One of the biggest challenges that I have found running my own business is that you can get in a routine.  For most people that doesn’t necessarily sound bad, but it can be the death of your business.  While other businesses are innovating and testing, by staying the same, you will be left behind.

So I have made it my mantra to always try new things and increase our revenues.  It doesn’t mean that I randomly try new things (such as serving fried chicken in a scuba diving shop), but I stay within the framework of our store – which happens to be a pawn shop.

We are not the only gold buyers in town, but we do handle our business differently.  All of our competitors are selling gold as quickly as they take it in.  It makes sense in many respects and guarantees that their money is never tied up in merchandise.

But after watching the gold price trend upwards for the last few years, I knew that we hadn’t hit the top yet.  So instead of selling the gold as quickly as it came in, I have been hoarding it.

Just last week I sold most of the gold I had in stock, and based on the books up to that point, our profits are up 20 % over last year.  Not bad for a year of recession, right?

Technorati Tags: gold buyers, selling gold