Any Words of Wisdom for a Potential new Dealer?

Yes, I think i looked into that when I first joined but couldn't do anything there. I did have one very successful trade with a New Mexico CT member and am working on concluding another with an American on Instagram for 6 rolls of pennies. The only time I offered items for sale was at a garage sale last year. I sold all my silver offerings, half of the Canadian Penny lots and every one of the 2005 P&D Jefferson Bisons with no spears.

 

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It is not a surprise to hear that Costs play a major role in the success of these sort of ventures. If I can ever get verified for Ebay, I am going to try but,

"... expect to spend a lot of time for small returns",

these are the little things I was hoping people would talk about instead of just saying, "don't bother you're wasting your time and have just wasted ours asking for advice". Not that the opinion is not valid, if I may... the majority of musicians will not tell another musician not to quit their day job because they suck, even if rightly they do. We mostly don't discourage creativity and many of us will bend over backwards to help aspiring musicians and music creators. I don't truly feel much of that in the CT group.

As real as the reality of trying to sell coins is, does one suggest they go sell dope instead or do you ask, " well have you done this first? are you prepared for that?"

Thank you for your reply.

 

This makes me think. Are the skills needed to claim knowing grading both completely forwards and back easily worked on every coin of the world? How many years of formal or self teaching does one need before claiming master? Couldn't one use their Integrity to clearly define what they are selling and its condition without having to master grading and know the minting process inside and out beforehand? What Buyer Beware if the Buyer is Aware?

Although I've been snarky with some of the replies here, this one is not.

Thank you.

 

You're comparing the encouragement of a group of musicians relating to someone's talent to the reality of discouragement of selling coins on Ebay. There's quite a disconnect there.

I don't think anyone is suggesting to stop collecting coins. You didn't ask us if your coins were nice and pretty. You asked about the possible pitfalls of going into business as a coin dealer. Something that requires a considerable investment of time and money, and quite possibly having to quit your day job, unlike keeping your day job while still playing music with grandiose hopes of making it big.

If all you were doing was looking for encouragement you might have restricted your query to family and friends. The harsh reality is that success is incredibly rare in the ebay coin world.

 

If you didn't want honest input you shouldn't have asked for it.

Looks like you want little pats on the head saying "good boy, you'll succeed". LMAO

I buy and follow Canadian websites so if you choose to stick your head in the sand to the insightful information I gave you directly related to Canadian online dealer startups failing you are also doomed to fail.

 

Although while encouragement is always nice, it is never expected because I know how some people are, incapable of offering it.

Instead of you all just telling me no, why couldn't we have had a discussion about it, talked seriously about the state of selling coins, given me pointers, told me things to watch out for. No, many of you just assumed by my pictures my every move.

A person's intent or motivation towards their fellow human is not a disconnect from the relevance here in my example.

I think what I would have liked to see come from this was... it is okay for you all to choose the opinion that it is a bad idea for me to try and start selling coins, I could have done without your assumptions and the arrogance some of you used in your sentences. This group is not a group of mentors and it is almost like you all dislike other collectors especially new ones. I've gotten some good things to consider from this group through this thread, but, mostly I just see people who help only themselves and I really wonder why I am here because I don't fit into that category.

 

We are having a discussion. I directed you to a popular CANADIAN numismatic website. I have bought and sold coins from CANADIAN dealers from Vancouver to New Brunswick.

The only arrogant person here is you for refusing to listen to the negatives. Quite immature and childish I might add.

You should've titled this thread, "Please give me pats on the head for wanting to start a coin business, and I D'ONT want to hear the truth if it's bad."

btw the experts here vote 2:1 that your idea is bad.

If you can't handle the truth don't start a thread asking for opinions.

LOLOLOLOLOL

 

Listening is an excellent skill. Learning through listening is awesome. Listening does not automatically conclude following what was heard.

Do you not think that the process of talking through the problems and issues could bring about some solutions?

What I see here and not in just this instance, is a group of folks insisting that they are ultimately always right and that anyone challenging that is a demon from hell.

Yes, I decided months ago that I want to try and sell some coins and build some custom world sets. Do you all want to see me succeed or fail?

 

of course you are correct. nothing and absolutely no one is more enlightened than you. thank you. i now have someone new to worship.

 

You are finally right I, masterswimmer, Doug, and others are correct.

You are also correct that you are the farthest thing from being enlightened.

You need to listen to others who have more experience than you, which seems like just about everyone.

Your nasty, belligerent, stubborn, know it all (when in fact you know nothing) attitude makes you the opposite of all the Canadians I know.

