Looking for Help with Starting A Coin/Collectibles Shop

[Proudtoown]

I need some help in creating a business plan for a coin/collectibles shop. I'm trying to get a list together of equipment/supplies for a shop along with a good number for a starting inventory. I sell mostly bullion items now with private clients, a few items here, and some on Ebay. I've also sold some items at show and mostly coin club meetings. But my main focus now is going to be concentrating on private clients, attending coin/gun shows and hopefully having a side table to sell at a local military base. I've already been approved for that, but right now my inventory is a no go. I'm selling out so fast. Just to give you an idea, i started with $5,000 in April and I've done $32,000 in sales since. I'm right at a profit of 7% over those months, so better than my savings account interest. Plus I'm having fun at it. So, I'm looking for someone who may have or has worked or had a shop before that can help me get together some ideas. As far as my inventory, I would like to keep the bullion at around a 50% holding, then 50% will be in numismatic items.

 

I already have a business licencse, tax resale cert, along with my wholesale accounts with vendors for bullion items. my next step is going to start doing market research with my private clients and coin shop guest to get a feel as to the coins i need to stock. I wont have a store front so most of the normal stuff will be out. I will how ever have a small area in my business office where I would like 1 display shelf for when private clients come to purchase they might want to pick up a numismatic item. I would like to have an XRF analyzer to help with all the counterfeit bullion items floating around.

 

Not being too picky, but for anyone wanting to give a list of items, please help me with this. One list would be just to open it up, and one would be a list with unlimited resources. This is for equipment/supplies not for any coins.

 

If you dont want to give a list, just list something that you wish you would have had to help or something that you did purchase but wished you didn't. (I did this with an ISHORE gold recovery system, cost like $700 and I haven't used it once. Got on with NRT Metals and they do all my junk gold at 98% spot, much cheaper than chemicals and melting equipment.

 

Anyway, any insight in to the market and getting it started will be great.

[thebeav]

Got on with NRT Metals and they do all my junk gold at 98% spot, much cheaper than chemicals and melting equipment.

 

I think you mean NTR.....My experience with them, over a period of years, is not what your's seems to be. After a time, they became my worst nightmare.....

 

Paul

[Conder101]

I'm right at a profit of 7% over those months,

Net and before or after taxes?

[#]

You can pay yourself a living wage on that? Do you get to eat? As for NTR in Dallas I've always had a great relationship with them and the more business you do the better the price. Also, never take a check. NOT meaning they're not good it's just you'll do better getting paid in bullion. Just MHO.

David

[USAuPzlBxBob]

It's interesting how everyone always looks to see if someone can support themselves on the profits of a business.

 

But, given the bizarre (and bizarre is really a good way to describe it) tax structures possible through a business, there are some very interesting legal ways around paying taxes on money that you may have already socked away, that has to come out of IRA's, for example, eventually, and a small business (like even a liquor store) is a great way to benefit, to save yourself a lot of money.

 

Then too, a business you create may just take off, or even someone may buy it from you sometime down the road because of your success. Think of Pawn Stars. Bet they never saw their luck transforming beyond their wildest imagination.

 

So, don't always think of the profit margin of day to day. There are hidden benefits below the surface, too.

 

Good luck to you, Proudtoown, and hope you make a successful go of it.

[Proudtoown]

Net is 7%

[Proudtoown]

You can pay yourself a living wage on that? Do you get to eat? As for NTR in Dallas I've always had a great relationship with them and the more business you do the better the price. Also, never take a check. NOT meaning they're not good it's just you'll do better getting paid in bullion. Just MHO.

David

 

I'm retired from the AF with 80% disability, so I can live off my retirement checks. 100% of the profit is put back into the business. Trust me I eat well, after being in the military for 20 years, now I eat two deserts!!

[orifdoc]

You can't sell really cool stuff unless you can acquire really cool stuff. A good advertising plan in periodicals, journals, flyers, and social media seems important. What you want is to have people bringing you stuff to buy instead of scouring the earth yourself for it. A strong part of any coin-related business plan should be an internet presence, preferably with strong photographs for your numismatic material. Only you can decide what sort of niche you're looking to create though.

 

For me, updating a database and listing two coins on eBay is a chore instead of fun, but I could photograph coins for hours on end and enjoy it. Whatever you do, make sure you have a bit of fun along the way.