrift store business as a sole proprietorship.
Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.
Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.
Step 10: Get Business Insurance
Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.
Here are some types of insurance to consider:
- General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
- Business Property: Provides coverage for your equipment and supplies.
- Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
- Worker’s compensation: Provides compensation to employees injured on the job.
- Property: Covers your physical space, whether it is a cart, storefront, or office.
- Commercial auto: Protection for your company-owned vehicle.
- Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
- Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.
Step 11: Prepare to Launch
As opening day nears, prepare for launch by reviewing and improving some key elements of your business.
Essential software and tools
Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.
You can use industry-specific software, such as ConsignPro , AccuPOS , or MicroBiz , to manage inventory and sales.
- Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero .
- If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.
Develop your website
Developing a website for your thrift store is a critical step in establishing your online presence and reaching a broader audience. Utilizing website builders like Shopify, Wix, or Squarespace is a convenient and cost-effective way to create a professional-looking site without needing extensive coding knowledge. These platforms offer customizable templates, which you can tailor to reflect your store’s unique personality and brand.
It’s important to optimize your website for both user experience and search engines (SEO), ensuring it loads quickly, is easy to navigate, and is mobile-friendly. Incorporating clear calls to action (CTAs) is essential; these could be prompts for visitors to sign up for newsletters, follow your social media, or check out your latest collection.
Opening a thrift store presents unique marketing opportunities to connect with your community and stand out. Here are some effective strategies:
- Social Media Engagement : Use platforms like Instagram, Facebook, and TikTok to showcase unique finds, store events, and promotions. Regular posts and engaging content can build a loyal following.
- Local SEO Optimization : Ensure your website and online content are optimized for local search engine results. This includes using local keywords, having a Google My Business listing, and ensuring your store’s name, address, and phone number (NAP) are consistent across the web.
- Community Involvement : Participate in local events, sponsor community activities, or collaborate with local artists and creators. This builds your brand’s presence and reputation within the community.
- Email Marketing : Collect email addresses at the point of sale or through your website. Send out newsletters with special deals, store updates, and featured items to keep your store top of mind.
- Customer Loyalty Programs : Implement a loyalty program to encourage repeat business. This could be a points system, discounts on future purchases, or special sales for returning customers.
- Local Directories and Online Listings : Get your thrift store listed in local business directories and online platforms like Yelp, TripAdvisor, or local chamber of commerce websites to increase visibility.
- Targeted Local Advertising : Consider using local advertising in community newspapers, radio, or local online forums and groups. Tailor your ads to the local audience to maximize impact.
- In-Store Events and Promotions : Host special events like vintage fashion shows, DIY upcycling workshops, or themed sale days to draw in customers and create a buzz.
- Collaborate with Influencers and Bloggers : Partner with local influencers or bloggers who align with your brand to reach a broader audience.
- Visual Merchandising : Make your store visually appealing and regularly change displays to keep the shopping experience fresh and engaging.
Focus on USPs
Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your thrift store meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.
Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your thrift store business could be:
- Thrifty home goods that fit your budget
- Sustainable clothing that sustains your wallet
- Re-sale jewelry at rock bottom prices
You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a thrift store, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in the resale market for years and can offer invaluable insight and industry connections.
The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in thrift stores. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.
Step 12: Build Your Team
If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a thrift store business would include:
- Sorters – sort and price items
- Store clerks – make sales if you have a physical store
- Marketing lead – SEO strategies, social media, other marketing
- Buyers – find items for re-sale
At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.
Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.
Step 13: Run a Thrift Store – Start Making Money!
Thrift stores are great for the community and the planet, and your own store can be good for your bank account. It’s a nearly $11 billion industry and growing, so why not make money while doing a service for others? It’s fairly easy to start an online store, and you can do it for very little money. You can also start from home.
You could grow your business to include physical locations later. Now that you’ve read all about it and have all the information you need, you’re now ready to start your entrepreneurial journey and open your own thrift store!
- Thrift Store Business FAQs
Yes, you can make money from a thrift store. While some operate as nonprofits and take donations, others are for profit. With an online thrift store, you can earn a high profit margin, as much as 80%.
Many re-sale stores extend offers to buy people’s used items and then re-sell them for a profit. You can also go to garage sales or estate sales to find quality items to re-sell.
Utilize social media platforms to showcase unique and desirable items, share styling tips, and engage with your audience. Offer special discounts or promotions for loyal customers or new visitors. Collaborate with local influencers, bloggers, or community organizations to generate buzz and attract new customers.
To ensure cleanliness and quality of items in your thrift store, establish strict quality control procedures. Implement a thorough inspection process for all items before they are placed on the sales floor. Regularly clean and organize the store to provide a pleasant shopping experience.
The profitability of a thrift store can vary depending on factors such as location, pricing strategy, quality of items, and target market. With careful selection of items, effective marketing, and efficient operations, thrift stores can generate a profitable income.
Thrifting is popular worldwide, but certain regions, cities, or neighborhoods may have a stronger thrift store culture. Thrifting is often popular in urban areas with a diverse population, strong community involvement, and a sustainability-focused mindset.
Curate a unique and diverse selection of items, focusing on high-quality and sought-after brands. Regularly update your inventory to provide a fresh and exciting shopping experience. Offer competitive pricing by carefully pricing items based on their quality, brand, or demand. Implement sales or discount programs for specific items or designated shopping periods.
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- Decide if the Business Is Right for You
- Hone Your Idea
- Brainstorm a Thrift Store Name
- Create a Thrift Store Business Plan
- Register Your Business
- Register for Taxes
- Fund your Business
- Apply for Thrift Store Business Licenses and Permits
- Open a Business Bank Account
- Get Business Insurance
- Prepare to Launch
- Build Your Team
- Run a Thrift Store - Start Making Money!
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Thrift Store Business Plan Template
Thrift store business plan.
You’ve come to the right place to create your Thrift Store business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Thrift Stores.
Below is a template to help you create each section of your Thrift Store business plan.
Thrifty Treasures is a startup thrift store company located in Buford, Georgia. The company was founded by Georgia Mae Dutton, a thrift store maven with over forty years experience as both a shopper and customer advisor inside thrift stores. After many years of observing the best model for a thrift store; including customer assistance, operations, pricing, stocking inventory, and other practical knowledge, Georgia Mae decided to open her own thrift store to put all those pieces of practical knowledge to work.
Thrifty Treasures will focus on select areas of the best-selling categories for thrift stores: apparel, accessories, furniture, seasonal items, toys, household goods, kitchen items, and heritage favorites (crystal, silver, linen, cutwork, etc). Her plan is to provide everything needed to build the interior of a home while doing so on a dime. Thrifty Treasures will become the one-stop shop for gently-used items and apparel to suit every buyer, from the youngest shopper to the seniors.
The following are the products and services that Thrifty Treasures will provide:
- Gently-used apparel, accessories, furniture, seasonal items, toys, household goods, kitchen items, and heritage favorites
- Rotating inventory items every 30 days
- Clean bicycles and riding toys in good working order
- Respectful and courteous service for every customer
- Leadership training for staff members
- Generous 30-day return policy
Thrifty Treasures will focus on the residents of Buford, Georgia and those within the surrounding region. They will target owners of gently-used items who want to donate items to be used for families within the community. They will target community organizations who will benefit from acquiring items from Thrifty Treasures for offices, meeting areas, and community kitchens. They will target local store owners who want to give away or sell for greatly reduced prices certain inventory items they hold.
Thrifty Treasures will be owned and operated by Georgia Mae Dutton. She has recruited her former shopping assistant, Beula Simpson, to be the office manager and part-time salesperson. Georgia Mae has also recruited the maintenance worker from her church, Johnny Clarkson, to assist in cleaning and maintaining order in the store on a part-time basis.
Georgia Mae Dutton has been a thrift shopper for over forty years, beginning when she was eleven years old. She has observed and witnessed over the years the patterns, inventory, and customer service processes that work best, along with those that don’t. She is a graduate of Buford Community College, where she earned a business certificate.
Beula Simpson has been a shopping assistant for ten years for Georgia Mae, helping in the selection of items and disbursal of those items to friends and family members in need. She has been trained by Georgia Mae to select the best inventory items and to offer these items at reasonable prices.
Johnny Clarkson is a part-time maintenance worker at a local church that sits on a multi-acre property. He oversees one helper, who assists with cleaning, organizing, and maintaining the interior rooms of the church, as well as the outer grounds and landscaping of the areas around the church. Johnny has been employed at this job for over five years and has built an excellent reputation as a person “you can trust.”
Thrifty Treasures will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly-qualified team at Thrifty Treasures
- A wide array of products that will appeal to all buyers, from household items to heritage favorites. There will be something for everyone to appreciate and purchase.
- Thrifty Treasures will offer discounts on gently-used items, increasing discounts throughout the one-month inventory period, until 75% discounts are applied during the last week of each month.
- Inventory is sold and restocked every thirty days; merchandise is never “old and tired.”
- Thrifty Treasures offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Thrifty Treasures is seeking $200,000 in debt financing to launch Thrifty Treasures. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for Thrifty Treasures.
Who is thrifty treasures.
Thrifty Treasures is a newly established full-service thrift store in Buford, Georgia. Thrifty Treasures will be the most reliable, cost-effective, and enjoyable store for customers of all ages in Buford and the surrounding communities. Thrifty Treasures will provide a comprehensive inventory of items that will solve the issues or concerns of their customers, as each finds what it needed at reasonable and practical prices. Their full-service approach includes comprehensive training extended to each employee upon hire. This ensures fully-trained staff members who want to give their personal best efforts to each customer.
Thrifty Treasures will be able to effectively purchase, stock and sell inventory every thirty days. The team of professionals are highly qualified and experienced in thrift store buying and selling. Thrifty Treasures removes the concerns of customers who need items or apparel and can’t afford those items at a full-price store. Thrifty Treasures also ensures all issues are taken care of expeditiously while delivering the best customer service.
Thrifty Treasures History
Since incorporation, Thrifty Treasures has achieved the following milestones:
- Registered Thrifty Treasures, LLC to transact business in the state of Georgia.
- Has a contract in place at one of the suburban retail strip malls to lease sales space and an office space, totalling 15,000 square feet.
- Reached out to numerous friends and associates to include Thrifty Treasures as a primary store of choice.
- Began recruiting a staff of three sales representatives and office personnel to work at Thrifty Treasures.
Thrifty Treasures Products and Services
The following will be the products and services Thrifty Treasures will provide:
The retail thrift store industry is expected to grow over the next five years to over $64 billion. The growth will be driven by consumers who will shop for lower-priced items as a result of inflation. The growth will also be driven by consumers who want to reuse items as sustainable responsibility is a personal goal. The growth will also be driven by younger consumers who seek certain memorabilia from past decades, fashions from former decades, or those who enjoy items that never seem to wear out. Costs will likely decrease as more and more consumers want to share gently-used items with others who are less fortunate. This will result in more availability and lower costs for thrift store owners.
Demographic profile of target market, customer segmentation.
Thrifty Treasures will primarily target the following customer profiles:
- Residents of Buford and surrounding areas
- Businesses that need to acquire furnishings or household items
- Local store owners who may want to buy or sell items
- Community organizations who may want to buy or sell items
Direct and indirect competitors.
Thrifty Treasures will face competition from other companies with similar business profiles. A description of each competitor company is below.
Traci’s Thrift Taxi
Traci’s Thrift Taxi is a mobile store featuring used women’s apparel. The owner, Traci Fordham, purchases “used and returned” women’s apparel in bulk from wholesale companies and sells the items via her mobile store. Traci did not want to incur the expense related to a retail store; therefore, she moves her mobile store to various neighborhoods where her customers congregate to visit and purchase her inventory on wheels. She holds an inventory of up to 200 clothing items for women at one time and uses her oversized van as her mobile showroom, where she can invite up to five women at a time to enter her “store” to shop for used appeal.
By using her van as her store, Traci saves on the expenses related to a brick and mortar store, however she pays for fuel and maintenance on her van, which dilutes her economy somewhat. Traci uses a software program that details where the van will be located and sends a text message to any woman customer to alert customers when the van is in their geographic area. Traci cleans out her inventory every 60 days, or whenever she sells out of inventory.
Annie’s Simple Memories
Annie Swanson has been a collector of dolls for over forty years. During that time, she’s amassed an enviable 400 dolls, many of them complete with clothing and accessories. Annie decided to open a shop to highlight her dolls, selling them as customers preview them, along with other memorabilia related to dolls and the toys girls and boys have loved throughout the years.
Annie’s Simple Memories is focused on the Atlanta, Georgia area, where her shop is located on the outskirts of the city in a suburban mall. Her specialty of dolls and toys defines her customer base. She introduces her shop to local schools and offers various discounts and special promotions to the schools in order to successfully highlight her store in the region.
The consumer target market for memorabilia has continued to grow over the past few decades and, as consumers have more expendable income in this and projected years ahead, they will continue to acquire dolls and toys that represent special memories of the past.
Shifty’s Thrifty Auto Parts
Although not a direct competitor to Thrifty Treasures, Shifty’s Thrifty Auto Parts can be considered an indirect competitor, as the inventory for sale is used. The available inventory contains workable, used auto parts from automobiles of several decades. For the car aficionado, Shifty’s Thrifty Auto Parts is a dream come true, with auto parts from a wild array of cars from all over the world.
