Pawnbroking industry in New Zealand: how to start a pawnbroking business

Pawnbroking is a centuries-old industry that has been around since the days of the Roman Empire. In modern times, pawnbroking is a $2 billion industry in the United States alone. In New Zealand, the industry is much smaller but is growing at a rapid pace.

There are currently only a handful of pawnbrokers in New Zealand, but the industry is growing. This is due to the current economic climate. More and more people are finding themselves in need of quick cash and pawnbroking is a great way to get it.

If you are considering starting a pawnbroking business in New Zealand, there are a few things you need to know.

The first thing you need to do is get a pawnbroking licence. This can be done through the Ministry of Justice. You will need to provide them with your personal details, criminal history (if any) and a business plan.

Once you have your licence, you will need to find a premises. This can be a shop, office or even a storage unit. You will need to make sure that your premises is secure and has enough space to store the items you will be pawning.

The next step is to find some customers. You can do this by advertising in your local paper or online. You can also put up flyers in local businesses.

When you have your first few customers, you will need to assess the items they want to pawn. You will need to determine how much the item is worth and how much you are willing to lend them. It is important to remember that you need to make a profit, so don’t lend them more than the item is worth.

Once you have assessed the items and set a loan amount, you will need to draw up a contract. This contract will state the terms of the loan and what will happen if the customer doesn’t repay it.

Once the contract is signed, you will give the customer the cash they need and keep the item as collateral. Make sure you keep the item in a secure place.

If the customer doesn’t repay the loan, you can sell the item to recoup your losses.

Pawnbroking is a great way to make some extra cash. If you are thinking of starting a pawnbroking business in New Zealand, make sure you do your research and follow the steps above.