profit margin

Thank you all for the posts. Currently, the goal of this is to gain business knowledge, but I will definitely have to tweak this starter set in the future to have a sustainable profit margin. Do you all know of the best coin/ coin supplies wholesalers?

 

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It may seem reasonable to ask what kind of profit margins you should give yourself, but as has been said before, you would be better off approaching from a different angle. First figure out how much it will cost you, in total, to consistently put the set together (the coins, supplies, books, whatever) and try to determine what a realistic retail selling price would be, not what you hope or would like, but what someone worst-case may actually pay. Then figure out if associated costs, selling fees, expenses, etc, will allow for a profit or for this to even be worth your time. No one interested in such a thing is going to pay more than they feel the set is worth no matter what you think, and this is much more important right now than worrying about how much you'd like to make.

In past threads you have been urged to discover, to the best of your abilities, if there is even a market for such sets - have you done so? Again, a business designed around what you want to do instead of what there's an actual demand for is bound to fail, and is something a few of us have repeatedly tried to stress to you.

Have you figured out how you're going to acquire whatever items you wish to put in the sets at prices better than what are available to anyone at any time? If I recall correctly, you once said the plan was to rely on the same venue/venues you wish to sell on. Perhaps with some wise shopping and a healthy dose of luck this would work, but probably not, especially if worried about profits. You need to find reliable sources/comtacts, which shouldn't be that difficult considering the types of coins most likely going into the set. This isn't something we can do for you, but is something you need to do for yourself.

Most of this has been said before, and there's little reason to continue to rehash it, at least without knowing exactly what has happened since last discussed.

 

You also need to focus on building customer loyalty and plan on accommodating a return process (especially with Amazon) so factor all these in. There are even some times where you'll have to sell at a loss to get your money back. Hopefully not too often, but it will happen if you deal in collectibles.

It isn't easy, and you will probably put in a few years at a loss to get a business up and running.

Business license, reseller permit, tax ID, business software and of course you will need to store valuable goods. Probably best not to consider shoe boxes in the closet for it.

It took us a couple years to get our online collectibles business up and running, and to the point where we actually turn a small profit. Thankfully it's part time - and offset by a full time job.

 

or just ask Profitman, and do the opposite!