Opening a Card/Coin Shop

[SunDevil2422]

So, here's the story. I've always wanted to own a shop but I know financially it wouldn't work for my family.

I have an opportunity to buy out the inventory of a local shop and take over the lease at a incredibly low rent. The initial commitment would be only 6 months. I work 70 plus hours a week so I won't be there often at first but I would control the buying of inventory and my dad would most likely run it because he has experienced running a coin store.

My question is: What are your thoughts? I don't expect to make a ton of money, but I think it would be fun and something Incould do full time when I retire. What should I stock? How much wax, what kind of singles, etc?

All advice is appreciated, thanks!!!


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[Peties Army]

Good luck.
I hope nothing but success for people starting their own businesses. Hard work

Let us know when it's up and running.

[deemsterz33]

Originally Posted by SunDevil2422

So, here's the story. I've always wanted to own a shop but I know financially it wouldn't work for my family.

I have an opportunity to buy out the inventory of a local shop and take over the lease at a incredibly low rent. The initial commitment would be only 6 months. I work 70 plus hours a week so I won't be there often at first but I would control the buying of inventory and my dad would most likely run it because he has experienced running a coin store.

My question is: What are your thoughts? I don't expect to make a ton of money, but I think it would be fun and something Incould do full time when I retire. What should I stock? How much wax, what kind of singles, etc?

All advice is appreciated, thanks!!!


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How is the coin market doing these days?

[SunDevil2422]

Originally Posted by deemsterz33

How is the coin market doing these days?

Killing it. My dad owned a shop for about ten years after he retired and did very well.


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[ucLAkers]

Its hard to say considering you work alot...really why do you work 70 hours a week?
I know for sure the LCS competition in Phoenix is tough there are alot of good shops surrounding you. I personally go to Showtime when I go to that area but if you ever decide to go with it I wish the best of luck to you.
If you decide to i'll swing in for sure im in AZ a few times a year.

Whats the coin/card ratio?

[Peties Army]

Originally Posted by ucLAkers

Its hard to say considering you work alot...really why do you work 70 hours a week?
I know for sure the LCS competition in Phoenix is tough there are alot of good shops surrounding you. I personally go to Showtime when I go to that area but if you ever decide to go with it I wish the best of luck to you.
If you decide to i'll swing in for sure im in AZ a few times a year.

Whats the coin/card ratio?

I was questioning the 70 hour work week to.

[deemsterz33]

Originally Posted by SunDevil2422

Killing it. My dad owned a shop for about ten years after he retired and did very well.


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Great to hear. Would it make sense to lean more towards vintage for cards, since coins are more of a (I could be totally wrong) vintage market?

[Myerburg311]

your best bet would be to lean towards everything.. have vintage singles & boxes to look through, vintage high end, modern high end, modern singles & boxes to look through.. and then your wax and supplies

[Diem926]

Off subject but are you thinking about opening it up in Gilbert?

[Chrisharber72]

I'm very good friends with the owner of the shop I go to and despite the fact we live in a very small town, he does very well for himself..and the shop is his only income. He's had it almost 20 years and has always done just fine. I love to hear of someone opening a business, especially when it's some they enjoy doing. In my experiance,it's a great idea,especially in the way ur talking about. In my opinion, a little of everything is what's best.. some vintage, modern, high end, low end, singles, just not a whole bunch of one thing. I get in different moods sometimes.. one day, I want a vintage single, the next I want a high end hobby box so having a little of everything is a good way to make sure you have what people may want. My shop even has poke pokemon and magic the gathering cards and they sell really well. Good luck to you in whatever you do, keep us posted.

[bwalter1]

It is not my cup of tea but I would recommend adding Non-sports. Good Luck and it is something that I would love to do.

[Prenticles]

First off, good luck.
Secondly I can not help you much with wax and goods, except buy wax you know you can sell.
Third, here is my list of advice

-Don't Overcrowd It: Stacks of Monster Boxes need to remain behind the counter. I would much rather see a nice open shop then a crowded, dingy one. Also if they fall, you're out of business.

-Know When to Mark Down: You need to try and make a profit, as always, but if that box of 2014 (random, non selling product) has been sitting on your shelf for 3 years, mark it down and sell it. You most likely will not make a profit from the markdown, but it would make more money than sitting on a shelf

-Carry Supplies: You will not make a ton of profit, but you will sell a decent amount. Be sure to stack a lot of them, as they will not go bad (dip in prices like wax). Also have some index cards, as they work better than dividers. Bubble Mailers would be good.

-Have Team Gear: I am not expecting a bunch of jerseys, but have pens, mugs, etc. If you get a "What should be buy for x. He is a sports fan?" person, you will be good.

-Get some Autograph Guests: Stars would be good, but a decent player will work. Start with busted prospects to get some practice.

-Look Great: Dress appropriately, and when there is an autograph, be the one who is slightly overdressed. Or get a Store T-Shirt.

-Clean: This is the biggest thing. Dirty display cases, windows with dust, those Matt LaPorta cards from long ago draped in dust, crumbs on the floor is unacceptable. This isn't your room in your basement. It is a business.

-Have a Nice Bathroom: For you and your guests. It boosts the "aura" of your place. It being neat and having a neat bathroom appeals.

-Be Generous: Maybe give out a free star card of a team player to kids. That will make them not forget.

-Do NOT use Beckett: Besides its unreliability, it is not the easiest to use. Saying "Buying at 50% of book" means that, besides you are using a bad source, you will do too much work trying to figure that out

-Do NOT Succumb to Greed: NO PACKSEARCHING. NO PACKSEARCHING. Post a typed sign next to the packs saying "NO PACKSEARCHING"

-Make Events: Early February can be your Topps Series One event, with that being the theme. Opening Day (buy that, nice product), Open of various sports seasons, and local traditions (Patriots day in New England), work great.

