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GregTheGreat Report
GregTheGreat
Posts: 649
Hello all.
As I promised I would report back to you.
Many months ago many of you gave me advice on the Coin Biz. and I took notes from you and listened well.
I am here to report how I have done in the last 6-8 months.
Here is a listing of what I have been up to....
---------------------------------------------------------
I started out going out for the weekend shows.... most of you guys should remember this. I hit it big on my first few shows cleaning up a couple hundred dollars profit per day.... not bad I thought.
Going into the first few months of this year.... I was taking a hit on the shows. I was pulling maybe $100 profit a day max and some shows granted a loss. The thing that killed me was the upkeep. The lower end stuff was such a hassel and the work involved was tough.
I then talked to a GREAT friend of mine that I met at one of the shows I first did. He gave me a list of other shows to try and showed me a few places to pull a quick profit with minimal upkeep.
I tried taking his advice and doings some flee markets, some open swaps, and some other shows.
These were allright but the bottom end stuff became a real pain.
I was stapling flips with 2000-P cents in them and they were selling.... as hard as it is to believe. But selling a cent that cost me 2 cents and putting it in a 4 cent flip plus the .12 cent staple only made me a profit of a little less then a dime.... it takes a lot more than a dime to make a coin show.... yes i was selling close to a hundred of these 10 cent profits at the shows but the time it takes to work on all that drives a person nuts.... not to mention the inventory.... you have to stock every coin and have them by the rolls.... it sucks up a lot of cash for not that high of a repayment. Now I have been trying to do this as my ONLY job and these 10 cent profits were not going to cut it.
So in February I decided to start dumping my cheap stuff and getting in with the "Big Boys". I started by going to a local show that I knew would have a 400-600 min. attendance and littereally DUMPING every cheap coin I owned. I lost money that day but it was good to get some nice cash flow. I was selling ASE's at Silver spot and BU cents way below bid.... but it brought in a ton of money.... even if it was not profit it was enough to get my new concept going....
I picked up several thousand at that show.... every dealer was mad at me because I sure sucked up the busisness that day.
However.... that day made me a lot of "Coin Contacts" and a lot of people had a lot more they wanted to buy....
What i did at that show that turned my whole busisness around was a WANT LIST. Just about everyone who came to my booth filled out a want list. At the end of the day I have over 150 want lists and some of them had some very pricey coins on them. To this date I have sold over 800 coins to these 150 people that are priced over $30.
This includes several 09-S VDBS grading up to VF. (A few of these I picked up on CU).
The money is in Specialization (as I call it)....
I go to the shows now not to sell.... but to make contacts.
I meet a dealer who can offer me the best prices on high end items and meet some collectors who are interested in those items....
I just serve as the middle man. Pick up 5-10% on a coin priced at $100 is a lot easier then stapeling 100 flips and finding one hundred coins.... the work is easier and the stress of setting up for shows is eliminated.
I do miss working the crowd though. I still do one from time to time but I prefer to save myself the hassle.
I still like the bottom end stuff but just for fun.... I don't see any real money in it. If i pick up a few bucks of stuff like that I try to get rid of it fast.... unless you own a show these items are a waste of time.
I recently bought a 16-D cent for a guy from a contact I met at a show who lives in New York.... his was in town visiting and I went out for a meal with the guy.... he owns a show out there and he hits all the big shows.... I send him a list every few weeks and he sends me coins on those lists every few weeks.... he makes 3-5% then I pick up another 3-5%.... The customer gets what they are looking for... and we all win.
Very little work on my part.
The majority of my work today is mainly donw via computer or over the phone. I have an e-mail where customers send me their want lists.... they go automatically into a database I set up and I e-mail them or have a friend of mine fax them for me once every few weeks to my dealer contacts.
My current profits vary but in the last 3 months I picked up around $2500 which a substancial growth each time I get more want lists. It is a part of busisness that it takes time.... and with each new contact it only gives me more people to buy and sell from. Over time the profits will continue to rise.
I want to thank you all again for giving me the advice many months ago. I try to throw some bottom end stuff up on BST from time to time and I love watching the BST's for a good deal. I still collect myself but over time it gets less and less appealing. When you deal with them all day the novelty of it begins to fade.... maybe its when you feel that financial hardships are caused by them.... in any case.... I still love them.
