Thinking of starting a video game Buy/Sell/Repair/Mod shop. How should I price my items & services?

[MillerTime2523]

Hey guys, I recently got a job a couple months ago after graduating college, and now that my income is a bit more stable I've been able to set up a workshop in the basement with all the tools I need for just about any console modding or repair. Now I think I'm ready to move on to the next phase of my plan to open up a business.

Mainly for right now I'd be looking to buy/sell Xbox, PS2, 360, Wii, and eventually PS3 although I'm not too familiar with that stuff now but I'm looking to learn.

The problem is, I live in an area where people are literally listing Super Nintendos and Ataris for $200 on Craigslist, so I'm a little hesitant to come up with asking prices. I don't want to be looked at like Gamestop where many people think they give $3 for a game and turn around and sell it for $40, but at the same time I of course want to keep my profit margins as high as I can.

On the plus side, I don't think there are many businesses like this in the area, so I can probably do pretty well, I just need to come up with a solid pricing plan to make both buyer and seller happy, which I'm finding kind of hard to do.

Anyone have any experience with this kind of business venture? Would appreciate any thoughts or feedback. Thanks all!

 

[hotstud19us]

First start looking around to see how many places that sell the same stuff. Besides gaming stores (gamestop), there are mom and pop shops, pawn shops that sell the same/similar stuff. 

You may want to expand into NES, SNES, Genesis, Master System, Atari. Because the consoles you listed do not sell for much if pennies. Since the consoles you mentioned sell anywhere from $20 - $50. Except the xbox 360 but that is in free fall mode with backwards compatibility.

But starting a business is a big undertaking with a lot of work. Probably working 60 - 70 hours a week on it for a while. There is a ton of research on the internet about starting them.