-Have a Reason for Everything: Do not mark down just to mark down. If can afford to, put it in you "Opening Day Sale".

-Make a Membership Club: For emails, specials and to get people in the store. Have them put their collecting focus so if you can buy a special card and sell it to them (pretty low), they will come.

-Advertise: Website, email, newsletter, social media are all key functions of a successful business. An email is easy, (your name)(state initials)@(fill in, I recommend Gmail but do what you want)

[Prenticles]

Double Post

[fenwaykid]

Blow the doors off- get into Pokemon, Magic etc. set up tournaments, have a table for kids to come in and play. Vintage Nintendo games are becoming highly collectible, perhaps venture into video games collectibles as well? The more foot traffic the better. My local store used to have a rewards program, come in 10x and spend over $20 each visit and the 11th visit you get a gift card for the average you spent in those 10 trips. It's simple and inexpensive, but draws people back in and makes the experience more exciting.

[TarjetasBéisbol]

The first thing you need to figure out is that 70 hour work week, why would you even want to pack more on yourself with that type of schedule? Sure your dad can help but would this end up being all on him and can he handle this amount of work? What knowledge does he have in sports

cards, especially these newer cards? You start it out with "I know financially it wouldn't work for my family", what has changed about that? Sure rent may be low for the next six months but do you just want to own it for six months? What happens 6 months to 5 years from now? Sure

members may think it's a cool idea but I think you need to step back and answer some questions before you get to the point of what to fill you card shop with.

[Kobe101]

Prenticles has some amazing ideas and I agree with all of them.

That was very nice of him to take the time to write all of that as well...

Additionally if you are still working 70 hour weeks and not making enough $ for it be financially possible for work maybe you should just go all in on the store??

I work 60-70 hour weeks in January and some in February because I am a cpa but year round 70 hour work weeks is insane!!!

Good luck!

[SunDevil2422]

Originally Posted by ucLAkers

Its hard to say considering you work alot...really why do you work 70 hours a week?

I know for sure the LCS competition in Phoenix is tough there are alot of good shops surrounding you. I personally go to Showtime when I go to that area but if you ever decide to go with it I wish the best of luck to you.

If you decide to i'll swing in for sure im in AZ a few times a year.



Whats the coin/card ratio?

I work a lot now for two reasons: My industry is going through a lot of regulatory changes which means meeting with all my clients to go over those changes. Secondly, the more I work now the bigger my residual income becomes and the less I have to work down the line. 80 % cards/20% higher end coins I would think.


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[SunDevil2422]

Originally Posted by Peties Army

I was questioning the 70 hour work week to.

Well shoot, I question it every day but the more I work now the less I work later.


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[asujbl]

First and foremost - Good Luck - it's always nice to see someone that wants to try something.

That being said? This sounds like a horrible idea if you are already working 70 hours a week. Especially if you aren't trying to make money (or that much)

What's the point of investing money, even if it's not huge capital, to open a store you are never going to be at and don't plan on making that much money doing?

How old is your Dad if he's going to run this place if you're already talking about doing this when you retire?

My CPA brain can't wrap around this.

Just my 2 cents.

[SunDevil2422]

Originally Posted by deemsterz33

Great to hear. Would it make sense to lean more towards vintage for cards, since coins are more of a (I could be totally wrong) vintage market?

Good advice. I have a ton of vintage and getting more makes sense.


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[SunDevil2422]

Originally Posted by Diem926

Off subject but are you thinking about opening it up in Gilbert?

I wish, the place I'm thinking of buying is a bit further north. The main draw is the incredibly cheap rent, can't find that in Gilbert.


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[clsports]

I owned a card shop for 10 years in the 90's. We closed shop when we realized the internet boom was quickly approaching. If you do not have good online sales presence then it will be a struggle to make decent profits unless of course you open a store in a high foot traffic area. Location, location, location.

It is good to diversify inventory too. In our glory days we carried Beanie Babies, Magic, Pokeman, etc. to stay afloat.

I don't see this as much of a hobby for kids like it was in the 90's. We had a ton of kids interested back then, Today it is a different ballgame.

If I were to give you sage advice, I would say stay away unless you are doing this more for fun than to make large profits.

[base set]

I like shops. I travel a lot, but I work a lot of weekends.

The #1 thing I look for in a shop is one that is open a few hours in the evening, one night a week.

[grimmr74]

Originally Posted by SunDevil2422

So, here's the story. I've always wanted to own a shop but I know financially it wouldn't work for my family.

I have an opportunity to buy out the inventory of a local shop and take over the lease at a incredibly low rent. The initial commitment would be only 6 months. I work 70 plus hours a week so I won't be there often at first but I would control the buying of inventory and my dad would most likely run it because he has experienced running a coin store.

My question is: What are your thoughts? I don't expect to make a ton of money, but I think it would be fun and something Incould do full time when I retire. What should I stock? How much wax, what kind of singles, etc?

All advice is appreciated, thanks!!!


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Gilbert still has card shops? Where

[bounty37h]

I don't really have advise to share that hasn't been mentioned already, but good luck if you go through with it! I had thoughts of giving it a try years ago-was thinking of making it a bar as I always wanted one, that also had sports stuff for sale. I got into framing stuff so was thinking could add that component in as well and do that during slow times. Could also use it as a space to display my own stuff that I don't have room for at home, and get a tax write off on it.