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Replies: 20 / Views: 3,797 |
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Valued Member
United States
277 Posts |
So I've been toying with the idea of becoming a dealer. Not opening a shop or anything like that. But just setting up at the local coin shows and what not.
I'm looking for advice. Should I have a broad selection, focus on a niche, I'm not sure. I've notice at the shows I go to, no one sells supplies. I have the ability to buy all the supplies factory direct at wholesale pricing, so I could do that. I just don't know where to go with it.
I have a real good job that I have no intention on leaving, I just want to basically make money selling coins to grow my personal collection.
Tell me what you think. Even if your not a dealer, what are shows missing that would make it better for you?
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Valued Member
United States
184 Posts |
I know I'm new to this stuff but do you need a license or anything to be a dealer? It sounds like a good side job for you because you would enjoy it. I wouldn't mind later on in life trying to do something that you have in mind.
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Valued Member
 United States
277 Posts |
No more than a business license which the last one I bought when I was doing baseball card trade shows ran a whopping $10 from my town hall.
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Valued Member
United States
184 Posts |
OH wow! I don't see why you shouldn't do it then. Specially a weekend thing, your own hours and you enjoy it why NOT.
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Valued Member
United States
62 Posts |
Unfortunately weekend warrior dealing sounds a lot funner than it ends up being. You are typically paying 50-150 for your table for the weekend, then you have to pay for food (lets be real, you aren't packing a lunch and dinner), it's a lot of manual labor setting up, and then there are the thieves. I sold baseball cards at shows for a couple years. The money wasn't terrible but it wasn't what I was hoping for either.
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Pillar of the Community
United States
3546 Posts |
In light of your current stable occupation my suggestion for the new venture would be to: 1) only focus on areas that would not become a customer service nightmare that could potentially negatively influence your performance at your current job and 2) initially limit your coin product/service offerings to no more than three or four maximum: ie buying/selling all years of Indian head pennies, selling coin and/or currency packaging/display materials and buying/selling all years of Buffalo nickels etc. Any business always requires follow-up with the customer in the unlikely event of a negative issue. And by initially limiting yourself to just two or three types of coin types at max you will become known as the local expert in those types of coins. An analogy could be somewhat similar to Ford customer looking to buy another Ford; this customer would most likely be inclined to do business with a knowledgeable Ford dealership that knows all of the idiosyncrasies (w/r/t coins-rare dates, errors, price breaks etc...) By osmosis your business will naturally grow at a moderate and controlled pace when your satisfied customers ask you to purchase coins that you currently are not concentrating on. I have always been of the mindset of initially not wanting to purchase anything from individuals claiming to be an expert in all subcategories of any discipline in question. If someone propositioned me by stating that he could reasonably and effectively assist me to create a desired list of Indian head pennies, for example, I would be much more inclined to hear him out if he said that he primarily works with only three coin groups max in an effort to gain expertise in just those areas. As your business grows and you ascertain that this new coin profession has the potential to sustain you financially independent of your current job, you may want to consider a further diversification of your current product offerings to attract greater numbers and types of customers. The goal here is to first crawl without falling in an attempt to avoid walking into a wall blindfolded.  I hope your endeavor turns out well. Good luck,
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Valued Member
 United States
277 Posts |
But it needs to be worth it. There are costs to setting up at shows (ie table rentals). The show I frequent the most I know tables to be $75 each. So that means I start at $75 in the whole. If I sell everything at double what it costs me that means I need to make $150 in sales to break even. I'd need to do $1000 to make the day worth my time. I have a 1 year old son that I would be giving up time with to do this. He is my world, if I can make enough money to fund my hobby and benefit him then it's great and I'd do it. If I can't make enough to be worth the time then I'd rather spend the day with him.
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Pillar of the Community
United States
1915 Posts |
Here is another perspective. You say you want to grow your own collection, right. Well you will find you can buy coins a whole lot cheaper sitting on the other side of the table as a show dealer than as a customer. People are trying to sell to dealers at every single show. Sure you may spend $75 to set up(I wish it was that cheap in Houston), but think of the coins you could be purchasing at wholesale. The gravy would come from any sales you made of your own stuff. Heck, you might buy something on Saturday, and sell it for a profit on Sunday. Being a show dealer is competitive, but at the same time can be a blast. You will get to know other local dealers better, and that can also help in your own collecting endeavors.
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Pillar of the Community
United States
2335 Posts |
Although I have a locked display case in a local antique mall I don't do shows. My case costs $55/month & the front desk people handle unlocking the case for customers & deal with collecting & paying sales tax. The best part is in my area I don't have to have any sort of license. Most of what I sell is either sterling jewelry that is too nice to send to the refiner or coins.
Most of my income is from buying mispriced items & reselling them so I have to go through the mall once a week to look for things anyway....it's no hassle to take a few items to restock my case while I'm there.
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Pillar of the Community
United States
1915 Posts |
I did the same thing for five years. Only I sold antique furniture, glassware, and dinnerware. I had a booth. Cost was a bit more than $55 a month. Mine started out $300 a month. I expanded twice. Before the bottom fell out of the antique biz, I was paying close to $900 a month in rent for my spaces.
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Pillar of the Community
United States
2335 Posts |
I considered a booth. Rent around here is comparable to the prices you mention. I decided against it because I don't have any interest in moving heavy/bulky items around. I mainly got my display case so I could put up a sign saying "I Buy". That hasn't done much for me but talking with other people that have booth's I've found that I clear as much from my cheapo case as they do with their booth.
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Rest in Peace
United States
9104 Posts |
If you like the idea of supplies, consider specializing in books. In addition to weekends, you can run an Amazon store with very little effort.
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Pillar of the Community
United States
809 Posts |
Hey Wolverine! I like your idea of selling supplies..but I'm worried that after the cost of the table and your lunch...you wouldnt make very much.But it does sound like fun even if you just try it a few times! Good luck. 
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Valued Member
 United States
277 Posts |
I never see ANY dealers selling supplies at my local shows, that's why I'm considering the supplies
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Pillar of the Community
United States
1915 Posts |
How good is the profit margin on supplies? I know back in the day when I did baseball card shows, supplies did not have a good markup. I still carried some so I could satisfy my customers, but the profit was in the individual cards.
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Pillar of the Community
United States
1064 Posts |
wolverine, where do you currently go for shows? I'm guessing the Westford show, maybe Nashua? You go south, towards RI?
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Replies: 20 / Views: 3,797 |