Benjamin Gross, 17, is from Maryland, USA. He started his retail business, Ben’s Antiques, in 2011. Ben’s Antiques is a summer business which sells antiques and collectibles to collectors and historians.
Starting the Business
Q: Where did the idea for your business come from? Where were you in your life and career?
A: Well, I was about 15 when I first came up with the idea to launch my business, Ben’s Antiques. I distinctly remember the day I came up the idea – I was watching the popular TV show “American Pickers”. I remember thinking to myself: “Why don’t I start a business like they have, buying and selling antiques and collectibles?” It seemed so easy; one could buy an item for $200 and then turn around and sell the item for $700. So just like that, I began going to garage and estate sales, and my business really took off from there.
Q: What was the biggest challenge you faced when starting out?
A: I quickly realized that I was competing with dealers twice my age and with infinitely more capital than me. If I was to be successful, I knew that I would have to beat them to the items I wanted. So, I convinced my parents to start taking me to yard sales as early as 7:00 AM, which allowed me to beat out other dealers and have the best selection of items to choose from.
Q: What is the one thing you know now that you wish you knew when you started the business?
A: That the antiques business is so darn competitive. Ever since the creation of shows like “Pawn Stars” and “American Pickers,” many people have been led to believe that the antiques and collectibles business is super easy, and that’s just plain wrong.
Additionally, many people do not understand that the antiques business is filled with scammers trying to rip you off. These people aren’t there to help you; they’re out to swindle you!
Q: What would you consider your first big success in the business?
A: I guess I would consider my first big success to be my antiques extravaganza sale last year. I had over 25 collectors and dealers stop by at my house and reached my goal of netting $1600 in profit for the summer. And for a teenager like me, that’s a lot of money!
Q: What is the toughest thing about getting to the top / staying on top in your industry specifically?
A: Always keeping up with new market trends. Up until a few years ago, one could buy a vintage porcelain advertising sign for under $100. Today, with the advent of all the antique shows, porcelain signs are highly sought after by collectors. That same porcelain sign that was only worth $75 a few years ago, is now worth as much as $300.
The Future
Q: Where do you see your industry heading in the next 5 years?
A: I see an even bigger shift towards online sales. I truly believe that one day, all physical retail stores will go extinct, and that includes antique stores and malls.
Q: What do you plan on doing / changing in order to keep growing in this time period?
A: I plan on establishing a website for my business, where people can directly view the items in my inventory and contact me if they have any questions.
Q: What does ultimate success look like to you? How will you know when you’ve achieved it?
A: For me, ultimate success would be having a decently profitable business for years to come. After college, I would like to have the luxury of making an extra thousand or two a month from my antiques business, while pursuing my goal of becoming a lawyer in Washington, DC.
Q: What do you think will be the biggest challenge facing entrepreneurs in the near future?
A: Continuing to have a successful and profitable business. Our world is only getting more and more competitive, and our population is only getting bigger and bigger. Today, your company might only have a few competitors, but ten years from now, you might have a hundred. That’s why I think it is so important to establish a clear brand identity and differentiate your company from competitors right from the get-go.
Q: What one piece of advice would you give to someone just starting out in your industry and wanting to make it to the top?
A: As I mentioned earlier, hard work is the most important thing when it comes to succeeding in the antiques and collectibles business. To succeed, you need to be up and about before your competition, so that you can have first “pick” at whatever sale you are going to.
In addition, I would like to stress the importance of doing research prior to going to a sale. You do not want to be the person who buys an item for $300, only to go home and find out that the item you purchased is fake and worthless!