 

I think at least part of what I'm saying is that it's not easy to buy nice coins cheaply enough that you can turn right around and sell for a profit. You have to know your stuff. I really think you have to know more than most of the people you deal with to be successful. Does this coin have problems? Is it low end or high end for the grade on the holder? Is it genuine? Etc. JMO

 

I thought you were seeking advice. Now I see you're seeking confirmation.

I don't know about the rest of the people in this thread, but your attitude is quickly becoming off-putting. This sort of petulance is not the way to win customers. CoinTalk is a large and vibrant community, and you have the potential to gain many customers from this website - but not with the sort of response and attitude you've shown recently.

 

The ability to grade coins in relation to your success depends heavily on the material you are going to be selling. What you showed in your original post was common modern stuff and silver bullion. I didn’t see a single coin that was worthy of professional grading. However, if you have higher grade material that you haven’t shown, you will need the ability to evaluate a coin and accurately predict what the TPGs will grade that coin.

The problem is that I don’t know the market for graded material in Canada. US collectors want coins worth more than $50 in TPG plastic, otherwise it will languish in you inventory. I understand that you are looking for advice, but we could better advise you if you were to display some of your knowledge of Canadian coins and the Canadian coin market, as well as what types of coins you are going to specialize in on E-Bay.

I sincerely think the reason you are getting pushback in this thread is because some of the members are skeptical about your numismatic acumen, and rather than trying to convince them of the feasibility of your plan, you are getting defensive. If you mention your passion or online business course again, I envision legions of members rolling their eyes in unison. It takes more than passion and basic business knowledge to succeed in selling coins online, it takes numismatic expertise and for lack of a better term, a honey hole.

You need a source where you can purchase coins at or below wholesale level. Between seller’s fees (EBay & PayPal) and S&H and supplies, you are going to lose 15% right off the top. So in order to make just 5%, you need a spread of 20%. Do you have a source that allows you a 20% spread between your sale price and purchase price?

You have to remember, this isn’t our first rodeo, and you are not the first person to ask for this kind of advice, which also feeds into the negativity you are experiencing. The track record of your predecessors was, well, not good.

 

If you’re selling raw world coins, you won’t be able to grade them all correctly. I’d say a coin is either UNC or not, damaged/cleaned or not. Anyways if you intend to sell on eBay, you aren’t allowed to mention numerical grades for uncertified coins. And as a buyer I would ignore any given grades for raw coins.

 

https://community.ebay.com/t5/Groups/ct-p/Groups

Familiarize yourself with the eBay Community and its various discussion groups - lots of good info and advice from long time sellers and store owners.
The community link can be found at the bottom right of any eBay page

 

If you want to be a coin dealer and retire with $1 million, it's best to begin with $2 million.

Humor aside, you asked "Is it worth it?" If you ask because you love numismatics and can't imagine doing anything else... yes, it's worth it! There is more than one way to measure success in life. If you ask because you can't decide whether to sell coins or pizzas or widgets, I will suggest going with pizzas or widgets. Good luck!

 

Something to learn right away is that anyone anywhere is a potential customer. As you know, the line of business you're hoping to go into is coins. And this is a coin forum. Filled with people who buy coins. Filled with people who talk to others about coins. These are exactly the people that you want to win over with your superior customer service and knowledge. This, right here, is your target audience. We are all potential customers.

Based upon several of your replies in this thread, you have likely already lost potential customers.

Regardless, I sincerely do wish you luck in your endeavor and I hope that you find success. But it looks like you have a few things to learn about how to identify and communicate with potential customers. I offer this as constructive criticism only, based on direct observation from this thread and not as an insult to you personally. After all, I only know you from your posts, so I don't really know much. I hope you don't take it the wrong way. Good luck!

 

Thx! I could never find this ebay group for some reason..
Right from the start I recognized a scam seller someone posted on..

 

I've had my own business for over 30 yeas. The best advice I can give you is as follows:
1. Find a good CPA and tell them your plans. And listen to them.
2. Don't worry to much about making a crazy business plan. As a start up if you make an extensive business plan you'll become very confused and depressed when you don't come even close it what your plan states.
3. Make a very simple business plan that is realistic. Don't assume your going to make a lot of money from the time you start your business. It can take years to become established.
4. Do the work yourself. Don't pay anyone to do something you can do yourself. It means putting in a lot of hours but, you will be the one to benefit from those hours. And you will learn how to do the job.
5. Depending on where you plan to establish your business you may need to get a business certificate in order to operate.
6. You may need to either form a LLC or Corporation. The CPA should be able to tell you what's best for you.
7. You may want to consider business insurance.
8. You will need a lawyer.
9. The best advice I can give is try selling at a few small coin shows. This will give you the best experience to see if you want to continue.
10. DON'T BE AFRAID TO GIVE THIS A SHOT. A lot of people may tell you don't do it but, the only way your going to know for sure is to try. If it doesn't work out nothing really lost.