Shifty’s Thrifty Auto Parts has been in business since 2005 and has expanded from a small 500 square foot corner hub to a 3,000 square foot store. Customers purchase via in-store selections; however, Shifty’s Thrifty Auto Parts has built a considerably larger online presence during the past ten years, as much of the available inventory is highlighted on the website with the ability to purchase and receive parts in their own home. This part of the business has garnered multiple new customers and boosted the walk-in customer base of the initial years of business.
Thrifty Treasures will be able to offer the following advantages over their competition:
Brand & value proposition.
Thrifty Treasures will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees who are able to provide stellar customer service as they assist customers with purchases, returns, and questions that may arise.
- Steady rate of inventory turnover every 30 days that ensures fresh stock of apparel and other items from which to choose.
- Movable discount rates that offer customers an opportunity to save even more on inventory items.
- Inventory that holds value for everyone in the community.
The promotions strategy for Thrifty Treasures is as follows:
Word of Mouth/Referrals
Thrifty Treasures has built up an extensive list of friends and associates over the years by providing expert advice to other shoppers for thrift items. Thrifty Treasures will be the culmination of years of knowledge-put-into-practice, as everyone helps by spreading the word of Thrifty Treasures.
Professional Associations and Networking
Thrifty Treasures will network extensively among community groups and clubs that may require furnishings or some types of inventory that can be purchased at lower-priced rates. Special discounts will be offered to these groups during the first three months of business.
All residents of the Buford and surrounding communities will receive a direct mail piece, offering a discount for visitors to the store who make a purchase during the first three months of business.
Thrifty Treasures will fully utilize their website, sharing photos and video reels of current and new stock items for sale. The website will be well organized, informative, and list all inventory categories that Thrifty Treasures provides. The website will also list their contact information and list their open hours. The website presence will be enhanced with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “thrift company” or “thrift store near me”, Thrifty Treasures will be listed at the top of the search results.
The pricing of Thrifty Treasures will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.
The following will be the operations plan for Thrifty Treasures. Operation Functions:
- Georgia Mae Dutton will be the Owner and President of the company. She will oversee all staff and manage client relations. She has spent the past year recruiting the following staff:
- Beula Simpson will be the Office Manager who will handle the office administration, inventory management, and accounts payable.
- Johnny Clarkson will be the Maintenance Manager at the store, overseeing the placement and care of the inventory, as well as the cleanliness and maintenance of the store.
Thrifty Treasures will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease store and office space
- 5/15/202X – Finalize personnel and staff employment contracts for the Thrifty Treasures
- 6/1/202X – Finalize contracts with wholesale companies for Thrifty Treasures inventory
- 6/15/202X – Begin networking at community events
- 6/22/202X – Begin moving into Thrifty Treasures store and office
- 7/1/202X – Thrifty Treasures opens its store for business
Beula Simpson has been a shopping assistant for ten years for Georgia Mae, helping in the selection of items and disbursal of those items to friends and family members in need. She has been trained by Georgia Mae to select the best inventory items and to purchase these items at reasonable prices.
Key revenue & costs.
The revenue drivers for Thrifty Treasures are the fees they will charge to customers for their product purchases.
The cost drivers will be the overhead costs required in order to staff Thrifty Treasures. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.
Funding Requirements and Use of Funds
Thrifty Treasures is seeking $200,000 in debt financing to launch its retail store. The funding will be dedicated toward securing the store and office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Customers Per Month: 150
- Average Revenue per Month: $36,000
- Office Lease per Year: $100,000
Income statement, balance sheet, cash flow statement, thrift store business plan faqs, what is a thrift store business plan.
A thrift store business plan is a plan to start and/or grow your thrift store business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Thrift Store business plan using our Thrift Store Business Plan Template here .
What are the Main Types of Thrift Store Businesses?
There are a number of different kinds of thrift store businesses , some examples include: Vintage thrift store, Consignment thrift store, and Goodwill thrift store.
How Do You Get Funding for Your Thrift Store Business Plan?
Thrift Store businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Thrift Store Business?
Starting a thrift store business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Thrift Store Business Plan - The first step in starting a business is to create a detailed thrift store business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your thrift store business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your thrift store business is in compliance with local laws.
3. Register Your Thrift Store Business - Once you have chosen a legal structure, the next step is to register your thrift store business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your thrift store business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Thrift Store Equipment & Supplies - In order to start your thrift store business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your thrift store business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful thrift store business:
- How to Start a Thrift Store
How to write the business plan for a thrift shop
Do you feel passionate about doing your bit for the environment by giving a second life to pre-loved clothes and accessories? If you have a penchant for vintage fashion and a head for business, you may have decided to open your own thrift shop.
Before ordering in your stock and hiring a few friendly faces to talk with your customers about the benefits of slow fashion, however, it's important to think carefully about your business plan - because the success of your venture depends on it.
If you're not sure how to go about drafting up a business plan, then you've come to the right place. Simply read our guide below to make your thrift shop business plan come to life.
Why even write a business plan for a thrift shop?
Writing a business plan is an essential step in creating a business. It has three main objectives.
First of all, it enables you to check that your venture can be profitable.
A business plan will also help you evaluate exactly how much capital is needed to start your business.
Finally, a thrift shop business plan will also be specifically requested by any bank or investor you decide to approach, so drafting one up is a mandatory step when it comes to securing financing.
What information is needed for a thrift shop business plan?
Market research is an essential prerequisite for the creation of any business plan.
It will not only enable you to understand the dynamics of the market you've chosen to enter, but also help you understand the expectations of your customers to ensure your offering the type of second-hand goods and service they're looking for.
Writing a thrift shop business plan also enables you to keep track of the staff and equipment requirements of launching and operating a thrift shop, as well as how much each investment will cost.
It's also within your thrift shop business plan that you'll add up the costs associated with the stock, insurance, legal and accountancy fees, as well as your utility bills and rent.
To obtain the best rates and ensure you estimate these expenses as accurately as possible, get in touch with several professionals and ask them for quotes.
The financial forecast of a thrift shop business plan
Let's now look at the financial part of your thrift shop business plan. The financial forecast is composed of four tables, all of which have a specific function that we delve into below.
The projected loss and profit account
With this table, you'll have an overview of the expected turnover, growth, and profitability for your thrift shop over the first 3 to 5 years of activity. This essential chart helps you identify potential opportunities to reduce costs and enables you to ensure the profitability of your thrift shop.
The projected balance sheet
The projected balance sheet shows the value of the company's assets at a given time, and, in particular, the value of the assets (what the company owns) and liabilities (what the company owes to suppliers, lenders, etc.).
The projected cash flow statement
With the help of a projected cash flow statement, you will see how much cash is generated in your thrift shop business plan, where it comes from, and how it is used, whether it's to repay its loans or purchase more stock.
You'll also be able to see if you have enough cash to fulfill your obligations, or even if you might soon have enough cash to expand your business by opening more thrift shops.
The start-up capital
This section of your thrift shop's financial forecast gives your bank or investor a quick overview of the resources needed to launch your business and their costs - as well as ways in which they'll be financed, including via equity contribution, shareholder loans, and bank loans.
The editorial section of a thrift shop business plan
Whilst some believe that numbers speak louder than words, the written part of your thrift shop business plan should not be neglected.
Considering the fact that it puts the figures and estimations set out in the financial forecast into context, it's arguably just as (if not, more) important as the financial part.
Presenting each aspect of the business in detail, as well as the specific risks associated with it (and how you plan to combat them), the editorial section demonstrates to investors that you've thought long and hard about how you can create a strong and adaptable business model.
A thrift shop business plan is usually made up of the parts we present below.
The executive summary
Think of this section as the equivalent of a cover letter for your thrift shop business plan. The aim here is to introduce your project to investors in as engaging and concise a manner as possible, encouraging them to read on and learn more about your exciting venture.
In this part, you place a spotlight on the business's partners and their roles, as well as the distribution of the company's capital and the location of your thrift shop.
Products and services
This section explains the products being sold by your thrift shop, as well as the prices you've set for each.
It's within this section of the thrift shop business plan that you'll present the results of the market research we mentioned at the beginning of this article. The objective here is to demonstrate that there is indeed a viable business opportunity for your thrift shop to flourish.
Your business strategy
In this part, you'll reveal three key plans for your thrift shop business plan:
- Your pricing strategy - the prices you'll set
- Your marketing strategy - the actions you'll take to attract customers and build customer loyalty
- Your risk management strategy - how you'll minimise the risks related to your business
From your employees to your relationship with suppliers, you'll detail the operational organisation of your business.
The financial plan of your thrift shop
The financial forecast of your thrift shop, referred to earlier in this article, is accompanied by commentary that explains the assumptions used and the main results expected.
What tool should I use to write my thrift shop business plan?
Writing a thrift store business plan is not an easy task, especially when you have never done it before. There are several tools available to help you write your thrift shop business plan. To ensure you pick the solution that best suits you, we've reviewed the pros and cons for each below.
Write your business plan using Word or Excel
This solution has one major advantage: it's cheap.
Be wary, however, that you'll need to have an accounting background (or at least be very good with numbers) to write your plan in this way without making mistakes in the calculations.
Hire a consultant to develop your business plan
Hiring a chartered accountant or consultant to take care of the financial part of your thrift shop business plan is a good way to avoid errors.
However, the fees are generally quite expensive: budget around £1.5k ($2.0k) for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders).
If you decide to hire a consultant or accountant, remember to check what's included in the service - are they developing a complete business plan or just doing the financial forecast? And are you willing to pay extra for them to make changes, if necessary?
Using online business plan software
The last option is a tempting one: create a business plan for your thrift shop using online business plan software .
There are several advantages to using specialised software:
- You are guided through the writing process by detailed instructions and examples for each part of the plan.
- You can be inspired by already written business plan templates
- You can easily make your financial forecast by letting the software take care of the financial calculations for you.
- You get a professional document, formatted and ready to be sent to your bank.
This third option offers an interesting compromise as using software is not only quicker and less technical than drafting your business plan alone, but it's also way less expensive than using a consultant.
If you are interested in this type of solution, you can try our software for free by signing up here .
That's it for now, we hope this article has helped you better understand how to write a thrift shop business plan. If you have any questions related to setting up your business, please do not hesitate to contact us.
Also on The Business Plan Shop
- Business plan template for a thrift shop
- How to start a thrift shop
- Why do you need a business plan?
Know someone who's planning to thrift shop and might be interested in this article? Share it with just one click!
Founder & CEO at The Business Plan Shop Ltd
Guillaume Le Brouster is a seasoned entrepreneur and financier.
Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.
Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.
Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.
Published on 22 Feb 2021 , last update on 27 Jun 2023 , as per our editorial standards .
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How To Start a Thrift Store Business in 2023- The Ultimate Guide
Starting a thrift store can be lucrative as the thrift industry continues to boom. According to market analyst IBISWorld , the thrift store market grew by 2.4% in 2022.
Between 2017 and 2022 the market size in the U.S. has grown 0.9% per year on average, and younger consumers are driving the market growth – over 40% of resale apparel buyers are Gen Zers and millennials .
For instance, companies like Poshmark and ThredUp are experiencing tremendous growth by buying and reselling high-end fashion items. Such an unprecedented opportunity offers an excellent way for an ambitious entrepreneur to launch an online thrift store without a physical store’s startup costs and overhead.
You can profit by starting your thrift store, whether you focus on vintage clothing, furniture, or other items. However, opening a thrift store can be nerve-wracking, especially if you don’t know where to start. But don’t worry, we’re here to help! This ultimate guide will walk you through the information you need to know on how to start a thrift store business from scratch.
What Are The Steps to Starting a Thrift Store?
Before opening a thrift store, you, of course, must first do some preparatory work to set your business up for success. Here are the steps to follow before opening a retail thrift store.
Table of Contents
- Create a Business Plan for a Thrift Store
- Register for Taxes with Your State and IRS
- Get Financing
- Obtain Thrift Shop Licenses and Permits
- Start a Business Bank Account
- Purchase a Thrift Store POS
- Buy All Necessary Business Insurance
Step 1: Create a Thrift Store Business Plan
As with any other business, the first thing to do before starting a thrift store is to create a business plan, including all the details and decisions about collecting your product, how many employees you will need, the most appropriate location, your marketing strategies, etc.
A business plan also helps potential partners and investors better understand your business and its vision. Since you may be starting this business without experience, you will need help writing a professional business plan. Be sure to include in it the following points:
- Mission statement
- Vision statement
- Sales forecasts
- 5-year profit forecast
- Potential expansion plan
- Business structure
- Startup summary
- Startup cost
Products and services
- Inventory planning
- Supplier analysis
- Market trends
- Target market
- Marketing segmentation
Strategy & implementation s
- Sales strategy
- Marketing objectives
- Advertising strategy
- Pricing strategy
- Average salary of employees
- Number of staff needed
- Benefits and bonuses
- Important assumptions
- Break-even analysis
- Projected profit and loss
- Annual profit
- Annual gross margin
- Projected cash flow
- Projected balance sheet
- Business ration
Before writing your business plan, make sure you have chosen your niche so that you can write the elements of the plan accordingly and have a focused but broad enough target market.
