Thinking of opening a store (brick and mortar). Post a Coin or Coins to show What you think.
fcloud
Posts: 12,133 ✭✭✭✭
Perhaps I am out of my mind with the way the economy is going right now. I have run through the numbers and think it works. Of course at this point I'm not looking at profit, as I have a full-time job which will remain my top priority. My store would be open on weekends and possibly a few evenings a week. The location is on a busy road, with lots of traffic, it is also just down the street from a police station. Running the numbers it looks like the amount of sales required to pay the bills is not too bad. I did the research and found a few things more expensive than I expected, and others about what I expected. The security system was about what I expected, but the set up was much more than I dreamed it would be for example. (Start up -- well let's just say it resembles sticker shock.)
My start up goals pay the bills and show some profit at the end of the endeavor (the full year).
So, am I nuts or what?
Post an amount of coins from a scale of one to ten.
Use a cent for a bad idea (I'm Nuts)
Two center (or 2 cents) a bit better
Three center (or some other combo) a bit better
4 cents (any combination)
Nickel not good nor bad (I'm about normal).
6, 7, 8, or 9 your pick on combination
10 a dime (Dude, go for it)
Let's have fun with it
My start up goals pay the bills and show some profit at the end of the endeavor (the full year).
So, am I nuts or what?
Post an amount of coins from a scale of one to ten.
Use a cent for a bad idea (I'm Nuts)
Two center (or 2 cents) a bit better
Three center (or some other combo) a bit better
4 cents (any combination)
Nickel not good nor bad (I'm about normal).
6, 7, 8, or 9 your pick on combination
10 a dime (Dude, go for it)
Let's have fun with it
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
0
Comments
Ratio of coin collectors vs non-collectors.
- Marcus Tullius Cicero, 106-43 BC
It's just a different world now.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Liberty: Parent of Science & Industry
Retail Stores.....
Be prepared to be on call 24/7.....
I have had a store for over 20 years, for the first 17 years it was only Jewelry & Repair, now it's mostly Coins and buying over the counter...and a base for ebay shipping etc.....
If it were me I would go for it, a lot of opportunity to buy..and if you have deep pockets .....buy/sell bullion.
JMO
ps....when the jewelry business was still ok, we had the best of both worlds
<< <i>Can the Demographics in your area support a B&M?
Ratio of coin collectors vs non-collectors. >>
Location between Milwaukee and Chicago. Population in the area over 125,000. I have no idea of the ratio of collectors v. normal people.
There is one large store and two small ones in a range of about 25 square miles. (The largest of the dealers thinks I should go for it based on our discussion.)
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Racine seems pretty depressed for a retail store, but if you are planning on a buying based operation it might be a great location.
As an internet dealer your would have access to the planet, and as a BM your costs are high and you have access to clients that live within only a few miles.
Good Luck whatever you decide.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>Why not go full on internet dealer, with website, plus ebay selling and telling each new ebay customer about your website. Advertise your site (and skills) on all the free coin forums.
As an internet dealer your would have access to the planet, and as a BM your costs are high and you have access to clients that live within only a few miles.
Good Luck whatever you decide. >>
That is part of it. I can still do all of the above and a store brings inventory. There is no reason why the store, ebay, and website won't work together.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
At least you're starting out with a realistic approach....
<< <i>
<< <i>Why not go full on internet dealer, with website, plus ebay selling and telling each new ebay customer about your website. Advertise your site (and skills) on all the free coin forums.
As an internet dealer your would have access to the planet, and as a BM your costs are high and you have access to clients that live within only a few miles.
Good Luck whatever you decide. >>
That is part of it. I can still do all of the above and a store brings inventory. There is no reason why the store, ebay, and website won't work together. >>
True, but there is just so much more to think about with a BM plus the costs, but if you think you can make it work, all the best to you.
Some things to think about.
1) Be prepared to be shot and killed by robbers.
2) Be prepared to deal with people like those here on the coin forums.
3) Be prepared to buy lots of fake chinese coins along with stolen merchandise.
4) Be prepared to fill out tons of government forms.
Please note, if 1) applies, no need to worry about the rest.
TRUTH
<< <i>Retail Stores.....
Be prepared to be on call 24/7.....
I have had a store for over 20 years, for the first 17 years it was only Jewelry & Repair, now it's mostly Coins and buying over the counter...and a base for ebay shipping etc.....
If it were me I would go for it, a lot of opportunity to buy..and if you have deep pockets .....buy/sell bullion.
JMO
ps....when the jewelry business was still ok, we had the best of both worlds >>
I'm genuinely curious on your comment to buy and sell bullion is there really any money there? Unless your pockets are deep how deep are you talking to be a U.S. Mint authorized purchaser of Bullion you have to be able to buy at least 25,000 Silver Eagles or if Gold Eagles 1000 is the minimum, even then your still paying a premium over spot not sure what but a premium nonethless. So if your not an authorized buyer can you really make money with bullion.
CoinSpace.com Founder
www.coinspace.com
But if you feel the urge and can deal with any financial loss, go for it! You gotta chase dreams, right?
Lance.
<< <i>My store would be open on weekends and possibly a few evenings a week.