Ohh... one more thing. I have hired a few of my friends part time to help me out. I am actually an employer. I never would of thought. lol. They get a kick out of reading some of the posts in the Open thread on this board. One of my friends is going to stick this busisness out with me and is helping me by traveling to some shows this summer and he is planning a trip with me this Fall/Winter to some of the bigger shows.... we figure the $1000 that it would cost to take the trip will probabally pay off in the long run.
I am glad that this has all come together.
I just felt like sharing my story and bringing you all up to date on my expierences. I look forward to dealing with many of you in the future.
If you want to know any further info please feel free to e-mail me (link at bottom) or P.M. me right here on the boards.... I don't get on the boards everyday but I try to as often as I can.
Thanks again for the advice many months ago to those of you who gave me some.
Wish me luck in my future endevors.
-Greg
As I promised I would report back to you.
Many months ago many of you gave me advice on the Coin Biz. and I took notes from you and listened well.
I am here to report how I have done in the last 6-8 months.
Here is a listing of what I have been up to....
---------------------------------------------------------
I started out going out for the weekend shows.... most of you guys should remember this. I hit it big on my first few shows cleaning up a couple hundred dollars profit per day.... not bad I thought.
Going into the first few months of this year.... I was taking a hit on the shows. I was pulling maybe $100 profit a day max and some shows granted a loss. The thing that killed me was the upkeep. The lower end stuff was such a hassel and the work involved was tough.
I then talked to a GREAT friend of mine that I met at one of the shows I first did. He gave me a list of other shows to try and showed me a few places to pull a quick profit with minimal upkeep.
I tried taking his advice and doings some flee markets, some open swaps, and some other shows.
These were allright but the bottom end stuff became a real pain.
I was stapling flips with 2000-P cents in them and they were selling.... as hard as it is to believe. But selling a cent that cost me 2 cents and putting it in a 4 cent flip plus the .12 cent staple only made me a profit of a little less then a dime.... it takes a lot more than a dime to make a coin show.... yes i was selling close to a hundred of these 10 cent profits at the shows but the time it takes to work on all that drives a person nuts.... not to mention the inventory.... you have to stock every coin and have them by the rolls.... it sucks up a lot of cash for not that high of a repayment. Now I have been trying to do this as my ONLY job and these 10 cent profits were not going to cut it.
So in February I decided to start dumping my cheap stuff and getting in with the "Big Boys". I started by going to a local show that I knew would have a 400-600 min. attendance and littereally DUMPING every cheap coin I owned. I lost money that day but it was good to get some nice cash flow. I was selling ASE's at Silver spot and BU cents way below bid.... but it brought in a ton of money.... even if it was not profit it was enough to get my new concept going....
I picked up several thousand at that show.... every dealer was mad at me because I sure sucked up the busisness that day.
However.... that day made me a lot of "Coin Contacts" and a lot of people had a lot more they wanted to buy....
What i did at that show that turned my whole busisness around was a WANT LIST. Just about everyone who came to my booth filled out a want list. At the end of the day I have over 150 want lists and some of them had some very pricey coins on them. To this date I have sold over 800 coins to these 150 people that are priced over $30.
This includes several 09-S VDBS grading up to VF. (A few of these I picked up on CU).
The money is in Specialization (as I call it)....
I go to the shows now not to sell.... but to make contacts.
I meet a dealer who can offer me the best prices on high end items and meet some collectors who are interested in those items....
I just serve as the middle man. Pick up 5-10% on a coin priced at $100 is a lot easier then stapeling 100 flips and finding one hundred coins.... the work is easier and the stress of setting up for shows is eliminated.
I do miss working the crowd though. I still do one from time to time but I prefer to save myself the hassle.
I still like the bottom end stuff but just for fun.... I don't see any real money in it. If i pick up a few bucks of stuff like that I try to get rid of it fast.... unless you own a show these items are a waste of time.
I recently bought a 16-D cent for a guy from a contact I met at a show who lives in New York.... his was in town visiting and I went out for a meal with the guy.... he owns a show out there and he hits all the big shows.... I send him a list every few weeks and he sends me coins on those lists every few weeks.... he makes 3-5% then I pick up another 3-5%.... The customer gets what they are looking for... and we all win.
Very little work on my part.
The majority of my work today is mainly donw via computer or over the phone. I have an e-mail where customers send me their want lists.... they go automatically into a database I set up and I e-mail them or have a friend of mine fax them for me once every few weeks to my dealer contacts.
My current profits vary but in the last 3 months I picked up around $2500 which a substancial growth each time I get more want lists. It is a part of busisness that it takes time.... and with each new contact it only gives me more people to buy and sell from. Over time the profits will continue to rise.