Step 2: Register Your Business
Registering your business is an essential step in the process of opening a thrift store. It is a prerequisite for raising capital from investors, paying taxes, opening a bank account, or establishing your company’s business structure. Follow these steps to get started. And don’t forget to consult your local city hall, too:
Choose a business name and trademark it
Starting any business begins with the name. This is the most immediate thing that will set your thrift store apart from others. Make sure you choose a name that represents the identity of your business but is also memorable. After picking a name, you should trademark it to avoid any legal disputes down the road.
To make sure the name you choose is not already in use by another company, consult the United States Patent and Trademark Office . You can trademark any intellectual property associated with your brand, not just the name.
See related: How To Legally Trademark Your Business Name?
Get your EIN
Also known as a Federal Tax Identification Number, EIN stands for Employee Identification Number and is used to identify a business entity. You will need it to open a merchant account, but also to proceed with other administrative procedures. You can obtain the EIN online on the IRS website .
Choose your thrift shop business structure
There are several types of business entities, each with its advantages and disadvantages. The type of business structure you choose will determine your taxes, personal liability, and business registration requirements. Here are some of the types of business entities you can choose:
1. Sole proprietorship
This is the most common type of business entity. It makes no legal distinction between the business and its owner. In this type of structure, the owner is responsible for all income, debts, or liabilities incurred by the business. The owner pays taxes on the business income on their income tax return. However, keep in mind that you will have difficulty accessing bank loans or capital from other investors if you register your business as a sole proprietorship.
See related: What Is a Sole Proprietorship?
A partnership is a business structure similar to a sole proprietorship but for two or more people. As with a sole proprietorship, the owners own the profits and are responsible for any losses. In addition, each partner pays taxes on their share of business income on their income tax returns.
3. Limited Liability Company (LLC)
Unlike a partnership or sole proprietorship, a limited liability company is a business structure that protects its owners from personal liability for its debts or liabilities. Their profits and losses are passed on to the members, who report their tax returns. The regulation of LLCs varies from state to state. Most thrift stores will fall under this category.
A corporation is a legal entity that is separate from its owners. Under the law, corporations have many rights and responsibilities as individuals. They can sign contracts, lend and borrow money, sue and be sued, hire employees, own property, and pay taxes.
Step 3: Register for Taxes
Before paying taxes, you must obtain your Employer Identification Number or EIN. As aforementioned, this number will be helpful when filing other essential documents.
Once you have your EIN, you must choose your tax year. From a financial standpoint, your thrift store business will operate on a calendar year (January-December) or a fiscal year, meaning a 12-month period that can begin any month. This selected period will end your tax cycle, while your business structure will determine the taxes you pay.
The IRS website also has a taxpayer checklist, and taxes can be filed online. It is advisable to consult with an accountant or other professional to help you with your taxes to ensure that you file correctly.
Step 4: Fund Your Thrift Shop
Knowing how to start a thrift store also means figuring out how to finance the projects listed in your business plan. Securing financing for your business is paramount, and there are several ways to raise capital:
Bank loans are the most common form of financing for small and medium-sized enterprises. Bank loans are frequently used to finance start-up capital and also for larger, long-term purchases.
The loan is not flexible and may not be the best capital for businesses with fluctuating financial needs. And loan defaults can result in lower credit ratings, higher interest rates on existing and future loans, foreclosure of collateral, and legal proceedings against the company. The structure of the loan can also lead to long-term issues.
Sole proprietorships must be especially wary of large bank loans since your personal assets aren’t protected in the event of bankruptcy.
Business credit cards
Much like personal credit cards, business credit cards offer the ability to borrow up to a predetermined credit limit. At the end of each month, you must pay off the stated minimum balance, and any unpaid balance will begin to incur interest until it is paid off in its entirety. So you can avoid interest if you pay off your balance in full each month.
Unlike business loans, credit card providers generally use your income and personal credit score to extend credit, making it a viable option for businesses with little or no cash flow. This means you won’t have to provide your monthly or annual business income documentation. For most business credit cards, the minimum personal credit score is 670. However, a higher score will get you the best terms.
This route is also very risky and will come with very high interest rates.
It is usually difficult to obtain a traditional business loan, as many lenders require potential borrowers to have a minimum annual income to qualify for a loan. However, some lenders are willing to provide loans to start-ups without significant revenue.
In the case of a new thrift store that does not yet have proof of annual revenue, commercial lenders may likely require additional documentation. In this situation, you are usually required to provide financial projections and a detailed business plan to illustrate your ability to repay your debts.
Among the institutions that grant loans to start a thrift store business is the Small Business Administration (SBA), which acts as a guarantor, helping entrepreneurs obtain bank approval for a loan. The SBA has several types of loans depending on your budget, your needs, and your company’s size.
Learn more here: 8 Alternative Financing Options for Business
Step 5: Get Your Licenses/ Permits
No matter what business you start, there are permits or licenses that you must have in order to practice your profession or run your business without getting into trouble with authorities. If you want to open a thrift store, it is essential to know the licenses or permits that will be required:
1. General business license
A general business license is a license required before operating a business in almost every state in the United States. It is usually issued by the Department of Revenues and the Secretary of State, depending on the office responsible for business registration. Thrift shops, like any other, will require this.
2. Sales permits
A vendor permit, sometimes called a sales tax permit or sales and use tax permit, is a business license that allows you to collect sales tax on taxable goods and services. Your business’s responsibility is to send the collected tax to your state taxing authority.
3. Zoning permit
A zoning permit is a type of permit you need to have before operating your physical store. Since the thrift store business is a retail business, choosing the right location is critical to the success of your business. It should be your number one priority. However, if you want to build a retail store or lease a location for your business, obtaining a zoning permit is the first step.
4. Sign permit
A sign permit is another key item for many thrift shops. You can’t open a brick-and-mortar store without putting a sign on the storefront. However, any information about your business that needs to be displayed must be done lawfully. This information can be in the form of words, signs, symbols, or pictures to promote your business.
5. Wholesale license
As a retailer, you will often purchase your products in bulk from your suppliers. Wholesale licenses allow you to purchase items at wholesale prices and give you more credibility. You get specific discounts and other related benefits. Since business owners are exempt from paying tax on items purchased for resale, suppliers require you to show a wholesale license, hence the need to have one. Thrift store owners, however, may not have a need for this.
Most aforementioned licenses are the most obvious. Depending on your state, you may be required to obtain additional licenses or permits. Contact an attorney to assist you in the process.
See related: Types of Business Licenses for Small Businesses
Step 6: Open a Business Bank Account
Before you start earning money, you’ll need a place to keep it, which requires opening a bank account. Having your business finances separate from your personal account makes it easier to file taxes and track your business income.
Opening a business bank account is very simple, just like opening a personal account. Just ask your favorite bank about their rates and features. They also offer accounts tailored to businesses.
There are several banks that offer different options, so it’s a good idea to review your options and select the best plan for you. Once you’ve chosen a bank, all you need to do is bring the necessary documents to open a new account.
You Might Also Want To Read: How Much Does It Cost To Open a Retail Store?
Step 7: Invest in Technology
Technology is at the heart of effective retail management. And one of the essential tools in the industry is a thrift store POS system . Choosing the best retail POS system for your business allows you to handle transactions within your store better control inventory management to avoid stockouts or excess inventory. It is advisable to opt for a cloud-based POS system that integrates inventory management software and tracks all operations taking place in your thrift store in real-time. Apart from the POS system, you should also have cameras in case of theft.
See Related: How to Start an Online Thrift Store in 2022- The Ultimate Guide
Step 8: Get Business Insurance
One of the aspects often overlooked when starting a business is the business insurance side. To be fully covered, a thrift store will need to purchase several types of insurance, including the following:
1. General liability insurance
This covers certain expenses such as medical bills or legal expenses in the event of a customer injury on the business premises.
2. Commercial property insurance
This covers items such as the cost of the building and the value of inventory in case of a fire or natural disaster damages the store.
3. Workers’ compensation insurance
This covers the business if an employee is injured on the job. It can cover expenses such as lost wages or medical expenses.
4. Business Property
It provides coverage for your equipment and supplies.
Next Read: How To Run a Thrift Store Business? The Go-to Guide For Retail Thrift Store Owners
You Might Also Want To Read: What Is Consignment in Retail? The Pros and Cons of Consignment
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FAQs: The Thrift Store Business
Yes, it is possible to make money by opening a thrift store. Some online thrift store companies make a high-profit margin of 80%.
The start-up costs to open a small thrift store can range from $20,000 to $30,000. Typical start-up costs include inventory, building renovation costs, employee salaries, furniture and fixtures such as shelving, counters, point of sale software, marketing budget, licenses, permits, etc.
Yes, as with any business, you must obtain state and local licenses and permits to operate. As long as you are operating in a state, you will need a seller’s permit, for example. Check with your local government offices for requirements for further information.
Thrift store suppliers include online sources, wholesalers, and thrift store communities. You can get your merchandise from online thrift store suppliers. You can also get them from yard sales, estate sales, and moving sales.
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How to Start a Thrift Store Business
A thrift store business focuses on reselling items such as clothing, home goods, and furnishings. Some sell a little bit of everything, while others focus on a niche such as vintage clothing. Many thrift stores are focused on charity and/or nonprofit work, such as funding job programs or feeding the hungry. However, some thrift stores are for-profit businesses that seek to maximize revenue as any other for-profit business would.
Learn how to start your own Thrift Store Business and whether it is the right fit for you.
Ready to form your LLC? Check out the Top LLC Formation Services .
Start a thrift store business by following these 10 steps:
- Plan your Thrift Store Business
- Form your Thrift Store Business into a Legal Entity
- Register your Thrift Store Business for Taxes
- Open a Business Bank Account & Credit Card
- Set up Accounting for your Thrift Store Business
- Get the Necessary Permits & Licenses for your Thrift Store Business
- Get Thrift Store Business Insurance
- Define your Thrift Store Business Brand
- Create your Thrift Store Business Website
- Set up your Business Phone System
We have put together this simple guide to starting your thrift store business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Exploring your options? Check out other small business ideas .
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
What will you name your business?
- What are the startup and ongoing costs?
- Who is your target market?
How much can you charge customers?
Luckily we have done a lot of this research for you.
Choosing the right name is very important. Read our detailed guide on how to name your business . We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.
Want some help naming your thrift store business?
Business name generator, what are the costs involved in opening a thrift store business.
According to one previous thrift store owner in Nevada, opening a store costs between $20,000 and $30,000. That is if you do it right and have enough capital to stay open long enough to build a business. Among other things, you’ll need to rent space, purchase shelving and display cases, obtain merchandise, and implement a marketing plan.
What are the ongoing expenses for a thrift store business?
The ongoing expenses for a thrift store include rent for the commercial space, utilities, internet, and phone. Storage is often an expense as well unless you have enough space to store plenty of merchandise. Probably the most significant ongoing expense is merchandise purchases. These businesses have to keep purchasing merchandise to keep the shelves filled.
Who is the target market?
The target market for thrift stores is typically bargain hunters. Many of these are elderly and on fixed incomes, but not all. Some are just excited to find the best bargain or the hidden gem like they see others do on TV. There are also certain types of thrift stores, such as vintage clothing shops, that target a more specific market like fashion-conscious customers.
How does a thrift store business make money?
A thrift store makes money by selling merchandise. This process begins by finding merchandise for sale that the businesses can buy at the right price. These businesses need to acquire merchandise for a low enough price to turn a profit when they resell it.
As a general rule, thrift stores should price their merchandise at a quarter of the value of retail. So, if a good costs $100 in a store, you should charge $25 for it in your thrift store. There are exceptions to this rule, such as if you find a desirable product in great condition. However, you want to avoid overpricing your products because you want repeat customers.
How much profit can a thrift store business make?
Thrift stores are not the most profitable businesses. Many are lucky to make $100 to $200 a day – just enough to keep the lights on. If you are trying to start a business with serious profit potential, a thrift store is not it.
Most of these businesses are labors of love and/or charity organizations.
There are exceptions. Large national chains like Goodwill are quite successful.
How can you make your business more profitable?
The biggest key to profitability in the thrift store business is learning how to buy the right merchandise at the right price. Far too many thrift stores fail to be profitable because they don’t buy the right merchandise or spend too much on merchandise. For example, they may pay $1,000 for a storage unit sale but only make $500 from the merchandise they find in the storage unit. If you want to increase your profitability, pinpoint where you can get the most bang for your buck in merchandise purchases.
Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!
STEP 2: Form a legal entity
The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your thrift store business is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Have a Professional Service Form your LLC for You
Two such reliable services:
You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .
Open a business bank account
Besides being a requirement when applying for business loans, opening a business bank account:
- Separates your personal assets from your company's assets, which is necessary for personal asset protection.
- Makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.
Get a business credit card
Getting a business credit card helps you:
- Separate personal and business expenses by putting your business' expenses all in one place.
- Build your company's credit history , which can be useful to raise money later on.
Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Make LLC accounting easy with our LLC Expenses Cheat Sheet.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.
Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .
If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.
How to promote & market a thrift store business
One of the most effective ways to market a thrift store is to use social media. Platforms like Pinterest and Facebook have groups dedicated to thrift store shopping, antiques, and similar hobbies. If you can become a part of all of these different groups and post high-quality photos of your most desirable merchandise, you can attract customers to your store. Once they get there, they are likely to look around at all of your merchandise.
