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 Replies: 23 / Views: 4,234 |
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Valued Member
 United States
436 Posts |
Carl,
In Addition to his prices, his attitude towards hid customers is also a big concern for me. In my original post I also state that they run a Real Estate business out of the same office as well. So the coins aren't his only source of income. And up here I know a few Real Estate agents that make enough for their families on one sale per month.
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Valued Member
United States
436 Posts |
Richard,
I searched for this topic but couldn't find anything. I used the search in the upper right and typed in "open a coin shop" "open a coin store" "open a shop" and "open a store". I wasn't able to find the post you referred to. I know you don't want to post the link but I you could tell me the title of the topic it I might be able to find it.
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Moderator
 United States
189340 Posts |
Try "becoming a dealer" in the search field.  |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Carl,
In Addition to his prices, his attitude towards hid customers is also a big concern for me. In my original post I also state that they run a Real Estate business out of the same office as well. So the coins aren't his only source of income. And up here I know a few Real Estate agents that make enough for their families on one sale per month.
Again, not meaning to defend anyone but there still is some items to be contimplated. And a Real Estate buisness in such a small town would not really support a family real well which is why they are trying other sources of income. In a small town in Wisconsin a long time ago I purchased some land. This is town and suburbs, if you could call them that, has well over 60,000 people and THE Real Estate place I went through told me mine was the only sale of anything in many Months. Also, now with the housing and economy the way it is, I highly doubt Real Estate in any small town is really profitable. Now as to his attitude. I do hope you attempt to open a buisness. You would soon enough learn why he is the way he is. It really takes a person with nerves of steel to put up with the general public. Imagine yourself as the owner of a coin shop. I walk in and spend an hour discussing coins, then walk out without purchasing anything. You own a coin shop. I walk in, the only customer all day and say I don't want to buy anything, it's just that it's raining out and your open. Again, not meaning to defend anyone with poor, bad or horrible attitudes, but I've worked with the public and there were times when I could .............. |
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Valued Member
United States
436 Posts |
I live in a bedroom community for Sacramento, CA
The Median Home price is currently $201,000
Edited by coretj
01/12/2010 5:08 pm
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Valued Member
United States
436 Posts |
JBuck, thanks I found a couple
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Pillar of the Community
United States
1571 Posts |
Now for my 2-cents: I am not a dealer, but have a friend who is. His store is alarm-guarded, and has remote controll access in, and out. He has a LOT of coins in sight, and on the bid-boards, plus the regular inventory, of supplies, albums, folders, flips etc. The "good stuff", is not in sight. Sure there are a couple 10 ounce silver bars, etc, but no gold, of any kind. I don't know if he also sells on ebay, or not, but in addition to the inventory on hand, he also makes special orders for the regular customers, or maybe just for me, like boxes of square tubes, etc. My poimnt is this: Unless you are experienced in the coin dealing business, or at least have done quite a bit of buying/selling on ebay, or other on-line type, and know the values of the different coin varieties, errors, ect, you will put yourself, and your family at high risk, trying to open a shop, particularily at this time. Under no circumstances leyt your home address, and location be known! Give ebay a try, and you will get an idea of what you are getting into. That is what I would do, if I were to even consider a shop. You have been given many "points of view", and I hope you cake them seriously. Your family safety depends on your decision, and future action. If you "take the plunge", I wish you good luck! You will need it. As for the guy also doing Realestate dealings, at the sasme time, I doubt he is making a "great income" from it, especially in the current situation. my neighbor is a "Broker/Agent, and his wife is also a Broker. They hava at least one of the local motorhomes for sale. One for nearly a year. They have not made a sale in over a year. They went from two cars, to one, ant use a rental at times. Their comment on realesrarte business, BAD! Maybe that is what the guy you refer to is also doing. Selling coins, because the home sales are down to zero! bottom line: I would go ebay. At least you will save a bundle on "overhead", and not put your family at risk.. Dick Edited by livingdinasaur
01/13/2010 2:39 pm
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Pillar of the Community
United States
5631 Posts |
