Cha ching online coin business tips

Cha ching online coin business tips. Do you know you can make good money from selling coins? Starting a coin business offers flexibility and does not require formal training to start. Coin collecting, more business than a hobby.

CHA CHING: TIPS FOR STARTING AN ONLINE COIN BUSINESS

SOLUTION ONE

Do research on numismatics and coin collecting

SOLUTION TWO

Invest in yourself

SOLUTION THREE

Come up with a business plan​

SOLUTION ONE

Do research on numismatics and coin collecting

Research is essential if you have not been engaged in the business before, even if this is something you have done before, it is important to do research to understand the market and understand the niche that has not been fulfilled. You will learn about the newest, rarest and most traded coins. It will also help you know how to grade and give value to coins.

You can do a three part start to your research:
  1. You can go to your local library, ebay or amazon.com to purchase books about coin collecting. Try to find something published in the last five years so you can get the current trends and information and. 
  2. Go to the world wide web and google coin collecting. Allow yourself the time to look up term you do not know, write down communities, and use it to help you narrow down a niche that appeals to you. 
  3. Use communities to dive in deeper and get questions answered. You can look into reddit communities like Coin Collecting, r/coincollecting or Coin Club, r/coinclub. You can also look into Facebook communities like coin collecting help and advice, and coin collecting and selling & trading! 

 

SOLUTION TWO

Invest in yourself

Begin trading the coins that you already have as you continue to buy more coins from the proceeds you get from the sale. If you do not have coins to begin with look around for some low value coins to begin your investment. This way as you learn how to buy and trade coins you begin with a low risk situation as you make mistakes. As you continue to make consistently good choices up the value of the coins. 

SOLUTION THREE

Come up with a business plan

A common mistake some people make is to forget to add in the outside costs. Remember to include all aspects of the business such as an office space, inventory, marketing. You will need to narrow down your target audeince for your niche of coins and market to them.

Keep in mind you will need proper storage and oraginazation methods. This should be one of the first things you invest in. 

Remember to identify gaps in the market and come up with plans to satisfy those gaps. The good news is that coins are small. They will not require a lot of space in the beginning to start your business and you can add space to your operation as you grow.

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This post may contain affiliate links that will result in a commission if item is purchased.

Opinions and advice are that of our contributors. Seek professional advice before making decisions.

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