How to keep customers coming back
For most thrift store customers, the reason to frequent a store is to find a great deal. You can only deliver on these expectations if you are good at finding merchandise for your store. The better your inventory, the more likely you will get repeat customers.
Another way to ensure customers like your store is to avoid excessive markups on merchandise. If you try to charge too much for your goods, shoppers will notice and may steer clear of your store.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business .
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .
Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.
Recommended Business Phone Service: Phone.com
Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.
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Welcome to the Startup Savant podcast , where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.
Is this Business Right For You?
A thrift store is right for people who love a good deal and are willing to work hard to get one. If you love shopping at thrift stores, have a passion for guessing the value of merchandise, and are motivated – either to pay your bills or to contribute to a good cause – you may be the perfect fit for a thrift store business.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at a thrift store business?
Thrift store owners spend their days on two primary tasks – obtaining merchandise and running their store. They obtain some merchandise through donations, but they also seek out storage unit sales and estate sales. A typical day may include scanning publications for potential merchandise purchases, organizing current merchandise, selling goods to customers, and designing displays.
What are some skills and experiences that will help you build a successful thrift store business?
Running a successful thrift store requires good instincts for estimating merchandise value. If you spend $500 on merchandise that you can only sell for $400, you are going to struggle to get by. But if you are skilled at identifying a great deal – merchandise that you can buy low and sell high – then you are more likely to be successful as a thrift store owner.
Other skills and experience that can prove useful are sales experience, negotiation skills, organizational skills, and retail display design experience.
What is the growth potential for a thrift store business?
The growth potential for a thrift store is usually not that great. Depending on where you live, you may have seen multiple thrift stores open and close in your area. That’s because it is difficult to turn a significant profit in the thrift store business – unless you are one of the big players. However, that does not mean growth is not possible. With the right model and some luck, you could hit upon a system that leads to growth for your business.
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For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.
Take the Next Step
Find a business mentor.
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting a thrift store business?
One of the most often overlooked aspects of the thrift store business is obtaining merchandise. New business owners often assume that people will just bring them merchandise for free or that they can go to a storage unit auction and get all they need. The problem is that these strategies tend to result in a lot of sub-par merchandise that you can’t make a profit on.
To be successful in this business, you need sources of higher-quality merchandise. Estate sales are one source that can be fruitful. Estate sales companies often want to get rid of stuff as effortlessly as possible. If you can get them to call you first, you will have access to merchandise that can help keep your store profitable.
How and when to build a team
Thrift stores are not the most profitable businesses, so the more you can keep your labor costs down, the better. Ideally, you and perhaps your partner can do all of the work. Of course, business could be so good that you can’t keep up with everything. If that is the case, it is time to start looking for help.
Have a Question? Leave a Comment!
Thrift Business Plan Template & Guidebook
Starting a thrift business can be an exciting and profitable venture for budding entrepreneurs. But, it's important to remember that the success of your thrift store depends on having an organized, comprehensive business plan in place. To help you create a road map for your thrift shop, use the #1 Thrift Business Plan Template & Guidebook. This comprehensive guide will show you not only how to write a business plan but also provide you with detailed instructions on how to navigate the process from beginning to end. You’ll be well on your way to developing a successful thrift business – with confidence – in no time!
Get worry-free services and support to launch your business starting at $0 plus state fees.
- How to Start a Profitable Thrift Business [11+ Steps]
- 10+ Best & Profitable Thrift Business Ideas 
How to Write a Thrift Business Plan in 7 Steps:
1. describe the purpose of your thrift business..
The first step to writing your business plan is to describe the purpose of your thrift business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a thrift business:
Our purpose is to offer quality pre-owned products to our customers at an affordable price while helping to reduce the environmental impact of over-consumption and waste. We strive to build strong relationships with our customers and provide exceptional customer service. We will use the profits from our business to help support local charities and organizations dedicated to sustainability, recycling, and environmental awareness.
2. Products & Services Offered by Your Thrift Business.
The next step is to outline your products and services for your thrift business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
- What is my business?
- What are the products and/or services that I offer?
- Why am I offering these particular products and/or services?
- How do I differentiate myself from competitors with similar offerings?
- How will I market my products and services?
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
3. Build a Creative Marketing Stratgey.
If you don't have a marketing plan for your thrift business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your thrift business includes the following elements:
- Who is your target market?
- What do these customers have in common?
- How many of them are there?
- How can you best reach them with your message or product?
- Who are your current customers?
- Where did they come from (i.e., referrals)?
- How can their experience with your thrift business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?
Product or service description
- How does it work, what features does it have, and what are its benefits?
- Can anyone use this product or service regardless of age or gender?
- Can anyone visually see themselves using this product or service?
- How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?
- Which companies are competing with yours today (and why)?
- Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
- What specific advantages does each competitor offer over yours currently?
- Which marketing channel do you intend to leverage to attract new customers?
- What is your estimated marketing budget needed?
- What is the projected cost to acquire a new customer?
- How many of your customers do you instead will return?
Form an LLC in your state!
4. Write Your Operational Plan.
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
- The equipment and facilities needed
- Who will be involved in the business (employees, contractors)
- Financial requirements for each step
- Milestones & KPIs
- Location of your business
- Zoning & permits required for the business
What equipment, supplies, or permits are needed to run a thrift business?
- Computer and cash register
- Inventory management system for tracking sales and purchases
- Shelving, racks, or other furniture for storing merchandise
- Security system (cameras, alarms, etc.) to protect merchandise and guard against theft
- Adequate lighting for store hours
- Signs for advertising and/or regulations inside store
- Insurances to cover property against fire, theft, etc.
- Licenses or permits required by local authorities (including the Department of Health in some states)
5. Management & Organization of Your Thrift Business.
The second part of your thrift business plan is to develop a management and organization section.
This section will cover all of the following:
- How many employees you need in order to run your thrift business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
- The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
- How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!
6. Thrift Business Startup Expenses & Captial Needed.
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a thrift business varies based on many different variables, but below are a few different types of startup costs for a thrift business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your thrift business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
7. Financial Plan & Projections
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your thrift business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your thrift business plan:
- Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
- Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
- Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
- Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
- Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
- Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.
Frequently Asked Questions About Thrift Business Plans:
Why do you need a business plan for a thrift business.
A business plan for a thrift business is necessary to provide direction and guidance for launching, managing, and growing the business. It helps determine the startup capital required and identifies potential areas of revenue. Additionally, it can provide a benchmark to measure success as the business progresses over time, enabling an entrepreneur to adjust strategies quickly and make informed decisions.
Who should you ask for help with your thrift business plan?
It is always a good idea to get input from experts in the field and those who have experience starting and running a business. This could include a qualified business consultant, accountant, lawyer, and/or mentor. Additionally, you may want to research resources available from government or local small business agencies.
Can you write a thrift business plan yourself?
Yes, it is possible to write a thrift business plan yourself. Creating a thorough business plan is one of the most important steps when launching a new project, especially if it involves a lot of money. To write your own thrift business plan, start by researching the market and competitors, list out your goals and objectives, identify potential funding sources, create a budget and determine how you will measure success. Additionally, make sure to cover topics such as strategies for marketing, inventory management and staffing.
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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.
Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.
From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.
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How to write a business plan for your thrift store.
Starting a thrift store is a great way to reduce waste and support the local community.
It can provide affordable and sustainable clothing and household items to those in need, while also creating job opportunities and raising funds for local charities.
But, first thing first, you need to write a business plan.
A business plan is an essential step before starting any project, as it will provide a clear roadmap and goals for the project. Additionally, it can help to identify potential risks and opportunities associated with the project.
In short, a thorough business plan will help make sure your thrift store is profitable .
What are the essential parts of a business plan for a thrift store? How can it be presented clearly? Which performance indicators should be included in the financials? What's the best way to create a business plan quickly and effectively?
Good news, you can find all the answers to these questions in the forthcoming article!
Finally, please note that you don't have to start your business plan from scratch.
You can download our comprehensive business plan for a thrift store and adjust it to match your preferences.
Crafting a business plan for a thrift store
Is it worth considering a business plan for your thrift store.
Yes, you should consider creating a business plan for your thrift store.
Developing a robust business plan will enable you to:
- learn about the thrift store market
- be knowledgeable about the industry's latest trends
- highlight what makes a thrift store thriving
- understand the items and styles that attract customers seeking second-hand goods
- find a unique value proposition for your secondhand shop
- compare and contrast competitor offerings
- find competitive advantages for your thrift store
- find a business model that creates a path to financial viability
- develop and execute a comprehensive long-term action plan
- identify and manage risks related to inventory, pricing, and customer safety to operate a successful thrift store
Our team has created a business plan for a thrift store that is designed to make it easier for you to achieve all the elements listed.
How to outline a business plan for a thrift store?
Inside a business plan, you'll come across a lot of important information and details. There should be a clear structure, to make easy to read and digest.
When we built our business plan for a thrift store , we made sure it had a proper structure.
The content is arranged in 5 sections (Opportunity, Project, Market Research, Strategy and Finances).
1. Market Opportunity
The section number one is titled "Market Opportunity."
Explore this section to access comprehensive data and insights related to the thrift store business, enabling you to understand market trends and cater to budget-conscious shoppers.
We constantly update all the data there.
2. Project Presentation
In the "Project" section, you can outline your thrift store, highlighting the range of second-hand items you offer, such as clothing, accessories, furniture, and household goods, your commitment to sustainability, community impact initiatives, affordable pricing, and the unique value proposition that promotes sustainable and budget-friendly shopping options.
Also include a short description about yourself at the end of this section.
Explain your passion for sustainable fashion, your knowledge of thrifted items, and how you plan to create a unique and affordable shopping experience for customers. Highlight your commitment to offering quality second-hand items, your variety of clothing and accessories, and your dedication to promoting a circular economy by giving pre-loved items a new life through your thrift store.
We've composed text for you in our business plan. Tailor it to fit your idea exactly.
3. Market Research
Moving on, there's the "Market Research" section.
This section describes the target audience for your thrift store.
It includes a comprehensive analysis of competitors in the thrift store industry and emphasizes your store's unique selection of secondhand items and competitive advantages.
A tailored SWOT analysis is provided as well.
Within the "Strategy" section, a 3-year development plan is outlined, specifying the necessary initiatives to make your thrift store highly profitable.
Furthermore, there is a marketing strategy for a thrift store, a way to manage risks, and a completed Business Model Canvas included in this section.
To summarize, you'll find the "Finances" section, which contains all the financial data and metrics related to your project.
How to write an Executive Summary for a thrift store?
The Executive Summary can be seen as a condensed overview of the business plan of your thrift store.
Don't surpass 2 pages; only include the necessary details.
It's the initial section that a bank will read when you bring them your business plan. It should make them interested and want to read the rest of the plan.
In the Executive Summary of your thrift store, answer these questions: what products do you sell in your thrift store? who is your target audience? are there other thrift stores in the vicinity? what makes your store special? what funding do you require?
How to do the market analysis for a thrift store?
Conducting a market study for your thrift store helps you grasp external factors like customer demands for second-hand items, competition within the thrift industry, and emerging trends in sustainable fashion.
By conducting an extensive market study, a thrift store can understand consumer preferences, offer affordable and unique secondhand items, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased sales, and a prominent presence in the local thrift market.
You'll discover the following in the "Market Research" section of our business plan for a thrift store :
- recent data and statistics about thrift stores, including secondhand clothing trends, sustainable fashion movements, and the growth of thrift shopping
- a list of potential customer segments for a thrift store
- the competitor study
- the potential competitive advantages for a thrift store
The key points of the business plan for a thrift store
What's the business model of a thrift store, business model of a thrift store.
A thrift store's business model revolves around selling second-hand clothing, accessories, furniture, or other pre-owned items to customers. Revenue is generated through product sales, potentially accepting donations or consignments.
The business model focuses on curating quality and unique thrifted items, providing exceptional customer service, creating an organized and inviting store environment, effective marketing to target thrift shoppers, and building strong customer relationships based on sustainable fashion and value.
Success depends on maintaining a steady supply of thrifted goods, delivering affordable and well-preserved items, fostering positive customer experiences and recommendations, and continuously adapting to customer fashion trends and preferences in the thrift market.
Business model ≠ Business plan
Don't confuse "business plan" with "business model."
A business model is a framework that demonstrates how a company operates profitably and adds value to customers.
In a business plan, you outline your business model employing a framework referred to as the Business Model Canvas.
Rest assured, there is a Business Model Canvas (already completed) in our business plan for a thrift store .
How do you identify the market segments of a thrift store?
Market segmentation for your thrift store involves dividing your potential customers into different groups based on their shopping preferences, style choices, and demographics.
These categories may include factors such as vintage clothing, second-hand furniture, home decor, or customers seeking specific thrift store experiences or items (e.g., designer brands, sustainable fashion).
By segmenting your market, you can offer a thrift store experience and product selection that caters to each segment's specific requirements. For example, you might focus on vintage clothing and offer a curated collection of retro and unique fashion pieces for customers seeking one-of-a-kind styles, provide a variety of second-hand furniture options for individuals looking to furnish their homes affordably and sustainably, specialize in home decor items and offer a range of vintage and upcycled decor pieces, or focus on specific thrift store experiences or items such as designer brands or sustainable fashion to cater to customers with specific preferences or ethical considerations.
Market segmentation allows you to effectively target your marketing efforts, create visually appealing displays, and provide a satisfying and eco-friendly shopping experience that meets the unique needs and preferences of each customer segment.
