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<p>[QUOTE=&quot;Conder101, post: 1378819, member: 66&quot;]Don&#039;t count on it.&nbsp; Being in NYC their overhead is also probably much higher than most.</p><p><br /></p><p><br /></p><p>But how do you replace stock?&nbsp; Until you are well established you probably can&#039;t expect people to be contacting you with material to sell, so you will have to work the show circuit as well either with a table or just doing dealer to dealer business, or do auctions.&nbsp; You will find that the hard part of being a dealer is the buying.&nbsp; Finding good material, buying it at a good price and then turning it quickly to free up the capital for more buying.&nbsp; But this means a lot will be coming from other dealers which means no or few killings and small mark ups.&nbsp; So you will need to move a lot of material.</p><p><br /></p><p><br /></p><p>And to make ends meet he must do that a LOT.</p><p><br /></p><p><br /></p><p>Well if you don&#039;t have a ton of money to bankroll yourself....go to shows and search out what you think would be good deals that you could possibly resell and start building a little inventory.&nbsp; Once you have enough to stock a couple of cases you can start setting up at small shows and start selling as well.&nbsp; This will give you the possibility of buying from the public as well at wholesale levels and after a few shows the dealers will start accepting you as a dealer and you will be able to start getting some better deals from them as well.&nbsp; One thing, if you are buying from them wholesale, you will also be expected to sell to them wholesale as well.</p><p><br /></p><p>Now keep this in mind.&nbsp; At first you will be trying to make at least replacement cost and expenses.&nbsp; Anything over that (plus fresh investment) needs to be rolled back into inventory, replacing, expanding, and improving your stock. As you become more established and your stock improves you start attending more small shows and expanding the territory you are known in.&nbsp; As you become known as a dealer you can start working some larger shows doing dealer to dealer transactions even though you don&#039;t have a table.&nbsp; This will help improve your stock for the small shows.&nbsp; </p><p><br /></p><p>Keep building inventory and eventually you will be able to start setting up at the larger club shows or State level shows.&nbsp; This will give you more access to other larger dealers on a wholesale basis and a wider collector base both buying from you and offering you items to purchase (public to dealer wholesale buying)&nbsp; But it will also mean higher expenses.&nbsp; Keep building inventory.&nbsp; Start working regional shows dealer to dealer.&nbsp; Eventually you&#039;ll be able to share a table at the regional shows with another small dealer.&nbsp; </p><p><br /></p><p>Basically as you see what you are doing is starting small and constantly building your business.&nbsp; You will need a retail sales tax license to keep from having to pay sales taxes.&nbsp; As long as you are not pulling money out of the business taxes won&#039;t be much of a problem except remitting sales taxes on material you sell to the public.&nbsp; Other profits the business makes is rolled over back into inventory purchases.&nbsp; At some point cash flow will be great enough that you will be able to stop sinking more of your own money into the business and it will be able to keep growing without it.&nbsp; At some point cash flow will hopefully be good enough that you can actually start drawing money OUT of the business.&nbsp; But now you will have to start paying self employment taxes and income taxes on that money.&nbsp; This means the government is going to get a minimum of 15% or more of the funds you draw.&nbsp; Keep building, keep growing, and work your way up.&nbsp; More shows, regional shows, national shows.&nbsp; Eventually you will find yourself working 25 or more shows a year.&nbsp; Now you decide if the coin business is paying well enough to quit your day job because you are working all week long and on most of your weekends too and you are killing yourself.&nbsp; Well we&#039;ve gotten past &quot;How do you start?&quot; so I&#039;ll stop here.</p><p><br /></p><p><br /></p><p>Yep, it is much easier to make money on the metals right now than on coins so that is where efforts are focused.</p><p><br /></p><p><br /></p><p>Well 30% isn&#039;t going right out the gate for taxes.&nbsp; Depending on location and whether or not they were able to collect it for 5 to 8% might be immediately going out as sales taxes, but taxes on the rest can be minimized if the money is rolled back over into inventory or expenses.&nbsp; Taxes will only be due on retained earnings.&nbsp; Of course in some areas there will also be property taxes due on the inventory at the end of the year.[/QUOTE]</p><p><br /></p>

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