If you are going to set up your own store can you have bulk world coins for sale or a bin for coins that costs let’s say 4 for a £1 same for notes as well please because I can’t really find them in the U.K.
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Quote: "pearcem12"As much as I would love to see more brick and mortar stores which sell coins and collectables, I do not think the footfall is there.
An online business/eBay store may be your best option in my opinion.
How about both some coin/banknote stores do have a online website and a physical store.
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If anything is needed in a coin shop whether online or in a shop itself, it is variety. Cheaper coins for the beginners, and nicer, more expensive coins for the more serious collectors.
My local coin shop sells coins for 25 pence upwards and also does the same with banknotes.
I like my local coin shop as they also do the other part of collecting:- albums and coin/banknote storage sheets.
I also find that if you are a regular visitor, like me, you get discount.
I agree with the posters above about running the business online. But there is plenty of competition online already. What would be your unique selling point? Why would collectors choose your business over others?
I’m studying business at college at the moment I think you need to have a unique selling point to attract customers either via online or in a physical shop.
For example if you have a website it would need to have the different things you offer put into categories such as coins, notes, tokens, collecting supplies and clearance/bulk lots.
Pros:
No physical shop to buy just run it from home.
Cons:
either you need to be tech savvy to build the website or pay quite a lot of money for a website developer to do it for you.
If you want to have a store you would need to be conveniently located and to be advertised when attending coin shows. Also you would need to build relationships with the customers so you can have a constant supply of coins and notes.
Pros:
Interact with the customers to build relationships with you and the consumer.
Cons
Costs money.
Hi to whoever is reading this. Did you know that TYPEWRITER (on a QWERTY keyboard) is the longest word you can type using only the letters on one row of the keyboard.
The categorisation of products on a website is not a unique selling point. It's commonplace.
When I wrote my business plan I analysed the different business models in the market. From my analysis I was able to create a unique selling point. I proposed to offer products and services not being offered by market rivals.
Quote: "Jupiter"The categorisation of products on a website is not a unique selling point. It's commonplace.
When I wrote my business plan I analysed the different business models in the market. From my analysis I was able to create a unique selling point. I proposed to offer products and services not being offered by market rivals.
Makes sense to analyse the playing field and start.
If you don't mind me asking - what do you do
Quote: "COINMAN1"Another big question.
Where will you obtain your coins, that you intend to sell? From a dealer? You will lose money. So, where from?
I know this is not intended for me.
That’s why I meant building relationships with your customers because they are the ones that will supply 80%+ of your stock apart from some lots you might get from auctions.
Hi to whoever is reading this. Did you know that TYPEWRITER (on a QWERTY keyboard) is the longest word you can type using only the letters on one row of the keyboard.
Quote: "rcmartinphone"Dear all
I was looking at setting up a store? Coins and other collectables banknotes and also bullion may be?
Any previous stories or information? Failures or successful setups?
Was running numbers and just thought I would ask
Mark ups? We're too buy from?
I suggest leaving mark-ups aside for the moment. Focus on drawing up a comprehensive list of overheads.
If you are selling online the overheads might include some or all of the following:
1. Website;
2. Domain names;
3. SSL Validation;
4. Insurance (i.e. Goods in Transit Cover);
5. E-Commerce fees (i.e. Selling via Ebay, Delcampe, ectra);
6. LBMA End-User Fees (Live price charts for precious metals often used by Bullion dealers);
7. Bank charges;
8. Online Payment System fees (i.e. Paypal, Wise or Skrill).
By no means comprehensive. But a helpful starting point perhaps.
After some digging these two sites look like that they are running the websites from home so maybe during these times maybe you start out from doing it from home then after gaining income maybe open a shop somewhere.
These two sites one in the U.K. and the other in France maybe you can look how the site is set up and then offer things on your site that the other two doesn't that’s your unique selling point.
Hi to whoever is reading this. Did you know that TYPEWRITER (on a QWERTY keyboard) is the longest word you can type using only the letters on one row of the keyboard.