In the business plan for a thrift store , you will find a comprehensive market segmentation that will help you better understand your potential customers.
How to conduct a competitor analysis for a thrift store?
Without surprise, you won't be the only thrift store in your area. There will be other second-hand stores offering affordable and unique clothing and goods to customers.
When crafting your business plan, it's important to assess your competitors in detail, considering their traits, strengths, and weaknesses.
Identify their weaknesses (such as poor clothing quality, inadequate inventory management, or lack of popular fashion trends).
Why should you focus on these elements? Well, these weaknesses can hinder the success of thrift stores. By addressing these aspects, you can offer a well-organized and diverse selection of secondhand items, provide affordable and budget-friendly prices, and deliver friendly and helpful customer service, positioning your thrift store as a preferred choice for thrift shoppers and environmentally conscious consumers.
It's what we call competitive advantages—work on developing them for a distinct business identity.
Here are some examples of competitive advantages for a secondhand store: wide selection of quality secondhand items, affordable prices, eco-friendly shopping experience.
How to draft a SWOT analysis for a secondhand store?
A SWOT analysis can help identify the strengths, weaknesses, opportunities, and threats of starting a thrift store, allowing for informed decision-making and a better chance of success.
As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a thrift store
The strengths for a thrift store
The "S" in SWOT symbolizes Strengths, highlighting the project's internal factors that give it a competitive edge.
For a thrift store, strengths could include offering quality merchandise at low prices, providing a wide selection of items, having knowledgeable staff, and offering convenient hours.
The weaknesses for a thrift store
The letter "W" signifies Weaknesses, which are the weak points of the project that need to be addressed.
For a thrift store, potential weaknesses could include limited selection, lack of marketing, limited customer service, and lack of financial resources.
The opportunities for a thrift store
O represents Opportunities in SWOT, referring to the external factors or circumstances that can offer growth opportunities for the project.
In the case of a thrift store, potential opportunities could include expanding into online sales, partnering with other local businesses, offering delivery services, and hosting special events.
The threats for a thrift store
The "T" in SWOT symbolizes Threats, indicating the potential risks or unfavorable factors that the project should be prepared for.
How to craft a marketing strategy for a secondhand store?
A marketing strategy is an important part of a business plan as it outlines how a business will attract customers and drive revenue.
A thrift store can attract bargain hunters and eco-conscious shoppers by developing an effective marketing strategy that highlights the store's affordable prices, diverse inventory, and commitment to sustainable fashion.
Shoppers won't visit your secondhand store without proper promotion; emphasizing the quality, affordability, and unique finds available is necessary.
Have you explored marketing approaches to attract customers to your thrift store? Consider organizing charity events or donation drives, collaborating with local fashion influencers or stylists for brand endorsements, and utilizing social media platforms to showcase unique finds and affordable fashion.
No need to worry if you have no understanding of marketing and communication.
How to build a solid financial plan for a secondhand store?
A comprehensive business plan requires a thorough analysis of financial data to ensure its success.
It is essential to include revenue forecasts for your thrift store.
To instill trust and confidence in potential investors, your business plan should have revenue projections that are reasonable and backed by sound assumptions.
Our financial plan for a thrift store is user-friendly, providing automated validations that allow you to rectify any assumptions swiftly. This guarantees the creation of credible projections with ease and assurance.
Of course, you will need to create a preliminary budget for your thrift store. Don't forget any expense (we have listed them all in our financial plan !).
A key aspect of your financial plan is the break-even analysis, which helps determine whether your thrift store will be profitable or not.
- Choosing a selection results in a full page refresh.
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How to Start a Thrift Store
Starting a thrift store can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful thrift store.
Importantly, a critical step in starting a thrift store is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .
Download our Ultimate Business Plan Template here
14 Steps To Start a Thrift Store :
- Choose the Name for Your Thrift Store
- Develop Your Thrift Store Business Plan
- Choose the Legal Structure for Your Thrift Store
- Secure Startup Funding for Your Thrift Store (If Needed)
- Secure a Lease for Your Location
- Register Your Thrift Store with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Thrift Store
- Buy or Lease the Right Thrift Store Equipment
- Develop Your Thrift Store Marketing Materials
- Purchase and Setup the Software Needed to Run Your Thrift Store
- Open for Business
1. Choose the Name for Your Thrift Store
The first step to starting your own thrift store is to choose your business’ name.
This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your thrift store:
- Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
- Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
- Think about marketing . Come up with a name that reflects the desired brand and/or focus of your thrift store.
2. Develop Your Thrift Store Business Plan
One of the most important steps in starting a thrift store is to develop your thrift store business plan . The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.
The following are the components of a business plan :
- Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your thrift store.
- Company Overview – this section tells the reader about the history of your thrift store and what type of thrift store you operate. For example, there are different types of thrift stores, but the most common are donation-based and secondhand stores. Donation-based thrift stores accept donations from the community in order to stock their shelves, while second hand stores typically buy and sell used items.
- Industry Analysis – here you will document key information about the thrift store industry. Conduct market research and document how big the industry is and what trends are affecting it.
- Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing products like the ones you will offer?
- Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
- Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
- Product : Determine and document what products/services you will offer
- Prices : Document the prices of your products/services
- Place : Where will your business be located and how will that location help you increase sales?
- Promotions : What promotional methods will you use to attract customers to your thrift store? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
- Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
- Management Team – this section details the background of your company’s management team.
- Financial Plan – finally, the financial plan answers questions including the following:
- What startup costs will you incur?
- How will your thrift store make money?
- What are your projected sales and expenses for the next five years?
- Do you need to raise funding to launch your business?
Finish Your Business Plan Today!
3. choose the legal structure for your thrift store.
Next you need to choose a legal structure for your thrift store and register it and your business name with the Secretary of State in each state where you operate your business.
Below are the five most common legal structures:
1) Sole proprietorship
A sole proprietorship is a business entity in which the thrift store owner and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.
A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start their own thrift store together. The partners share in the profits and losses of the business.
The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.
3) Limited Liability Company (LLC)
A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a thrift store include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.
4) C Corporation
A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a thrift store is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.
5) S Corporation
An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.
Once you register your thrift store, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.
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4. Secure Startup Funding for Your Thrift Store (If Needed)
In developing your thrift store business plan , you might have determined that you need to raise funding to launch your business.
If so, the main sources of funding for a thrift store to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a thrift shop that they believe has high potential for growth.
5. Secure a Lease for Your Location
When looking for a location for your thrift store, it’s important to find a space that is accessible and visible to potential customers. You’ll also want to make sure the space is big enough to accommodate your inventory.
Another important consideration is the cost of rent. Be sure to budget for rent and other associated costs, such as utilities and security. You’ll also need to factor in the cost of marketing and advertising your store.
Finally, be sure to check with your local zoning board to make sure your chosen location is allowed to operate as a thrift store.
6. Register Your Thrift Store with the IRS
Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).
Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.
Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.
7. Open a Business Bank Account
It is important to establish a bank account in your thrift store’s name. This process is fairly simple and involves the following steps:
- Identify and contact the bank you want to use
- Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
- Complete the bank’s application form and provide all relevant information
- Meet with a banker to discuss your business needs and establish a relationship with them
8. Get a Business Credit Card
You should get a business credit card for your thrift store to help you separate personal and business expenses.
You can either apply for a business credit card through your bank or apply for one through a credit card company.
When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.
Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.
9. Get the Required Business Licenses and Permits
In order to open a thrift store, you will need to know what permits you need to open a thrift store and obtain the necessary licenses. The requirements for each state vary, so it is important to contact your local government to find out what you need. Generally, you will need a business license and a zoning permit. You may also need a special permit to sell used clothing.
10. Get Business Insurance for Your Thrift Store
Below are the main types of insurance to consider for your business:
- General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
- Workers’ compensation insurance : If you have employees, this type of policy works with your general liability policy to protect against workplace injuries and accidents. It also covers medical expenses and lost wages.
- Commercial property insurance : This covers damage to your property caused by fire, theft, or vandalism.
- Business interruption insurance : This covers lost income and expenses if your business is forced to close due to a covered event.
- Professional liability insurance : This protects your business against claims of professional negligence.
Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs.
11. Buy or Lease the Right Thrift Store Equipment
To start a thrift store, you’ll need some basic equipment: a cash register, tables and racks to display clothing and hangers for clothes. You may also want to invest in a security system to protect your store’s inventory.
12. Develop Your Thrift Store Marketing Materials
Marketing materials will be required to attract and retain customers to your thrift store.
The key marketing materials you will need are as follows:
- Logo: Spend some time developing a good logo for your thrift store. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
- Website: Likewise, a professional thrift shop website provides potential customers with information about the products you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
- Social Media Accounts: establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your thrift shop.
13. Purchase and Setup the Software Needed to Run Your Thrift Store
There are a few different software programs that are necessary to run a thrift store. The first is a Point of Sale (POS) system, which is used to track sales and inventory. The second is a donation management system, which is used to track donations and keep track of what items are in stock. The third is a consignment management system, which is used to manage consignment items.
14. Open for Business
You are now ready to open your thrift store. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.
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Thrift Store FAQs
Is it hard to start a thrift store.
No, it's not hard. In fact, it's a relatively easy business to get into. You just need to find a space for your store, and then stock it with items that people will want to buy. You'll also need to market your store and attract customers.
How can I start a thrift store with no experience?
There are a few things that you can do in order to launch a thrift store with no experience. First, you can research the industry and learn about the different aspects of running a thrift store. You can also reach out to people who have experience in the thrift store industry and ask for advice. Finally, you can attend workshops and training sessions that are specifically designed for those who want to start a thrift store.
Is a thrift store a good idea and/or a good investment?
Yes, a thrift store is a good investment. They typically have low overhead costs, meaning they can be profitable with relatively small sales volumes. Additionally, thrift shops can be a great way to recycle unwanted items and help keep them out of landfills.
What type of thrift store is most profitable?
There is no definitive answer to this question, as the profitability of a thrift store can vary depending on a number of factors, such as the location of the store, the type of merchandise it carries, and the amount of competition in the area.
One profitable type of thrift store is a vintage store. These stores typically carry a wide variety of unique items that are not found in most other thrift shops . Another profitable type of thrift store is a consignment shop. Consignment shops accept used clothing and other items from people and then sell them for a profit. This type of store typically does not carry as much merchandise as a traditional thrift store, but it makes up for this by selling the merchandise at a higher price.
How much does it cost to start a thrift store?
The cost to start a thrift store varies depending on the size and scope of your business. Here are a number of initial costs you'll need to cover:
- Renting or purchasing a storefront
- Outfitting the store with shelves and displays
- Purchasing inventory
- Hiring employees
If you're looking to start a thrift store on a shoestring budget, you may want to consider starting an online store instead. This can be a less expensive option, and you can still offer a wide variety of items for sale.
What are the ongoing expenses for a thrift store?
The ongoing expenses for a thrift store can vary, but typically include rent, utilities, and staff salaries. It's important to factor these costs into your business plan when starting a thrift store so you can be sure to make a profit.
How does a thrift store make money?
Thrift stores make money by selling many different items, including clothes, furniture, toys and other items at a discounted price. They typically buy these items from people who no longer want them, or from companies that are going out of business. The thrift store then sells the items at a discounted price, but for more than what they bought them for. The price is typically lower than that of a retail store.
Is owning a thrift store profitable?
Yes, the thrift store business is profitable, as long as you do it right.
The profitability of a thrift store depends on the location of the store, the merchandise that is offered for sale, and the prices that are charged.
There are a few things that you can do to increase the chances of your thrift store being profitable:
- Research the area you plan to open up your thrift store. You want to make sure that there is a need for another store of your kind in the area.
- Look for a space to house your thrift store. Find a rental space that will give you enough room to display and store your items.
- Learn how to price the items in your thrift store.
- Make sure that everything in your thrift store is clean and properly organized, because the best way to attract customers is to have a neatly organized space.
- Hire employees if necessary, but make sure they fit the culture of your business and know what you expect from them before you hire them.
- Decide how to advertise your thrift store, whether through social media or in-person announcements.
- Start selling. Make sure that you're committed to selling all of the items in your store, and adjusting prices, if need be so that you do not end up with unsold inventory.
- Grow your business by promoting it to local charities that might want to donate items to be sold, or by getting permission from businesses in the area that are closing down to sell their stuff alongside you.
Why do thrift stores fail?
There are a number of reasons why thrift stores can fail. One reason is that it can be difficult to compete with big box stores and online retailers. Additionally, thrift stores often have high overhead costs, and it can be difficult to make a profit.
Other Helpful Business Plan Articles & Templates
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Sample Thrift Store Business Plan PDF [Template]
Thrift store business plan sample.
Starting a thrift store business is essentially the same as starting any other business. However, the difference here is that you will be selling used merchandise at discounted prices. This niche of business has grown to be continually popular because shoppers are increasingly interested in what thrift stores have to offer.
It is a fact that thrift stores have presented shoppers with very good deals. Therefore starting a thrift store business can be exciting as it gets because you will never lack quality and affordable items which will always interest your buyers.
Another reason thrift store shopping has become very attractive is that it has a vast collection of items that range from clothing, furniture, glassware, tools, and several other collectibles.
However, we are interested in showing you how you can start a thrift store business. If you had an interest in this area of business, then this article will show you how you can make your dreams come true.
