If YOU opened a Coin Shop WHAT would you need?

So there's the question.

If YOU were to open a coin shop in your town what would you need besides coins?

This could include books, supplies, advertising etc.

What would YOU want and why?

clembo

 

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Insurance.
Security.

 

I always wanted to become a Coin and Stamp dealer someday and open a hobby shop. I really want to know what it takes.

 

I would need :

• Lots of friends in the business
• Much more knowledge than I have now
• A killer website (it's silly to do business only in the immediate neighborhood)
• Time to hit major shows across the country

 

Money , and more money to live on untill you can start making some , a building in a decent locale , security , an assistant or two who you can trust , insurance , coin supplies , books , more cash to secure new coins , the expertise to to grade and detect counterfeits and altered coins and probably 21 other things I forgot , and good luck and hard work .
rzage

 

A gun?

 

Whoa...That's a tough ask....Change in plan...maybe after retirement...:desk:

 

I wonder if anyone met/dealt with any coin dealer in early 20s (age).

 

Time for many grading classes and a coin mentor full time!

Time for travel to go to shows with my mentor

A huge cash stipend to buy inventory slowly (buy what you know)

Time to talk to kids to spread the hobby

Wait a year to open shop once a decent learning curve has been overcome

Hire Clembo who would be an honest helper!

 

Hey Clembo......Hire me if you ever need any world coin apprentice :secret: or better I will work for free.

 

How about a business plan - to put it all into perspective. You've run a business so I know - you know - what I mean... I am sure I could go on below but you should at least be asking yourself a lot of hard questions up front and making sure you have answers before you start investing money and leaving your current source of income.

Knowledge about a topic doesn't mean you can run a business successfully. There should be a plan that guides you;

• How do you plan to make money - specifically?
• Legal considerations?
• What will be you expenses?
  • For a brick and mortar what are the shop furniture/PC/Cash Register/credit card machine/safe/utilities costs?
  • Do you have distributors/manufacturers lined up/organized so that you can resell supplies and goods?
  • How much does a security system cost?
  • How do you plan to market your business and what are those expenses?
  • How much seed money do you need to get it started and then sustain it? Where do you plan to get it - personal funds or financial?
  • Do you plan to have any employees and if so what are the local/state/federal implications?
  • How much insurance do you need and what are the costs?
  • How much does a business license cost?
• How much do you need to make to meet your financial objectives/responsibilities (40K)?
  • How much do you need to sell to pay the bills and yourself?
• Do you have 12 to 16 hours a day 7 days a week to dedicate to it?
• How long can you afford to go without an income?
• What are your 6, 12 and 18 month financial goals and what are your plans if you are not meeting them?
• What are your goals for the first 100 days?
• etc.

http://www.sba.gov/smallbusinessplanner/plan/getready/index.html

 

Capital...major capital. And lots of friends, like here at CT

 

A good website!! The only businesses this stinkin little town can support are bars and restaurants. No specialty shop could make it here. No businesses, no high paying jobs= nobody spending anything besides on the occasional burger.

If I did give it a go, it'd be hell trying to find a punk kid you could trust to work there within a 100 mile radius.

Maybe someday I'll live in a town where there's a coin shop within 50 miles. I do love them and have thought it would be cool to open one.

But I just stopped at our local library for the first time in a decade. Wanted to see what they had for coin books. A total of 4 books from the 80's. And they told me they can order anything I want. So, not much interest here I guess.

 

656: Great writeup. It soon makes you realize that you just aren't going to be broke one day and starting up a business the next. You either have major capital available to get something off the ground, or you get a heck of a business loan and risk it all. Then hope it pans out. If it doesn't, you were better off before you started. Got to have a heck of a plan in place.

 

I would imagine the main things would be:
Money
Security
Insurance
Money
Inventory
Insurance
Money
Clients
Connections
Time
Money
and Money.

 

Tyler, I think you missed some money. Then when Clembo is done with that, he is going to need more money.

 

Credit. You never want to have to turn a deal down because it is too big for you.

Also clients. You will need a few big clients who you can always offer big coins to and be fairly confident they will buy them on your recommendation.

 

Bingo, and all of the above. Having to pass up coins you know you can sell because of lack of $$$ is the worst situation I can imagine.

 

You know, opening a coin shop is My dream Job. I have had this as my goal for about a year now. Stock piling coins, and Im soon going to start an ebay store, or a website of my own. I ust need to get a little more financially stable, and Learn a ton more about coins and currency. I've been signing books out of the library like crazy, and my bookmark tabs are a dime a dozen.
This won't happen for many years, especially because Im so young. I had an older guy running a coin shop the other day tell me how to hold a magnifying glass....

 

Sounds like a lotta wanna-be coin dealers!

Realistically, I couldn't see doing it except by going into some kind of partnership with someone who had done it for years and was getting ready to retire/quit. Best of both worlds. You would gain the experience and also have a mentor/guide once you took over the reins.

Otherwise, and I really hate to say this, it would be very difficult.