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Planing on opening a Stamp & Coin Shop, want your input.
LouisCamp
Posts: 468 ✭✭✭
I'm planing on opening a brick & mortar shop outside of Philly in the next 3-6 months. Collectors, what type of material do you look for when you go to a local dealer? I want to make sure I have the type of material on hand to satisfy customers. Supplies as well, I want to do this right and your input will help.
Thanks for your time.
Lou
Thanks for your time.
Lou
lchobbyco
ANA Life-Member
ANA Life-Member
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<< <i>Collectors, what type of material do you look for when you go to a local dealer? >>
Not stamps.
Russ, NCNE
To sell, you need moderns, mint sets/proof sets, SAEs.
You also need to have the silver washingtons, roosevelts, etc, in different grades.
Then, you need to have the circ classics.
You need the lower priced stuff to sell to beginners and walk-ins and the modern mint stuff for birthdays/anniversarys/small gifts and so that people will be able to buy from you and remember you.
Majority of your profits will come from buying from walk ins.
You also need a fair amount of bullion on hand to sell. Local dealer said gold got bought super quickly when price dropped a few weeks ago. He had trouble keeping it in stock.
For supplies, you need the cheap whitmans, better danscos, and flips and cardboard holders. Also, the cheap cotton gloves, etc.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
good advice that! keep your daytime job until coins bring in a substantial amount of money for you to live on.
#1 advice. Safety should rank HIGH on your priority list.
-David
-David
But if you insist on doing that. Please make sure you get with an alarm specialist and go further than simple glass and door alarms. Do the camera's, safe alarms, under the carpet alarms, roof alarms, etc etc. Call Barb Wingo and get a quote for a total insurance package.
Think about and really research just who is your market. You might put out choice circ Type and find out that the general population is merely interested in selling you their "diamonds" when in fact all they have are cubic zirconia's
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Was offered one from an old friend of mine in Forked River NJ >>
wish you had taken it then there would be at least a decent one in the area! ( not the thief we have one town down
myCCset
Lou
ANA Life-Member
In addition to a financial budget, you need a time budget for yourself and any potential employees.
Once you’ve done this basic planning, you can consider what type of stock to carry and then modify the plan accordingly.
Good luck in your venture! I will stop by when I am in the Philly Area
"La Vostra Nonna Ha Faccia Del Fungo"
I started up a machine shop.
When you look at going businesses, they sure do seem attractive.
What I learned though, is that being in business is a lot like taking a bath.
It ain't so hot after you're in.
I still have the machine shop, anyways.
I don't know any better.
Ray
1 It seems a lot less expensive to operate a coin business through the internet.
2 Most BM coin shops make their money through purchasing walk in coin colections. (Some think their only way of making a profit is to steal great collections from uninformed widows.)
3 If you've got the ability to open a BM shop, I would try to combine the two. There can be a long periods between customers. This tiime can be use effectively by posting coins on the net.
4 Rotate your inventory. I hate returning to a coin shop six months later and finding the same crap I saw six months earlier. If it doesn't move, sell it on the Bay
5 If I owned a BM coin shop, I would keep a basket of junk coins. I don't care if its the three lincoln pennys I received after purchasing a Big Mac at McDonalds for lunch. I would give a coin from the basket to any child (ten and under) who came into the shop. It may not be much, but to a nine year old, it will always be remembered.
6 And I agree, you need a good business plan.
Just my two cents.
The economy of certain area may influence what people buy. We have many collectors in Wisconsin who want coins, but buy lower end stuff. Some of this, in my opinion, is based on wages and other economic influences. This area wages seem to be lower that other parts of the country and taxes are higher which, again in my opinion, take away a lot of the discretionary income of people. If Philadelphia has a good business economy, housing cost are reasonable and taxes are reasonable, etc you would want to carry a different type of inventory for that area. The dealers in my area don't and won't carry slabbed coins. They don't want them if you want to sell them. My guess is if they don't want them, they can't sell them. As many of the people on this board knows I have a Registry Set of Mercury Dimes. If it ever comes a time to sell, I will not be able to sell them local because there just isn't the interest here. Chicago (about an hour south) would be able to support much higher end because wages are better, taxes are better and the business climate is better.
I understand you asking the people here for their input, but you really need to research the area in which you are looking at doing you B&M.
I wish you the best of luck!
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Offer a decent price when you buy. I know that you need to make a profit to stay open, but Greysheet Bid -20% on fast moving items seem a bit harsh.
As other have said, keep some small stuff in stock. Get the current issues of the State Quarters and Presidential Dollars from your bank at face. It will bring people in if they know you have them.
As for stuff to stock, Get some Modern Crap from the Mint, Proof Sets, Mint Sets and ASEs.
Make sure that you get a web site and sell that way too as others have suggested.
Good Luck!
Jim
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
<< <i>You need some nice, high valued, slabs in order to give yourself the right look for people.
To sell, you need moderns, mint sets/proof sets, SAEs.
You also need to have the silver washingtons, roosevelts, etc, in different grades.
Then, you need to have the circ classics.
You need the lower priced stuff to sell to beginners and walk-ins and the modern mint stuff for birthdays/anniversarys/small gifts and so that people will be able to buy from you and remember you.
Majority of your profits will come from buying from walk ins.
You also need a fair amount of bullion on hand to sell. Local dealer said gold got bought super quickly when price dropped a few weeks ago. He had trouble keeping it in stock.
For supplies, you need the cheap whitmans, better danscos, and flips and cardboard holders. Also, the cheap cotton gloves, etc. >>
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CoinsAreFun Toned Silver Eagle Proof Album
.
Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
.
More CoinsAreFun Pictorials NGC FOR SALE
<< <i>
<< <i>Collectors, what type of material do you look for when you go to a local dealer? >>
Not stamps.
Russ, NCNE >>
Russ, as always, has unique insight.........
TC71
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CoinsAreFun Toned Silver Eagle Proof Album
.
Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
.
More CoinsAreFun Pictorials NGC FOR SALE
<< <i>Personally, I would think you'd be better off buying a great camera, learning how to photograph coins and then sell them online thru a website. A lot less overhead...that is for sure! From what I gather around this place...B & M shops are a tough business to tackle. JMO. >>
True, but it's those "walk ins" with stuff to sell that can make it all worth while.
And all should be PQ of course!
Lots of bullion, modern crap and foreign stuff would be a turnoff for me.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i> 5 If I owned a BM coin shop, I would keep a basket of junk coins. I don't care if its the three lincoln pennys I received after purchasing a Big Mac at McDonalds for lunch. I would give a coin from the basket to any child (ten and under) who came into the shop. It may not be much, but to a nine year old, it will always be remembered. >>
This. Probably one of the best things to do is give some things away, especially to little kids. As much as you need to sell coins you need to grow the hobby. The best way to do that is to get little kids interested in it.