Rick once selling fake Gucci bags to customers! And
now he is very successful in his pawn business. Wonder how is this
possible? Why we so ‘addicted’ to this game & sitcom, all because we all
loves making money and enjoy making it by sitting in your front of your
So lets hear, what he got to say..
So what’s the secret to his success? Rick Harrison shares his tips on finding fame and fortune. Here are edited excerpts from the interview below.
Set yourself apart. As a small business owner with big competition, we had to figure out a way to be different. We saw an opportunity to invite people to sell their rare and unusual items at our shop, in addition to conducting our usual pawn business. Now, when the big corporate pawn shops get an item they don’t recognize, they send the customer to us. “
Know how to negotiate. Never fall in love with something when you’re negotiating a price. Never decide you’re going to buy something because you can’t live without it. Negotiating to buy an item shouldn’t be an emotional process. And you should never, ever, give the first number. As a buyer, you don’t want to risk coming in first with a high price.
Offer something no one else does. In the 90's, I went on eBay to buy some paddle tires for my four-wheeler friv games ATV and couldn’t find any. When I did find a manufacturer that sold them, I bought 20,000 and had no problem reselling them. So the next time you get mad when you can’t find an item, realize there’s a market waiting to be explored.
Treat every customer well. I tell everyone that works for me not to look down on people. If you’re nice to people and take a minute to talk with them, it’s good for business whether or not they buy anything. Just because they don’t look like they have money doesn’t mean they’re poor.
Once an unkempt, elderly woman came into the pawn shop. She appeared homeless, and she insisted on seeing every piece of expensive jewelry in the store. Just when I was feeling impatient, the woman pointed at the most expensive piece of jewelry and said, “I’ll takethat one.” Then she proceeded to pull $4,000 out of her sock to pay for it.
Embrace social media. After ‘’Pawn Stars’’ became popular, we began selling a lot of T-shirts and swag [promotional items] in the store. A year ago, I decided that rather than having our T-shirts professionally designed, we should hold a competition on Facebook and ask our fans for design ideas. For every design we choose to go on a shirt, the winner receives $250 and a box of swag. As a result, we’re receiving hundreds of design ideas, and have saved over $100,000 on producing t-shirts.”
We also pay someone to do regular Facebook status and Twitter updates. Corey and Chumlee have been getting paid $1,000 a night to appear at different nightclubs. Club owners know that once they start tweeting their location for the night, hundreds of people show up to see them