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Considering becoming a flea market coin dealer. Any advice?
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<p>[QUOTE="The Half Dime, post: 26779450, member: 153164"]I currently set up at a flea market, and some months business is incredible, while other months it's not so good.</p><p><br /></p><p>How much you will get per month depends on location, competition, and who you are targeting. Most of my sales are composed of items for a few dollars, or silver, which quickly adds up either way. The most I've done in a month is just over $800 (was in October, which seems to be a good month for me in coin dealing), and the least I've closed out at was about $180, which was in my first month.</p><p><br /></p><p>Take the advice of Mike (ToughCOINS) and put it to good use. The only problem with declaring profits is that in a traditional flea market, how you know what you've sold can all depend on who is working and what they type into the register. If I see I sold a coin for $5, and it says something like "buffalo", I have a good idea of what it is, but if it says "coin", and I have multiple $5 items, it can get difficult.</p><p><br /></p><p>Once you pull out of the flea market, it can be really hard to get back in (most of them around me have waiting lists as long as a year), so if you have a rough month with selling, it's best to stay there for at least a little while longer.</p><p><br /></p><p>The first month will likely be somewhat uneventful as people start to see your case. If you have what they like, it can pick up fast.</p><p><br /></p><p>If your customers are happy with your prices, then you're doing good even if it's not as much monetarily. </p><p><br /></p><p>Finally, expect it to be completely unpredictable. You could have someone buy $200 or more in a single transaction, or someome could buy a coin for $0.20 - personally, I perfer consistency. If you can sell $10 every day, that beats selling $300 in a single transaction for the entire month, because $10 each day likely signifies returning customers. </p><p><br /></p><p>Yeah, this is kinda long but I hope it helps. I'd recommend doing it.[/QUOTE]</p><p><br /></p>
[QUOTE="The Half Dime, post: 26779450, member: 153164"]I currently set up at a flea market, and some months business is incredible, while other months it's not so good. How much you will get per month depends on location, competition, and who you are targeting. Most of my sales are composed of items for a few dollars, or silver, which quickly adds up either way. The most I've done in a month is just over $800 (was in October, which seems to be a good month for me in coin dealing), and the least I've closed out at was about $180, which was in my first month. Take the advice of Mike (ToughCOINS) and put it to good use. The only problem with declaring profits is that in a traditional flea market, how you know what you've sold can all depend on who is working and what they type into the register. If I see I sold a coin for $5, and it says something like "buffalo", I have a good idea of what it is, but if it says "coin", and I have multiple $5 items, it can get difficult. Once you pull out of the flea market, it can be really hard to get back in (most of them around me have waiting lists as long as a year), so if you have a rough month with selling, it's best to stay there for at least a little while longer. The first month will likely be somewhat uneventful as people start to see your case. If you have what they like, it can pick up fast. If your customers are happy with your prices, then you're doing good even if it's not as much monetarily. Finally, expect it to be completely unpredictable. You could have someone buy $200 or more in a single transaction, or someome could buy a coin for $0.20 - personally, I perfer consistency. If you can sell $10 every day, that beats selling $300 in a single transaction for the entire month, because $10 each day likely signifies returning customers. Yeah, this is kinda long but I hope it helps. I'd recommend doing it.[/QUOTE]
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Considering becoming a flea market coin dealer. Any advice?
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