- Selecting a Niche
A thrift store business as earlier stated is a wide area that needs you to choose your particular niche which should be an area you are most interested in.
However, you can decide to start a general thrift store which involves selling a variety of products. Part of the reasons for choosing a niche or type of thrift store to operate is due to available competition. Before starting a thrift store business, you should scan your competition for goods on offer.
There are general-item thrift stores as well as those selling particular types of products such as used clothing, furniture, or baby items.
The results of your search would determine if you would prefer a general thrift store or choose a particular niche to sell. The choice is all yours to make. The decisions you make can determine how successful your thrift store turns out.
- Obtaining Registration and Licensing
Starting a thrift store business will require registration and licensing. For your business to be registered, you need to have applied for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This is especially relevant to businesses with employees.
This is also a requirement for payment of state taxes. Business licensing on the other hand largely depends on where you want to locate your thrift store as there are no uniform requirements for licensing. This is an important requirement for starting a thrift store business.
- Choosing an Outlet or Space
Depending on how well you are prepared, selecting a space is of utmost importance. There are faith-based thrift stores which are mostly located on church property. Most of the time, these are not ideal locations for attracting high patronage.
However, one of the advantages this type of outlet offers is that you are likely not to pay for rent. You must choose a space just about the size of what you intend to offer. This should be able to convey the right message to your clients.
That is, how you stock your thrift store with inventories will either portray a crowded store or a scanty store with little to offer. You should be able to strike a balance between these two options.
- Choosing the Type of Thrift Store to Operate
There are two types of thrift stores. These are the for-profit thrift stores as well as the non-profit thrift stores.
Each presents its opportunities as well as downsides. To make the right decisions that will align with your desires, you may want to seek the services of legal experts for interpretation of these models of business.
Although for-profit thrift stores allow for more control over how you manage and set profit margins, it is lacking in state-issued incentives such as obtaining tax-exempt status, as well as the availability of fewer low-interest loans and grants.
The non-profit thrift store model attracts government regulations which lead to having lesser control over how your business is run.
However, there are advantages to running this type of business as you are offered a chance to apply for low-cost rent or obtain the same for free. Other aspects of your business are also significantly subsidized. This includes adverts and marketing. However, you may not make as much as a for-profit thrift store.
- Hiring Your Workforce
This is a basic requirement you must consider. Although this may be a bit different for non-profit thrift stores as such can attract the services of volunteers, you must have people on the ground to help make running your business much easier. Sometimes the hiring process can be challenging especially when you handle such yourself.
To make the process a lot easier, take the burden off your shoulders by letting a professional hiring agency do the job for you. All you need to provide are your criteria for selection.
This step should not be overlooked for anything. Developing good marketing strategies as well as proper implementation create increased awareness about your business as well as what you offer. This significantly increases sales.
You must give this strategy all the attention it deserves as it can reward your efforts significantly. There are several marketing channels you can use to your advantage. These include the mainstream media as well as the new media which includes social media.
These are basic requirements for starting a thrift store which can be of immense benefit to you if properly implemented.
As simple as it may seem on the surface, starting a thrift store requires proper planning and diligence in its management to yield the much-desired results you wish to obtain.
THRIFT STORE BUSINESS PLAN EXAMPLE
Here is a sample business plan for starting a profit and non-profit thrift store business.
Starting a thrift store business is considered quite easy. This is because not much money is not needed to start one.
Goods that get sold in a thrift store are usually gotten from people that are clearing up their homes and want to dispose of things that occupy space unnecessarily.
This article contains a thrift store business plan sample. This will come in very handy for anyone that is looking to start a thrift store business.
GUIDE: Choosing A Thrift Store Name
Business Name: Loveday thrift store [ Resale Shop Business Plan ]
Our Products and Services
- Vision Statement
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
Loveday thrift store Inc is a thrift store business that is located in Las Vegas . It is owned by the McDonald family and will be managed by Donald McDonald because of his wealth of experience in running this type of business. To get started, we have acquired a facility in a choice part of town. The newly acquired facility is large enough to fit into the idea of the type of thrift store business that we want to run.
Loveday thrift store business will make retail items such as clothing, books, furniture, kitchen equipment, etc. available to those that require them.
At the loveday thrift store, we are looking to run a business that will give our customers the best treatment possible. We have already devised a means of starting and maintaining a personal relationship with every potential customer that will patronize our store.
Loveday thrift store business is in the thrift store business to ensure that goods that are no longer needed in homes in the United States and beyond are made available to those that need them. In as much as no amount is needed to start this business, we are looking to make as much profit as possible from this business.
Some of the second-hand products that will be available to our potential customers include:
- Fairly used books
- Fairly used kitchen equipment
- Fairly used office equipment
- Fairly used sports equipment.
Our vision at loveday is to be one of the most prestigious thrift store brands in the United States and beyond.
However, before becoming a force to be reckoned within the United States, we intend to win our immediate environment.
Our mission at the Loveday thrift store is to set up a thrift store business that will make top quality fairly used goods available to individuals that are residents of Las Vegas. We also intend to move from just Las Vegas to other parts of the United States.
Loveday thrifts store business is not going to end up like most thrift stores that are popular in Las Vagas. We at Loveday thrift store intend to build a business empire from a thrift store business. Although we are still a startup and cannot be reasonably compared to the many established thrift stores in Las Vegas and other parts of the United States, we are putting up the needed arrangements that will get us to the apex in this business rapidly.
To achieve our aim of becoming one of the top and most recognized brands in the thrift store business, we are going to hire honest and qualified individuals. We will ensure that the promotion and recognition of our employees are strictly on merit.
Market Analysis Market Trend
Although not everyone will be comfortable with buying used items, some don’t mind. One thing that keeps this industry running is the fact that a lot of people are looking for ways to save some money. The two major ways through which this is done is by selling used products and by buying used and cheap products .
More often than not, those that fall into the category of buying used goods are low-income individuals while high-income earners do the selling.
It is a fact that one of the industries with the widest range of customers is the thrift store industry. We are certain that we can’t reach absolutely everyone. As a result of this, we have decided to settle for the following group of people
- Pregnant women
- Business executives
Sales and Marketing strategy
We are conscious of the fact that we have a lot of work to do if we must break into the market quickly. Due to this, we have come up with some strategies to make our potential customers aware of our presence. Some of them include;
- Good customer service
- Cheaper rates
- The sale of a wide range of products.
Financial Plan Source of Startup Capital
Although not much is need to start this business, we do not have all the capital that we require. This is because we intend to hire a facility in the heart of town that comes with a very large parking lot.
As a result of this, we will get a loan of $10,000 from the bank. With this, we can get the sum of $15,000 which is needed for this business.
The fact that starting a thrift store business does not require much capital increases the competition level in this industry.
Our way of beating our competition is by having a wide range of products and having a parking lot that can accommodate a lot of cars all at once.
This is a business plan sample for a thrift store. It is owned by the McDonald family and will be located in Las Vegas.
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Thrift Store Business Model Canvas
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Resources On Thrift Store
- Financial Model
- Business Plan
- Value Proposition
- One-Page Business Plan
- SWOT Analysis
- 1. Key Partnerships
- 2. Key Activities
- 3. Key Resources
- 4. Value Propositions
- 5. Customer Relationships
- 6. Channels
- 7. Customer Segments
- 8. Cost Structure
- 9. Revenue Streams
Thrift stores are becoming increasingly popular amongst shoppers who are looking to buy unique and affordably priced items. According to Statista.com, the thrift store industry had a 4.8% growth rate from 2020-2025, bringing the sales in 2025 to approximately $202 billion worldwide. For those embarking on a thrift shopping journey, there are a few steps to take in order to find the best bargains and rare treasures that come with thrift shopping. With the growing popularity of thrift shopping comes an equally increasing demand for thrift stores.
Opening a thrift shop that offers an eclectic assortment of pre-owned, vintage and gently used clothing, furniture and home décor at affordable prices is an increasingly popular and profitable business model. For thrift shop owners, the key to success is focusing on letting customers easily identify great things they can find in a thrift store. By working with local vintage stores, estate sales and other thrift stores, a unique collection of items can be built and will be attractive to customers looking for interesting bargain-priced finds.
Thrift Store Business Plan
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Partnering with other businesses enables the Thrift Store to extend the breadth of its offerings, create cost savings, and to access new markets more easily. Key partnerships for the Thrift Store include:
- Local vintage stores – these partnerships can provide access to vintage items from eras not in continuous production.
- Estate sales – these sales have the potential to provide a large number of items in bulk and afford strategic pricing.
- Other thrift stores – cooperation with other thrift shops can reduce costs, accelerate marketing and advertising, and provide access to a larger network of customers.
- Online platform provider – a partnership with a digital platform provider can give the Thrift Store a wider digital reach and enable shoppers to access in-store information online.
As the operator of a thrift store, there are a number of key activities necessary for success:
- Sourcing: sourcing products from local vintage stores, estate sales, and other thrift shops
- Organization: sorting, pricing, and displaying items in store
- Online Platform: developing an online platform for customers to browse and buy products
- Marketing: marketing and advertising to attract customers
When brainstorming for a Business Model Canvas, it is important to consider what key resources a Thrift Store may need in order to be successful. Key resources can be both physical and non-physical. Some of the key resources that a Thrift Store must have in order to operate are:
- Retail Space/Store
- Online platform
- Marketing/Advertising budget
Each of these key resources is essential to the success of a Thrift Store. Without a retail space, the store would not exist and without the merchandise, customers would have no reason to visit. Additionally, having a well-staffed store with helpful volunteers adds to customer experience and the online platform allows for the store to reach a larger target audience. Finally, a marketing/advertising budget is necessary for the store in order to spread the word about their business and to create a customer base.
Our thrift store offers unique, quality, and affordable merchandise to our customers. We have an easy-to-navigate online platform which allows customers to find exactly what they're looking for. Additionally, our store supports local businesses and communities by providing products from local vendors and producers.
- Offering unique, quality, and affordable merchandise
- Providing an easy-to-navigate online platform for customers
- Supporting local businesses and communities
The customer relationship of the thrift store will include one-on-one interactions with customers. Personalized customer service is key when it comes to creating and sustaining relationships with customers. Additionally, an easy and convenient online shopping experience is necessary to engage customers and create loyalty.
- Personalized in-store experience
- Providing an easy and convenient online experience
A thrift store needs multiple channels through which to reach customers and spread brand awareness. These channels include both online and offline outlets.
- Store Front: The physical store front is the primary channel for customers to interact with the thrift store. The store front should have a high level of visibility, security, and organization that conveys a feeling of reliability to customers
- Online Platform: An online store or platform can be used to reach out to customers further away or those who may not frequent brick and mortar stores. The online platform should provide easy navigation and payment options.
- Social Media: Social media can be used to spread brand awareness and offer customers more engaging content about the thrift store. It can also be used for customer surveys and feedback to aid with product development and store experience.
- Email: Email campaigns can be used to inform customers about new items, discounts, and special offers.
- Print Advertising: Print advertising can be used for local or regional campaigns in order to reach customers who may not use online channels. Print advertising can also be used to target specific users with tailored messages.
- Word of Mouth: Word of mouth, either through friends and family or online reviews, is another powerful channel. Encouraging customers to share their experience with the store and its products through referral programs or rewards can be very effective in driving business.
The target customer segments for our Thrift Store business model canvas include:
- Budget conscious fashionistas :Those who take great pleasure in finding stylish clothing and accessories at thrift store prices
- Collectors of vintage and antique items :Those who seek out unique and rare items for their collections
- Interior designers : Customers who are looking for unique pieces to incorporate into their design project
- DIY enthusiasts : Customers who are looking for items to repurpose and use for their creative DIY projects
- Rent : This includes any leases for physical store space and/or space for a vehicle or other item used to transport goods.
- Labor : This should include salaries, wages, and any other associated costs such as insurance, allowances, bonuses, and vacation time.
- Advertising : This includes all forms of advertising, from traditional methods such as newspapers and flyers to digital platforms such as social media and search engine optimization.
- Transportation : Any costs associated with the acquisition or delivery of goods such as vehicles, fuel, and handling fees.
- Online platform fees : Costs associated with any third-party services used for setting up and running the thrift store's website.
- Miscellaneous overhead costs : This includes any costs associated with maintaining the physical storefront, such as utilities, maintenance, and office supplies.
- Sales of merchandise: The Thrift Store will generate revenue by selling merchandise both in-store and online.
- Membership/subscription fees: The Thrift Store may opt to introduce a membership or subscription fee in order to attract more customers and generate additional revenue.
The Thrift Store Business Model Canvas is a valuable tool to guide a business plan for new or existing thrift stores. It provides an overview of the key elements of business planning, including the target customer, the product or service being offered, the resources necessary to create and maintain a successful business, and an objective for financial success. The canvas also helps businesses identify sources of revenue, strategies to reduce costs, and methods to measure success.
The thrift store business model should be guided by the above framework and consider the larger Marketplace and competitive landscape in order to ensure business success. With the right framework and direction, thrift stores can become a successful and sustainable business.