Many, many great ideas mentioned on this subject, I also feel, IMO, you should get on the computer and open a web site, as mentioned, and let ALL know how to find you and go from there. I say this because if all else fails the investment, would not be as great as opening a B&M store.Do your research, know your product and be fair, there is a coin dealer/friend who has been involved in coins for more than 40+ years, he has a belief that if someone enters his store and leaves with nothing, he lost a sale, however if he does what he can, with in reason, he will make a sale and have that person return, knowing he/she was treated fairly and got a great deal. Also mentioned, Your attitude with people has to be a pleasant one, all the time. I was in my own business for 18-years and it almost seemed that people would see what they could get away with as far as trying your patience and your kindness, you really have to be, IMO, a people person, and you will still get those who will "mistaken kindness for stupidity", and play you for a fool. I know the feeling of being treated the way you have explained, it is totally unacceptable and this comes with things " going to your head', when in actuality, there are plenty of people out there who would do back flips to have your business, good luck and when you make up your promotional pieces, do not forget to bring some to the "real estate people who also sell over-priced coins".......  |
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Pillar of the Community
Philippines
1156 Posts |
The never ending rule in any retail is buy "low" sell "high". Any store, no matter what product, has to stock up. If you can find out where, and what it is, that you can buy "low" and where, and to whom you can sell, at a "high". Then you've practically done your feasability study and its your decision time wether to jump in  Coins as a product has a lot of advantages,  it never goes stale, has no shelf life, doesn't require FDA approval, never becomes obsolete, doesn't need any cleaning, has absolutely no physical function to certify or test, is inert, and requires no packaging. If packaging is required-the customer pays extra. since this is a people to people "product", you can add on various services or novelty products to your future loyal customers to whom you have built up "trust" |
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Bedrock of the Community
United States
14454 Posts |
I want to suggest something here. Maybe if you have some free time go to this dealer that you are referring to and tell him what you were thinking of doing and since you will not be any competition to him you would like to be a intern just to learn the ins and outs of the business to see if this is really what you would want to do and how to do it if you decide this is something you want to venture into. If he is stretched for time or if this is just a hassle to him he may welcome the idea. Most people that open shops has worked in a few and got to know people not only t build up a customer base but also know how to go about getting those coins coming in the door as well as out. A intern doesn't get paid in money but they do get paid with experience and when it comes to running a business the experience is just as valuable as the money
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Valued Member
United States
53 Posts |
i would say sell online for a little while to get used to the actual business side. Get used to finding sources of buying "low" so that you can sell and make enough profit to stay afloat while not gouging customers like the store that you are talking about. Once you get used to the supply/demand and gain enought stock to open a storefront, only THEN would I suggest that you worry about actually finding a place. Set yourself up with a good foundation and you will have a better chance of having a successful business.
And... be nice to noobs like me :) Not everyon knows the difference between a 1964 and 1965 half dollar. It might seem like common knowledge to some, but noobs are interested in coins but it might be their first time ever in a store...
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Bedrock of the Community
United States
20753 Posts |
And here is one more idea. Instead of having a coin shop, working in one, selling on ebay or your own web site, become a coin dealer and only do coin shows. I go to about 2 to 4 coin shows a Month. I've met some dealers that only do coin shows. They go to every one all over the country. Unfotuately a lot of traveling but also mostly tax deductable. One dealer tells me this is his only buisness doing coin shows. He does not have a store nor does he sell on the internet. Presently he is in the 7 figure income bracket per year, every year. Mostly he attempts to do coin shows in one area if possible but does some traveling for the really big shows. At almost every coin show I've seen him at he has at least 3 to 4 tables. Usually has a brother, Son or Daughter with him due to all the traffic. If he is telling the truth about his income, that is something you should attempt prior to a store. |
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Pillar of the Community
United States
2541 Posts |
I'm convinced that the best way to go is tables at local shows, internet etc. The B&M as one guy pointed out in an earlier post puts you several hundred dollars in the red before you even open the door each morning. But you could do what one guy did down by the Jersey shore and buy an old bank building complete with a giant heavy vault. Even if Bruce Lee, Mr. T, He-man and McGyver broke down the front door they couldn't bust into this safe!
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Pillar of the Community
United States
2049 Posts |
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Moderator
United States
189340 Posts |
Quote:
I've met some dealers that only do coin shows. Same here. These are the ones I pay most attention to now as they seem to give the best deals. I would think that travel expenses would be a lot less than B&M expenses. At least with coin shows, you can "close shop" (not go to any shows) during the slow times of the year. |
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Replies: 23 / Views: 4,234 |
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Posted 01/12/2010 12:45 pm
