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 Replies: 23 / Views: 4,236 |
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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: 4,236 |
First Page
Posted 01/14/2010 02:03 am
