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Did you know that you can get some great tips on how to run your business by watching Pawn Stars?
You’re probably wondering what the show and running your business have in common. Pawn Stars, a show about a pawnshop on the strip of Las Vegas, is number two when it comes to the most popular reality TV shows, beat out only by those tan partyers from Jersey Shore. The show features owners, Rick Harrison and his father Richard Harrison (aka Old Man), along with Rick’s son Corey, and Corey’s goofball friend Chumlee, as they buy and sell items, run the store, deal with workplace drama, and play with the merchandise. The show is hilarious, entertaining, and has some great business tips for those paying attention.
1. Know the value for what you’re buying and what you’re selling. This goes for services you offer, merchandise you sell (tangible and virtual), employees, and so on. The guys at the shop find out what items are worth before buying and before selling. If you’re offering a service, do your research to find out the fair market value of what you have to offer. The guys at the shop call in an expert when they are not sure about value, who tells them what “like items” sell for on the market. In your case, you can check out the competition; if you find out you charge more, be sure to point out why your merchandise or service is more valuable and worth the extra money.
2. Haggle when you need to and shake hands even when you can’t reach a deal. When it comes to things like web design, blog content, business services, and such, there may be a little wiggle room regarding price. If after doing your research you feel that something is a bit overpriced, decide if it’s worth the extra fee. Sometimes, it’s okay to ask for a lower price, a lower intro price, or to include additional services, based off of what the competition charges.
As a person running a business, you should not however expect things from other businesses for free, expect people to work free, or expect someone to chop their fees in half. Always be polite. The person or company you are working with may say okay, or they may be firm on price. If what they offer is much better than the competition, it makes sense that they charge more. If they’re firm on price, pay it or move on.
When the guys of Pawn Stars decide that they either just don’t want an item, or that they are not buying because of the price, they thank the person for their time and for coming in, and they extend their hand for a friendly shake. Always treat others how you want to be treated, and remember that you are representing your business. Keep in mind, you catch more flies with honey, and you never want to burn a bridge that you may need to cross later. Plus, you don’t want word getting around that you are cheap, rude, or hard to work with.
3. Surround yourself with a great team you can trust. The guys at the shop are family, minus Chumlee, who is still treated like one of the Harrisons. They trust each other to make good business decisions and deals, and if there is a problem, they use communication (okay yelling in the backroom) to work it out. While you may not be able to use family as part of your team (or you may not want to), you still need a team you can trust 110%.
Running your business smoothly requires hiring top performing superstars (be sure to check out 5 Characteristics Of Top Performers), and avoiding those who have a history of slacking and low performance. Pick people that always work towards the company goal, meet deadlines, and work to exceed your expectations.
While you probably should not quote the Old Man in your day to day business, you can be running your business like a Pawn Star pro just by following these three easy tips. Have another great tip to share? Leave a comment!