Some things to think about.
1) Be prepared to be shot and killed by robbers.
2) Be prepared to deal with people like those here on the coin forums.
3) Be prepared to buy lots of fake chinese coins along with stolen merchandise.
4) Be prepared to fill out tons of government forms.
Please note, if 1) applies, no need to worry about the rest.
TRUTH >>
...------------------------
<< <i>If you are dead set on doing this, maybe buying a store would be a better option. Real estate in that area is going really cheap. Low ball an offer and you'll be surprised, mortgage would be cheaper than rent and give you a ROI eventually, where rent does not. >>
The advantage to rent would be I can get out after a year if it simply doesn't work. If it does go good after a year I can look at buying a place at that time. There is also an advantage at that location to me. 1) Just down the street from the police station, 2) a state patrol lives right next door, and 3) a freind rents in the same building. There are a few other advantages, too.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>You will make out if it is mostly a pawn shop. >>
I won't do a pawn shop.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>Tony, go for it. Then you can find all the dimes I need and sell them to me really cheap! >>
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
Go for it.....if you do not try you will always wonder.....besides you'll probably make a small fortune on bullion.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I think collectors are not normal too.
<< <i>I used to have a store many moons ago and about 20 years ago an old friend of mine offered me his place down the Jersey ( no, not in England ) Shore and he had been in business for decades. I polititely declined the offer.
It's just a different world now. >>
Im at the Jersey Shore and there isnt a good B&M anywhere!
Proud recipient of Y.S. Award on 07/26/08.
Aside from bullion related items, I wouldn't think that there would be enough traffic to pay the rent. Is that the plan to be mostly in the bullion business? The bullion market is volatile and a down year or two could cut current local retail traffic in half.
Takes a while to build a base of good customers.
Advertize big, and have a good supply of working capital.
Be fair it pays over and over again. Referrals are worth they weight in gold.
Ebay?
Hope it's a golden oppurtunity for you.
The entertainment can never be overdressed....except in burlesque
At times, I wish I had a storefront....both for the buying opportunities as well as for the chance to possibly better sell some of the common accumulation we have gotten over the years (that would likely do better in a brick and mortar than on ebay or anything).
So, if I were to post a coin, for your scale, I would have to post a 1/2 cent dime mule
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
He was sitting there.
He told me he hadnt sold a coin in six days, and if things didnt change shortly, he was DONEZO.
Its a tough world....the general populace is NOT your coin buying customers. To try and draw from the general populace...all I can say, is I hope your rent is really cheap or you are working toward a loss. Of course, if you can devote your "sitting on your butt' time to listing and maintaining your inventory on ebay, you may stand a chance.
Good luck but I think its a bad idea.
dont forget to invest in Secure Plus and Sniffer
not the PCGS kind.....SecurePlus is a gloc and Sniffer is a pet doberman!
www.brunkauctions.com
I see many formerly successful vest pocket dealers stop setting up at local or regional shows. They did very well from 1996-2008 but things have totally changed. What makes your product different that you can succeed where these 10-20 yr veterans failed?
roadrunner
TRUTH
<< <i>dont have a dime to show but include an internet site and I'll support you from afar >>
Already have a site; although, I need to add more stock to it.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Try it on the internet and try to find some ways of buying inventory (wholesale or from buy adds).
Avoid the risks and headaches of a shop.
I also think the economy isn't recovering for real so assuming the worst is the safest.
I feel bad for sounding against the idea but sincerely think it's too risky.
Actually, Good Luck with whatever decision you make.
Ken
About 100,000 area pop and there are no retail coin shops within about 100 miles.
The little 40 dealer yearly coin show here seems to have alot of traffic and the circuit dealers love this show.
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Time is an issue too. You have a full-time job, and you want to operate a store part-time, manage a website, and sell on eBay. When will you have time for other things in life?
You might want to work in a shop first before you consider opening your own shop. Also, you might consider buying all or part of an existing shop.
An authorized PCGS dealer, and a contributor to the Red Book.
TIA!
I closed my Mom & Pop's store in 1889 due to a depressed market from the coal market fiascos of the late 70's and early 80's. I was open 10 years. I owned my own building.
I sold proof sets, key coins(low grade) and bought and sold rolls. As previously stated, my largest income was derived from guns, hardware and general merchandise, in 1980 I made the most
I had ever made on coins(all silver rolls purchased locally). Never made much on individual coin sales. Seeing the world today and knowing what I do from experience, I would not venture again into
this arena. The insurance alone rose from a few hundred a year to
low thousands per year(just in a 10 year period). According to which state you operate in, the laws can be killer(such as Florida's--I can't imagine having a coin shop there). Whatever you
do, I most certainly wish you the best, but would not attempt to make a recommendation either way.
Best,
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
<< <i>Use a cent for a bad idea (I'm Nuts)
Two center (or 2 cents) a bit better
Three center (or some other combo) a bit better
4 cents (any combination)
Nickel not good nor bad (I'm about normal).
6, 7, 8, or 9 your pick on combination
10 a dime (Dude, go for it) >>
This is just my two CENTs
The entertainment can never be overdressed....except in burlesque