How do I make a living doing this?

Where do I start?

I'm young, entrepreneurial, and intelligent. I'll be finished with my Master's Degree in about a year, and I don't want to be a slave to a desk. I've been collecting quite a while now, and now I'm seemingly well versed in many areas of this expensive hobby.

How do I make it so that I do this EVERY day. I would die a happy man if I ran a coin shop, but it seems that many local shops are family owned.

I know some of you are much wiser than myself, so any feedback would be appreciated.

 

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Masters in what? Same as bachelor degree?

 

Don't do it!

 

I've been told the same thing many times, by many different people from many different walks of life:

Trying to make a living from your hobby is a sure way to kill any enjoyment that hobby brings you.

 

Not sure the best route, but maybe start small. Sell at some of the smaller coin shows to start with to see if you really want to turn your hobby into a business. Some will undoubtedly suggest selling on E-bay, which comes with it's own special set of irritations. Having a store front business has its own added issues. I am sure others on the forum will have some much wiser suggestions.

Gene

 

Open up a pawn shop those are always fun!

 

Good Luck! I think you are on the right track in wanting to do something you enjoy and have a passion for. Smart move doing your research as well. I don't have any advice from personal experience, but I think Lawtoad is on the right track. You will never know unless you try, and if you start small to test the waters, what harm will it do? Wish you well, who knows maybe we will all be buying from you some day...

 

I suggest you start selling on ebay and focus only on coins. My feeling is if you can make a profit on ebay then you've got a good start to the real world. There are tons of people in this hobby who make money but it's difficult. At some point you gotta sell almost anything and everything you buy to make any money at it. It's a tough thing to do but not impossible, just tough at first. Plus you gotta buy coins really cheap or at least cheap enough to turn a profit. Sometimes you get good deals and sometimes it sux like there's no tomorrow.

The best way to work around the prerequisite of having to buy everything really cheap is to work at a coin shop or pawn shop. Sure you won't be able to undercut your boss but there will certainly be opportunity if you hussle and you're creative.

 

Finishing up my MBA in Finance here at SDSU. (San Diego State University)

 

I agree. Remember this is one CASH intentsive business with major risk involved and is not for the faint of heart nor wallet.

 

Join the Heartland Coin Club if you are not yet a member, and then participate in the winter show in El Cajon. They are great guys/gals and some might offer to share their tables. Best type of experience to see if you like dealing as such.

Jim

 

Buy low, sell high. Sell short. Sell long. Take profits. Sell options. Buy options back before expiry date. Don't get married. Be single. No pets.

Win!

 

I am wondering how many thousands of dollars would need to be invested for an opening inventory of a small coin shop business ? Higher grade coins are very expensive!

 

Wait coin stores are supposed to have high grade coins? Woah none of mine do. Do note the previous sarcasm.

 

I will tell you it's very cash intensive these days. We have been spending $20k-$40k a DAY lately.

 

Hire me. I win, you win. It's a win-win.

 

I have heard it said that the best way to make a million in this business is to start with two million.

 

You're spending money to buy money, which you then sell for money.

 

Marry a very, very, very rich widow who enjoys buying you "toys".

Chris

 

I have to disagree. I was a fulltime litigation paralegal for many years and doing local coin shows part time as well. Then when I got laid off a few years ago, I decided to be a coin dealer fulltime, and I can definitely say it's the best decision I made (business-wise), and I absolutely LOVE IT! Even when I was doing it parttime, I knew that I wanted to be a fulltime dealer eventually, and I have never regretted it!

If you have a passion for something, if you get the opportunity, then why not turn that passion into something you can make a living at? I believe that passion will help you become much more successful than someone doing this just as a job.