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Creating a Winning Business Plan for Online Thrift Store
1. What is an online thrift store business plan?
A well-crafted business plan is essential for establishing and running a successful online thrift store. This plan outlines the goals, objectives, and strategies that will guide the venture. The online thrift store business plan pdf plan should include key considerations such as initial operational costs, marketing requirements, selling strategies, and an estimated budget. The offline thrift store business plan should also identify the target audience for the online store and the competitive landscape that the store will face. Additionally, it should provide a clear timeline for when profitability is expected and identify any potential risks that may arise. It is important to include a financial projection in the plan. This projection should outline the anticipated annual revenue and expenses related to operating the store.
2. Why do we need an online thrift store business plan?
An online thrift store business plan sample is essential for any business looking to launch an online thrift store. Having a clear ecommerce business plan consultants is essential for maintaining focus on your business objectives and strategies. Developing a plan is crucial for starting and expanding your business. It provides you with a clear and comprehensive understanding of the necessary steps that need to be taken.
3. How to write an online thrift store business plan
When writing a business plan for the virtual online thrift store, start by thoroughly researching the industry and potential markets. Identify the target audience for the store and the associated competitors. Determine the sales and marketing strategy, and identify any potential operational and financial risks. Then, develop an estimated budget and timeline for profitability. Finally, include financial projections and forecasts by the e-commerce business plan consultants that include estimated revenue and expenses, as well as a general feedback loop that can be used to measure progress and success.
4. Executive summary
The Attic Shop CIC is a modern online store business plans shop where you can purchase clothing and other items at discounted rates. Efforts are made to make second-hand procurement sustainable, affordable, and accessible to all.
Similar to the e-commerce business plan sample , their mission is to provide you access to quality, gently used merchandise while being mindful of the environmental impact. Through their thrift store platform, they aim to make second-hand shopping fun, easy, and satisfying for shoppers of all clothing and budgets.
At The Attic Shop, they source their products from consignment stores and their own internal collection. They also offer a platform where you can sell your own used items, making it convenient and satisfying to shop while supporting the circular economy.
5. Company analysis
The mission of The Attic Shop is to make affordable, high-quality used merchandise available to people across the United States. They strongly believe that second-hand goods have the ability to reduce poverty, minimize waste, and provide value to customers in their online store business model .
At The Attic Shop, our vision is to be the preferred thrift store in America, providing a diverse range of new and used items at unparalleled prices.
6. Structure and background
The Attic Shop is a privately owned business that focuses on offering customers throughout the United States with high-quality used items.
We carefully select our products from trustworthy suppliers, prioritizing local sourcing. This ensures that our customers can confidently purchase certified second-hand items that meet safety standards. The Attic Shop aims to be America’s top choice for secondhand goods, with a strong focus on exceptional customer service, sustainability, and supporting those in need.
7. Market (industry) analysis
The thrift store industry is growing rapidly due to the increased interest in second-hand choices for goods. The growing trend of waste reduction, coupled with the increasing costs of new items, has been a contributing factor to this growth. The thrift store industry is projected to maintain its competitiveness and profitability in the next five years, with an estimated growth rate of 3.7%. By 2023, the secondhand and resale market is projected to reach approximately $53 billion, as predicted by thredUP, an online marketplace for reselling items.
The growth of online thrift stores is primarily fueled by the advancements in technology that have made them more user-friendly, convenient, and cost-efficient compared to traditional retail stores.
8. Competitor analysis
- ThredUp: ThredUp is an online consignment and thrift company where you can find clothes, accessories, and shoes at great discounts. They collaborate with various thrift stores, consignment shops, and other vendors that specialize in secondhand apparel. This partnership enables customers to access a vast online selection of clothing options.
- Poshmark: Poshmark is an online marketplace for second-hand clothing and shoes, with a focus on women’s fashion. They collaborate with various shops, including vintage boutiques, thrift, and consignment stores, as well as luxury clothing resellers.
- Vinted: Vinted is an online thrift store that specializes in selling used clothing and shoes. They have a diverse range of options available for women, men, and kids, including clothing and accessories. Additionally, they offer virtual styling services to help customers create their desired looks. One popular feature on Vinted is their “bargain bin,” where shoppers can find great deals on various items.
9. Products and services
The online thrift store business plan template will offer the following products and services:
- An array of pre-owned items, from clothing to furniture and antiquities
- A wide selection of books
- Comprehensive customer service and support
- An efficient delivery system
- An easy-to-use online shopping experience
10. Sales and marketing plan
This business plan template for an online thrift store section outlines the strategy for growing the online thrift store.
- Promotions: In the clothing store business plan, the company will aggressively market its thrift store using traditional media, such as print and radio advertising, as well as online promotional strategies, such as search engine optimization, online display ads, and social media campaigns. They will also leverage a network of affiliates to help spread the word about the store.
- Public Relations: They will seek out public relations opportunities to bolster the store’s reputation locally, such as sponsoring events, participating in charity drives, and being involved in the local community.
- Measurement: To measure the success of their promotional efforts, they will monitor website traffic, track online sales, and analyze the results of their online ad campaigns. They will also track customer satisfaction by surveying customers and monitoring customer reviews.
- Expansion: With successful measurements, the company plans to expand its online store into more markets, working with more partners and affiliates. Their ultimate goal is to dominate the online thrift store market.
11. Operational plan
The business plan checklist operational plan for the online thrift store business will cover the management of the online store, marketing, staff, delivery, and other operational aspects of running the online store.
A team of professionals with experience in online marketing, e-commerce, web design, customer service, and inventory management will manage the online store. The team will also handle customer relations, customer service, payment, and other operational aspects of the business.
The online thrift store will use online and offline marketing to reach its target audience. Online marketing will include email blasts, search engine optimization, content marketing, and social media marketing. Offline marketing strategies will include radio, print, billboards, and direct mail.
The online store will require a small staff team to help manage the store. The staff will include customer service representatives, inventory managers, and marketing staff.
The online store will use a third-party delivery service to handle the delivery of goods purchased from the store.
The business plan includes a comprehensive analysis of the market, identifying target customer demographics, outlining the products and services offered, assessing the competitive landscape, detailing the organizational structure, describing the marketing plan and operations plan. Additionally, it provides financial projections and estimated startup costs.
The business plan writers provide comprehensive information about different aspects of the online thrift store. This includes its market positioning, differentiation from competitors, as well as donation acquisition and processing strategies.
The plan also examines various sources of revenue, strategies for acquiring customers, and ways to enhance user engagement on the platform.
13. Management team
The management team for how to write a business plan for an online thrift store includes:
- CEO: Responsible for overseeing the business operations, developing and implementing strategies, and managing all day-to-day operations.
- CFO: Responsible for managing finances, handling customer payments, bookkeeping, and analyzing financial reports.
- Marketing Manager: Responsible for developing and executing marketing strategies, identifying new target audiences, and analytic tracking of customer segmentation data.
- IT Manager: Responsible for developing and maintaining the company website, keeping the technology infrastructure up to date, and providing customer service support.
- Purchasing Manager: Responsible for sourcing products, negotiating with suppliers, and managing inventory.
14. Projection and financial planning
- Start-up costs:
- Business registration and filing fees – $1,000
- Legal and professional fees – $2,000
- Website design and development – $3,000
- Systems development and programming – $2,000
- Marketing and advertising – $3,000
- Office supplies and equipment – $3,500
- Insurance and permits – $800
- Technology infrastructure – $4,000
- Facility rental/leases – $2,000
- Labor costs – $3,500
- Miscellaneous – $1,000
Total Start-up Costs – $25,800
2. Sales Projections:
Assuming a 20% commission on sales, the projected sales and corresponding revenue and profits for the first year are:
- Sales ($10,000/month): $120,000
- Revenue ($2,000/month x 20% commission): $24,000
- Profits ($24,000 – $25,800 start-up costs): -$1,800
3. Strategic Plan:
- Establish strong relationships with vendors for regular supply of inventory.
- Develop a user-friendly and engaging online marketplace.
- Create an effective marketing and advertising plan.
- Make use of data analytics to improve customer experience and marketing efforts.
- Strengthen relationships with existing customers and increase customer loyalty.
- Incorporate sustainable logistical solutions with a short turnaround time.
- Implement strategies to reduce wastage and maximize profits.
4. Financial Plan:
The financial plan for the business continuity plan consultants comprises the following components, which will be implemented to achieve the desired financial targets:
- Establish a line of credit and secure investors for additional capital.
- Monitor cash flows, reduce costs, and reduce operational expenses.
- Leverage digital and technological solutions to reduce manual work and increase efficiency.
- Reduce inventory waste and optimize inventory turns.
- Set up clear accounting systems with bookkeeping and audit procedures in place.
- Utilize funds productively and reinvest profits wisely.
- Monitor financial performance closely and maintain up-to-date financial records.
15. Discover True Value: Welcome to OGS Capital, Your Trusted Source for a Successful Online Thrift Store
If you’re an aspiring entrepreneur aiming to launch a successful online thrift store, creating a solid business plan is crucial. With over a decade of expertise in developing tailored business plans for online thrift stores, OGS Capital business plan writers has successfully supported numerous entrepreneurs in realizing their goal of owning and operating thriving enterprises.
Our skilled consultants provide tailored business plan services to assist you in navigating the startup process and optimizing your investment. No matter the size or scope of your online thrift store, we have the services to meet your specific needs and goals. Whether you’re starting small and focused on a local market or planning to expand nationwide, our comprehensive solutions are tailored for your success.
Let us assist you in translating your vision into a tangible plan that will serve as your roadmap throughout each step of the process. OGS Capital understands that every client has unique goals and objectives. That’s why our team of experienced professionals will work closely with you to create a personalized business plan tailored specifically to your needs. We’ll collaborate on developing strategies that are solid and effective, ensuring your success in this competitive market.
Q. Can thrift resellers make money?
Absolutely, thrift resellers can indeed make money. They achieve this by purchasing items from thrift stores such as Goodwill, Salvation Army, or other second-hand shops and then reselling them on platforms like eBay, Amazon, or their own online stores. Some resellers focus on brand-name items or vintage clothing and are able to turn a profit by acquiring these pieces at a lower cost and subsequently selling them for higher prices.
Q. How lucrative is the online thrift store business?
The online thrift store industry offers a promising opportunity for businesses to thrive. As more consumers seek affordable deals on pre-owned items, the demand for online thrift stores continues to rise. In fact, projections from Crunchbase predict that the global market for online thrift shopping will reach a staggering $84 billion by 2025. With such potential for growth and profitability, it’s easy to see why this industry is becoming increasingly attractive to sellers. Download Online Thrift Store Business Plan in PDF
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.
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Thrift Store Business Plan Template [Updated 2023]
I. Executive Summary
This Section's Contents
Products served, customer focus, management team, success factors, financial highlights.
[Company Name], located in [insert location here], is a local newly established thrift store. The store will retail gently used clothing, books, baby items, furniture, and appliances at a discounted price. [Company Name] will commit to donating 20% of its proceeds to local charities and non–profit organizations focused on homelessness and transitional living centers.
[Company name] was founded by [Founder’s Name], a local advocate for charities that deal with homelessness and transitional living centers. [Founder] received his Master of Public Administration six years ago and has spent the last five years working as a director for a local non-profit organization. [Founder’s Name] possesses an entrepreneurial spirit as well and has decided to launch a thrift store where people can donate their gently used items for it to be resold to the public.
[Company Name] will sell a variety of gently used items. The products include gently used apparel (clothing, shoes, accessories), furniture, household appliances, books, and baby items (cribs, blankets, strollers, highchairs, etc.)
Pricing for all items will vary depending on the product and condition.
[Company Name] will primarily serve the residents within a 1 to 25-mile radius of our location. The demographics of these residents are as follows:
- 1,653,829 residents
- Average income of $36,500
- 51.85% married
- 30% low income residents
- Median age: 38 years
[Company name] will be owned and operated by [Founder’s Name], a local advocate for charities that deal with homelessness and transitional living centers. [Founder]’s passion is to assist the less fortunate in the community and have assisted numerous individuals and families be placed in affordable housing. Once they receive housing, many of the residents are not able to afford basic living necessities. [Founder]’s mission is to provide a friendly and affordable store where people from all walks of life can shop for clothing, furniture, and appliances.
[Company Name] is uniquely qualified to succeed due to the following reasons:
- The company will be donating a large percentage of its proceeds to local charities and non-profit organizations that assist homeless people and those in transitional living centers.
- The company will provide a wide selection of gently used items.
- The thrift store will be located in a highly trafficked intersection of town.
- The pricing model is structured to be affordable to people from all walks of life.
[Company Name] is seeking a total funding of $50,000 of debt capital to open the thrift store.
- Store design/build-out: $20,000
- Equipment, Point of Sale system, technology: $10,000
- Brand development and marketing: $5,000
- Working capital: $15,000 to fund payroll, taxes, and lease costs until [Company Name] reaches break-even
Top line projections over the next five years are as follows:
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Thrift Store Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
Dakota Boys & Girls Ranch Thrift Store
1001 4th Ave. N., Fargo, ND 58102
Marketing description, investment highlights.
- Easy Access & High Visibility With Over 10,000 Cars/trucks Per Day
- Dmu (Downtown Mixed Use) Zoning & Opportunity Zone Designation
- Not in the Floodplain
- Open Floor Plan for Easy Conversion of Use
- Overhead Gas Heat and Central Air Conditioning
- Plenty of Parking Spaces
- 8.5’ Overhead Door
- Floor Drain
Valuation metrics, login or sign up to see valuation metrics, sign up for crexi to see valuation metrics for this property, due diligence.