I want to thank you all again for giving me the advice many months ago. I try to throw some bottom end stuff up on BST from time to time and I love watching the BST's for a good deal. I still collect myself but over time it gets less and less appealing. When you deal with them all day the novelty of it begins to fade.... maybe its when you feel that financial hardships are caused by them.... in any case.... I still love them.
Ohh... one more thing. I have hired a few of my friends part time to help me out. I am actually an employer. I never would of thought. lol. They get a kick out of reading some of the posts in the Open thread on this board. One of my friends is going to stick this busisness out with me and is helping me by traveling to some shows this summer and he is planning a trip with me this Fall/Winter to some of the bigger shows.... we figure the $1000 that it would cost to take the trip will probabally pay off in the long run.
I am glad that this has all come together.
I just felt like sharing my story and bringing you all up to date on my expierences. I look forward to dealing with many of you in the future.
If you want to know any further info please feel free to e-mail me (link at bottom) or P.M. me right here on the boards.... I don't get on the boards everyday but I try to as often as I can.
Thanks again for the advice many months ago to those of you who gave me some.
Wish me luck in my future endevors.
-Greg
0
Comments
Thanks for the update.
The best part of the story is that you are pleased with your accomplishments. That is success in my eye.
It sounds like your persistance paid off!
Semper ubi sub ubi
Way to go Greg!!!
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I picked up several thousand at that show.... every dealer was mad at me because I sure sucked up the busisness that day. >>
Every dealer in at the show was mad at you? Come on. Thats hard to believe.
I won't bring up old dirt on this subject....people can search the forums. I have been scammed by you and you still won't reply to my pm's. I hope you make it in the coin business and prosper. I really do. But people will remember the "earlier" you and it won't help at all unless you clean up that mess.
Cameron Kiefer
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Doug
I'm gald you gave us a followup on your business. I remember very well when you stated you wanted to start dealing in coins. I was not optimisitic, I will admit, but it looks like you've been learning at every opportunity and have a good head for business.
Good luck and keep us posted.
It's very difficult to make money in very low end coins and most who do are in wholesale or they add a lot of value.
PS: I have a used stapler if you need it.
Go where your business clients take you. Translated: If you are trying to sell "A" and your clients keep coming to you asking for "B" then start selling "B". If later they want "B" and "C", go find some "C"...go where your business clients take you. Your filling of want lists and shaking hands is a great formula, with a little sophistication you can be one of those fat guys but the best thing about it all...you are lucky enough to be doing something you enjoy.
Best of luck to you, it seems like you are on your way. You have a lot of ambition, self confidence, and gall, keep all of those things but remember that you must be as pleasant to deal with as you can be. Increase your understanding of manners, polite behavior, business conventions and seek the middle road. Wear fresh clothes all the time you are in public, keep your self well groomed, and put a smile on your face. I hope you do well. We can always use good dealers that know what they are doing and are pleasant to deal with.
Edited to add:
The ILNA show runs 9/8-11 (Countryside, IL). If you go, stop by Table #110, and meet the "Other Greg"
It was really cool reading about how you're able to get yourself up and going in the real world of coin dealing. The retailing angle can be brutal unless you're very well stocked, know your market, and are well liked.
On that last note, you'll go a long way if you can properly mend fences with fellow board members who were apparently burned by you. There are many lurkers on this board that would like to see the results of this and would otherwise never want to do business with you.
Self Indulgence | Holey Coins | Flickr Photostream
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Aerospace Structures Engineer
<< <i>Will we see you at the IL State show in Sept.?
Edited to add:
The ILNA show runs 9/8-11 (Countryside, IL). If you go, stop by Table #110, and meet the "Other Greg"
I will look into this show.... I already had it on my maybe list.... there is another show that occurs I think in SouthBend or near by that I was planning on going to but I might go the the ILNA instead.
If you have any more details on the show please feel free to P.M. me.
--------------------
I just want to thank everyone again for all the comments. In this thread there was a lot of good advice as well. You all have been very informative and helpful. Thanks a million.
Hope to see you all around.
-Greg
P.S. I will post another update towards the end of this year telling you how the later half of 2005 went. Thanks again everyone.
E-mail GRU Coins
<< <i>I never understood the free flips thing, until I read this .10C markup post >>
I still dont get it.
That's all water under the bridge now.
I see quite a few negative comments regarding your umm....... morals. I'm a relatively new member on these boards, looking for tips and connections. It sounds like I'll be best avoiding you.
Good luck tho!