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So I walk into a Flea Market... walk out a dealer

unclebobunclebob Posts: 433 ✭✭✭
edited April 16, 2017 7:57AM in U.S. Coin Forum

Walk into this enclosed store that is really an indoor flea market.

I see a display case for sale.

Wheels turning... thinking "yeah I could sell coins and other small collectibles. Maybe advertise to buy collections."

Speak to lady running store...

I buy the display case for $60...

I can rent space for $50 a month for the display case or expand to $125 per month for some additional floor space.

NEED to clean out my warehouse of my furniture and my mothers who retired from an Interior Design business.

Took less than 30 minutes to become a coin Dealer.... B)

Upside is that it will force my hand on pursuing the ANA education course. More of a vest pocket approach, but it's been on my mind to start a small coin business and this will at least give me a small base to sell and advertise.

Comments

  • PRECIOUSMENTALPRECIOUSMENTAL Posts: 961 ✭✭✭✭

    Hope it works out for you.

  • keetskeets Posts: 25,351 ✭✭✭✭✭

    based on the business model you have laid out the ANA course will help but isn't really needed. it might be if you were interacting with other dealers or a collector-public, but a GreySheet/active spot site like Kitco/your current learning curve should be all you need.

  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    You will need an internet presence to reach collectors outside of your area.

  • 1630Boston1630Boston Posts: 14,111 ✭✭✭✭✭

    Good luck with your endeavor :smile:

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko

    Bad transactions with : nobody to date

  • CCC2010CCC2010 Posts: 1,997 ✭✭✭

    Good luck that sounds exciting! Main thing is you are doing exactly what you have been planning to do. As one wise person once said..."Vision without Execution is Just Hallucination..." end quote.

    References:Coinsarefun,DerryB,Bloodman,Zubie,Gerard,Skyman,Bestclser1,Lakesammman,Yellowkid,PerryHall,Piecesofme,HTubbs,grote15
    Coinfame,Kaelasdad,Type2,UNLVino,MICHAELDIXON
    Justacommeman,tydye,78saen,123cents,blue62vette,Segoja,Nibanny
  • unclebobunclebob Posts: 433 ✭✭✭
    edited April 16, 2017 8:29AM

    I figure between my Mom and myself, I've got enough stuff to sell that will cover 2 years worth of rent ... LOL

    Got a lot of small Nick nacks...

    Store has a retail license I can piggy back on...

    Got a sterling Ebay record of almost 600, so I can convert it to an online store.

    It will give me some space to actually work. Place for pictures, Got scales, reference material etc...

    Hopefully get some experience buying.

    Have got a few other ideas, but the main goal is to just get that rock moving up hill. Got a 10 year plan for numismatics to supplement my retirement.

  • EagleEyeEagleEye Posts: 7,677 ✭✭✭✭✭

    The key to the business is buying, not selling.

    Also, if you sell your "stuff" without replacing it with other profitable "stuff", your retirement supplement will be gone.

    Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    Great idea and cost of entry is reasonable.

    You will learn more in the first few weeks of operation than we can offer here!

  • BAJJERFANBAJJERFAN Posts: 31,313 ✭✭✭✭✭
    edited April 16, 2017 1:58PM

    @unclebob said:
    Walk into this enclosed store that is really an indoor flea market.

    I see a display case for sale.

    Wheels turning... thinking "yeah I could sell coins and other small collectibles. Maybe advertise to buy collections."

    Speak to lady running store...

    I buy the display case for $60...

    I can rent space for $50 a month for the display case or expand to $125 per month for some additional floor space.

    NEED to clean out my warehouse of my furniture and my mothers who retired from an Interior Design business.

    Took less than 30 minutes to become a coin Dealer.... B)

    Upside is that it will force my hand on pursuing the ANA education course. More of a vest pocket approach, but it's been on my mind to start a small coin business and this will at least give me a small base to sell and advertise.

    Good thing you clarified that. I thought that you provided assisted escort to a dealer. ;)

    P.S. Anyone else find the icons here hokey?

    theknowitalltroll;
  • bestdaybestday Posts: 4,242 ✭✭✭✭

    flea markets are bottom fishers .. beware of buying counterfeit crap

  • BAJJERFANBAJJERFAN Posts: 31,313 ✭✭✭✭✭

    @bestday said:
    flea markets are bottom fishers .. beware of buying counterfeit crap

    Put up a sign that says all PMs offered for sale will be tested with a PM tester.

    theknowitalltroll;
  • TurboSnailTurboSnail Posts: 1,668 ✭✭✭✭✭

    @unclebob said:
    Walk into this enclosed store that is really an indoor flea market.

    I see a display case for sale.

    Wheels turning... thinking "yeah I could sell coins and other small collectibles. Maybe advertise to buy collections."

    Speak to lady running store...

    I buy the display case for $60...

    I can rent space for $50 a month for the display case or expand to $125 per month for some additional floor space.

    NEED to clean out my warehouse of my furniture and my mothers who retired from an Interior Design business.

    Took less than 30 minutes to become a coin Dealer.... B)

    Upside is that it will force my hand on pursuing the ANA education course. More of a vest pocket approach, but it's been on my mind to start a small coin business and this will at least give me a small base to sell and advertise.

    Congrat. It is always great to earn income from a hobby you enjoy. Please make sure the unexpected discouragements from business do not follow you home. As an ex- wholesale/ retail owner for custom jewelry & supplies, I bought those 18" glass top / black fabric cases with divider from China for less $10. And the average wholesale price for those in nyc was around $35-$45 a few years ago. So you might had got a really good deal if yours is a lot bigger.

  • TurboSnailTurboSnail Posts: 1,668 ✭✭✭✭✭

    @EagleEye said:
    The key to the business is buying, not selling.

    Also, if you sell your "stuff" without replacing it with other profitable "stuff", your retirement supplement will be gone.

    Speaking of it, never purchase large quantity of inventory unless you are able to sell them within a season or a year at the longest depend on your customer purchasing power and population. Trend and demand change every couple years. The longer the good sit there the harder to sell.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Congratulations on your endeavor..... Best of luck. Come back one year after your launch, that is a key point in small business survival.... Let us know how things go... Cheers, RickO

  • MICHAELDIXONMICHAELDIXON Posts: 6,589 ✭✭✭✭✭

    Congratulations and best of luck!

    Fall National Battlefield Coin Show is September 11-12, 2025 at the Eisenhower Hotel Ballroom, Gettysburg, PA. WWW.AmericasCoinShows.com
  • BoosibriBoosibri Posts: 12,401 ✭✭✭✭✭
    edited April 17, 2017 8:29AM

    Cash (flow) is king

    Latin American Collection

  • abcde12345abcde12345 Posts: 3,404 ✭✭✭✭✭

    I sent $10.00 to a small congragation in Chula Visa (California) and received a Minister's License in the mail. It's easy to be a Minister and it's easy to become a Coin Dealer.

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