First Page
Posted 01/02/2017 10:06 am
I agree with Joe, working in someone else's coin shop for a while would give you invaluable experience in seeing exactly how a coin business is run. There is so much to learn about the market, networking, metal (gold, silver, copper) prices, and things that have nothing at all to do with coins. Most importantly, you'd learn what NOT to do.
Also attend as many coin shows as you can and try to find a dealer who is willing to talk to you and even become your mentor. There's nothing like talking to someone who's doing it.
If you had a store front, you'd have to hire and pay employees. How would you determine their wages? How would you know who to hire? Obviously they'd need to be trustworthy; but how many people who answer a help wanted ad really know anything about coins? And I'd imagine the security details of a brick-and-mortar coin shop would be something you'd need to become expert in. All of these things are potential headaches that might very well sour you on the hobby unless you're willing to put up with them.
From where I sit, it's not enough to just have a passion for coins and history. You need to want to make money, too. At the end of the day, no one (unlike myself) cares about how many different dies were used to make the 1922 plain Lincoln. It's the ledger sheet that matters. In fact, I've observed that the majority of business people don't really care that much about their product--they care about how much money they're making selling it. That's not to say that being passionate about coins won't help. But without a positive balance sheet, a passion-based business is not going to succeed.
If I were you, I'd find a coin dealer and ask to pick his brain about your idea. Don't be disillusioned if he starts with, "Well, it's a tough business." Everybody says that about what they do.
Also attend as many coin shows as you can and try to find a dealer who is willing to talk to you and even become your mentor. There's nothing like talking to someone who's doing it.
If you had a store front, you'd have to hire and pay employees. How would you determine their wages? How would you know who to hire? Obviously they'd need to be trustworthy; but how many people who answer a help wanted ad really know anything about coins? And I'd imagine the security details of a brick-and-mortar coin shop would be something you'd need to become expert in. All of these things are potential headaches that might very well sour you on the hobby unless you're willing to put up with them.
From where I sit, it's not enough to just have a passion for coins and history. You need to want to make money, too. At the end of the day, no one (unlike myself) cares about how many different dies were used to make the 1922 plain Lincoln. It's the ledger sheet that matters. In fact, I've observed that the majority of business people don't really care that much about their product--they care about how much money they're making selling it. That's not to say that being passionate about coins won't help. But without a positive balance sheet, a passion-based business is not going to succeed.
If I were you, I'd find a coin dealer and ask to pick his brain about your idea. Don't be disillusioned if he starts with, "Well, it's a tough business." Everybody says that about what they do.
Edited by jpsned
01/02/2017 10:34 am
01/02/2017 10:34 am