Due diligence information will be provided. Please reach out to the listing contacts for details.
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Woman finds necklace with cremated ashes in pocket of thrift store jacket
CLIFTON PARK — What started out a routine mother-daughter shopping trip to a thrift shop on Sunday afternoon quickly turned into a misplaced merchandise mystery.
Thrift Store Find 2
Nicole Hanna walked into Plato’s Closet in Clifton Park and walked out with what she considered a great deal, a brand new fur-lined, hooded, Michael Kors winter jacket that she had long been looking for. When she got to the parking lot however, she found something she hadn’t been looking for.
“I’m digging in the pocket and this is what I pulled out,” Hanna said, holding up an distinctly unusual looking silver necklace. “As soon as I pulled it out of my pocket I said, “Please don’t tell me this is what I think it is.”
It was a silver necklace with a silver four leaf clover charm attached, along with a tiny compartment that contained a vial of cremated ashes, perhaps the sentimental remains of someone’s mother or grandmother.
“I felt like that was put in my hands because they knew I was going to do what I had to do to find who owned it,” Hanna stated.
Hanna posted her find on social media hoping the rightful owner would see it.
The manager of Plato’s Closet tells News Channel 13 that all Hanna has to do is bring the receipt into the store and they’d probably be able to track down the previous owner.
Hanna is certain the previous owner would definitely want back the contents of the unwanted coat.
“If that was me and I lost it, I would be devastated,” Hanna explains, “so to me, I was thinking, they have to be just as frantic and devastated that they can’t find it.”
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What the polls say about gaza.
Four main findings from recent polls about the war.
By David Leonhardt
In our polarized country, it counts as news whenever members of one political party deeply disagree on an issue. The Israel-Hamas war has become an example for the Democratic Party. Many Democrats — including members of the Biden administration — are divided over Israel’s war strategy.
That divide has rightly received a lot of attention. But the focus on Democratic infighting can obscure other parts of American public opinion about the war. In today’s newsletter, I will walk through four main findings from recent polls.
1. More Americans support Israelis than support Palestinians.
This finding holds across polls. When a Marist poll (conducted for NPR and PBS) asked people which side they sympathized with more, 61 percent chose Israelis and 30 percent chose Palestinians. When YouGov (in a poll for The Economist) asked a similar question with a third option — “about equal” — the results also favored Israelis:
Sympathies with Israelis or Palestinians
In an NBC poll , Israel’s approval rating — with 47 percent of Americans saying they feel positively toward it, compared with 24 percent who feel negatively — was very similar to Ukraine’s right now. Only 1 percent of Americans feel positively about Hamas, and 81 percent felt negatively.
Similarly, most people blame Hamas for starting the war — that is, they see the Oct. 7 killing and kidnapping of Israelis as the central cause, rather than longer-standing issues like Israel’s blockade of Gaza. In a Quinnipiac poll that asked Americans who was “more responsible for the outbreak of violence,” 69 percent chose Hamas and 15 percent chose Israel.
Most Americans also believe that Israel is an important ally of the U.S. The Quinnipiac poll asked people whether supporting Israel was in the national interest of the United States, and 70 percent said it was.
2. Americans are worried about the civilian toll in Gaza, and support for Israel’s actions has slipped.
Although most respondents in the recent Marist poll said that Israel’s military response has been either appropriate or too restrained, the number who called it too aggressive has risen since last month:
Opinions on Israel’s military response to the attack by Hamas
The share of people who said they sympathized more with Palestinians than Israelis has also increased — to 25 percent this month from 15 percent last month, according to the Quinnipiac poll.
A major reason appears to be the civilian death toll in Gaza, which is mostly women and children . More than 80 percent of Americans told Ipsos ( in a poll for Reuters conducted a couple weeks ago) that Israel should pause military operations, as it since has, to allow humanitarian aid to reach Gazans.
3. Public opinion isn’t always consistent.
Consider these two facts: One, most Americans say that Israel’s military response has been both reasonable and understandable. In the Ipsos poll, for instance, 76 percent of people agreed that “Israel is doing what any country would do in response to a terror attack and the taking of civilian hostages.”
Two, most Americans say they favor an end to the fighting. They support not only a humanitarian pause but also a full cease-fire. In the YouGov poll, the margin favoring a cease-fire was 65 percent to 16 percent. In the Ipsos poll, 68 percent of people agreed that “Israel should call a cease-fire and try to negotiate.”
This combination of views doesn’t quite mesh. A full cease-fire would amount to a defeat for Israel and a victory for Hamas , with Hamas’s leaders able to claim the Oct. 7 attacks as a major success. Still, you can understand why many Americans would hold this mix of views: They both support Israel’s effort to topple Hamas and do not want Palestinians to keep dying. Poll questions don’t always ask people to make consistent choices.
I encourage readers to avoid the temptation to focus on only one of these two patterns — the support for a cease-fire or for Israel’s military actions — and to ignore the other one. Yes, only one of the two findings is convenient to each side in the debate, but both findings are real.
4. Very liberal Americans view this war differently from most other Americans.
Democrats sometimes like to point out ways in which Republican views depart from majority opinion, and there certainly are such cases. But there are also issues on which Democrats, especially those who identify as very liberal, have views that most Americans do not. This war has become an example.
While most Americans told Marist that Israel’s military response was either “about right” or “too little,” most Democrats — 56 percent — said it was “too much.”
And this breakdown from the YouGov poll is stark:
Self-described “very liberal” Americans express more support for Palestinians than Israelis. No other ideological group does. That helps explain the intensity of the debate on the American left.
More on the war
Israel and Hamas extended their cease-fire . Hamas said it would last another day, while Israel did not give a timeline.
Two Palestinian gunmen killed at least three people in Jerusalem, Israeli officials said.
Hamas freed 16 more hostages yesterday, including an American citizen. Read about those released .
Hamas said that previous Israeli airstrikes had killed three hostages : a mother and two young red-haired children whose image has spread widely. The claim hasn’t been verified.
Israel released more than two dozen women and children from prison, including the prominent Palestinian activist Ahed Tamimi .
To some Palestinians in the West Bank, freed prisoners have become a symbol of Hamas’s ability to get results .
After Palestinian American students were shot in Vermont, one survivor said the attack shattered the idea that he was safer in the U.S.
THE LATEST NEWS
Henry Kissinger, a scholar-turned-diplomat who shaped U.S. foreign policy over six decades as an adviser to 12 presidents, died at 100. Read his obituary .
The most powerful secretary of state of the post-World War II era, Kissinger engineered the U.S. opening to China, negotiated America’s withdrawal from Vietnam and eased relations with the Soviet Union.
Kissinger also disregarded human rights when he thought it would serve U.S. interests. He helped topple Chile’s president in 1973 and authorized a bombing campaign in Cambodia that killed 50,000 civilians.
Kissinger remained active after leaving office. He co-wrote a book about artificial intelligence at 96 and met with Xi Jinping , China’s leader, in July.
Donald Trump was “depressed” and “not eating” after his 2020 election loss, according to Liz Cheney’s memoir.
One of Trump’s lawyers warned him last year that it would be a crime to not comply with a subpoena for classified documents he took to Mar-a-Lago.
Jamie Dimon, the chief executive of JPMorgan Chase, urged Americans to “help Nikki Haley” win the 2024 Republican nomination.
Political operatives and conspiracy theorists are using open records requests to slow down government work, The Texas Tribune reports.
President Biden clapped back at Representative Lauren Boebert, a right-wing Republican who has criticized his climate law, while visiting a wind-turbine factory in her district.
The U.N. climate conference begins today in Dubai during the hottest year in recorded history. Many are skeptical that the summit, known as COP28, will produce results.
Vice President Kamala Harris will attend the summit instead of Biden .
Countries have started to clean up their power plants and cars. But emissions from cement or chemical factories have been harder to curb. See the largest sources of planet-warming pollution .
The E.P.A. proposed a requirement to replace virtually all lead water pipes in the U.S. over the next decade.
Airlines say ethanol, a fuel made from corn, is the future of air travel . But growing enough crops could drain groundwater supplies.
Elon Musk said an advertising boycott on his social platform, X, could bankrupt the company. He added a crude insult .
Sam Altman, back at OpenAI, said he would improve products and build a new board , with Microsoft as a nonvoting member.
Blue vs. green bubbles: Apple will improve the texting experience with Android phones.
Other Big Stories
For nearly two decades, a loose band of sheriff’s deputies roamed central Mississippi, and, witnesses say, tortured people for information .
An Indian man was charged with plotting to kill a Sikh activist in New York City. The thwarted plan resembled an assassination in Canada.
Most drivers will probably have to pay $15 to enter some of the busiest streets in Manhattan as soon as next spring.
The recycling industry is slow and limited . Those pushing to abandon it should first try to improve it, Oliver Franklin-Wallis writes.
Here are columns by Charles Blow on the 2024 elections , Pamela Paul on Trump and Gail Collins on the Electoral College .
Wrapped: Did Spotify say your music taste belongs in Burlington, Vt., or Bozeman, Mont.? Here’s why .
Moose on the loose: Fans follow Minnesota’s most famous moose everywhere he goes.
All you can eat: Red Lobster had to raise the price on an endless shrimp deal that it said helped it lose $11 million.
Thrift-store find: The painting she bought for $4 fetched $191,000 at auction. But then the buyer reneged .
Lives Lived: Frances Sternhagen played mothers on “Cheers” and “Sex and the City,” and her Tony-winning Broadway career included “Driving Miss Daisy” and “On Golden Pond.” She died at 93 .
Angel Reese: The L.S.U. women’s basketball star will return after a four-game absence . Her coach declined to say why she was benched.
N.B.A.: The police are investigating allegations that the Oklahoma City Thunder guard Josh Giddey, 21, had an inappropriate relationship with a minor.
ARTS AND IDEAS
Paddington Bear, everywhere: Jason Chou — or @JaytheChou as he is known on X — is undertaking a feat of digital endurance . In March 2021, he began posting images of Paddington, the anthropomorphized bear, edited into scenes from movies and TV shows like “The Rocky Horror Picture Show” and “Forrest Gump.” In each post, he pledged to continue “until I forget.” He has yet to forget. On Sunday, Chou will reach an impressive milestone: his 1,000th post.
More on culture
After tensions rose among its members, a country music venue in Scotland voted to end its display of the Confederate flag .
THE MORNING RECOMMENDS …
Roast salmon with fruity citrus, dill, spicy radishes and ginger.
Watch Ridley Scott’s “Gladiator” before it leaves Netflix .
Choose the perfect gift for a teenager .
Curl up and watch a holiday movie on a good TV .
Here is today’s Spelling Bee . Yesterday’s pangram was expound and expounded .
And here are today’s Mini Crossword , Wordle , Sudoku and Connections .
Thanks for spending part of your morning with The Times. See you tomorrow. — David
P.S. Thanks to my colleague Ruth Igielnik, a polling expert, for help with today’s newsletter.
Sign up here to get this newsletter in your inbox . Reach our team at [email protected] .
David Leonhardt writes The Morning, The Times’s flagship daily newsletter. He has previously been an Op-Ed columnist, Washington bureau chief, co-host of “The Argument” podcast, founding editor of The Upshot section and a staff writer for The Times Magazine. In 2011, he received the Pulitzer Prize for commentary. More about David Leonhardt
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Former DCSO deputy, detective convicted on two counts of official misconduct, acquitted on two other charges
(Update: Adding no sentencing date set)
BEND, Ore. (KTVZ) – After a two-day non-jury trial, a judge on Wednesday found a former longtime Deschutes County sheriff’s deputy and detective guilty of two counts of official misconduct and not guilty on two other charges involving intimate photos transferred from a dead man’s phone to his own, and other alleged acts.
Crook-Jefferson County Circuit Judge Annette Hillman heard the Deschutes County case, in which the defense had waived a jury trial. She found Ron Brown, now 59, guilty of transferring the images with intent to obtain sexual ratification in late August of 2021, as well as obtaining a woman’s personal belongings for the same purpose in late December of 2021.
Hillman acquitted Brown on a count involving dissemination of an image of the woman engaged in sexual conduct, and a third count of official misconduct in which he was accused of directing the woman into his vehicle that December, in an unauthorized exercise of his official duties.
The judge said sentencing would be scheduled with the parties, and Brown's release was continued pending his next court appearance.
Earlier, after the state rested its case, she also heard and denied the defense attorney's motion for acquittal on all charges, a standard step in which the defense claims the prosecution has not made its case.
The charges, filed in October 2022 , alleged Brown was called to the scene of a death and that the man’s girlfriend asked him to delete intimate photos of her and her boyfriend from her boyfriend’s phone, so the family wouldn’t see them. Instead, he allegedly transferred the images to his phone.
Two months later, when the woman was being evicted from a motel, management denied her access to some personal items and she called Brown for help, then-District Attorney John Hummel said. He said Brown retrieved the items, falsely claiming he was on law enforcement business, and later told her to get in his car and she found he was aroused and watching pornography on his phone.
Brown pleaded not guilty to the charges last February, as his attorney sought a change of venue.
The sheriff’s office said Sheriff Shane Nelson put Brown on administrative leave upon learning of the allegations and that he retired during an internal affairs investigation.
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Barney is the digital content director for NewsChannel 21. Learn more about Barney here .
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