Great walk down memory lane Josh, I think everyone would watch a 3 hour video. I would like no hear more about the early days of you setting up your first coin show and how you convinced the first 13 dealers to come to little Minot, ND.
That was an interesting story. I doubt I'll ever open a coin store of my own but I do love hearing the stories of successful and interesting people. Thank you for sharing this!
I remember standing in line at the mall location Burger King and seeing your cards for Minot Coin and Bullion close to the ordering counter and thinking…… WHAT????? 😅😅 Glad I called you back after my first initial purchase with you and Don Your friendship, banter and some precious metals have been a blessing for me
Great shop and it has been fun going there and the old place for the past several years. I now give 1 oz coins to nieces and nephews for their birthdays. Hopefully, 1 of the 12 will collect in the future.
what makes going to a physical coin shop better. the only thing. is you feel your purchase. when i buy online ebay or whatnot i always over spend i buy today and tomorrow and so on. because im not getting it right then. so it feels like im not buying. i bought some amazing coins the other day. but they are still in the mail on there way. so it makes the purchase different mentally. had i gone to a local shop. (there’s not one within an hour drive) that probably would have been my only purchase this whole week. i’m planning to open a coin shop soon in denham springs LA. the one we had. was called. Coin shop ran by mr chuck shut down a few years ago. i want to open another one. he did really good. great video
Wow Josh that was a phenomenal video and as a 30-year self-employed individual my husband and I truly understand what it takes to start and grow a business. Thank you for taking the time to put this video together and for linking with all of us through the TH-cam community and your education honesty and teaching has helped to really grow the business I'm sure and to grow our awareness of you!!! We've been one of your customers from the state of Texas❤ look forward to more transactions with you in the future!🎉🎉 Keep making these awesome videos🪙💰
Great video. Just a few days ago I was wondering what it takes to open a coin shop. The owner of our only local shop died three years ago and now it it over an hours drive to find a decent shop.
I enjoyed the story about opening your coin shop. I was fortunate when I was able to meet you about 1 year ago. I was visiting from Houston, TX, never thought I would ever be in Minot ND but business took me there. I enjoyed speaking with you and I'm glad a bought a North Dakota round as a souvenir! Hope to visit again one day!
Great vid Josh. I'm retired from the restaurant business and always thought i would open a coin shop after. Never happened though. I also would watch a three hour vid on the topic, lol
TY for sharing your store history. I opened my store in 2012, but took an entirely different route - antiques and gold, then loans, then bullion, and now sneakers and handbags. I too was first introduced to old things (bottles) as a boy. Keep up the good work. Dave
Nothing like calling your wholesaler, and then putting the quote price on the sell ticket. Zero profit today on that one. I’m going to come up with some type of paper trail to avoid this mind blip in the future. Oh well, another happy customer.
I think you could start with as little as $10,000 in inventory as long as you have a source where you can get items quickly. Of course, ideally you would want to have more inventory on hand for display purposes and quick delivery to purchasers, but inventory levels can slowly grow overtime as you reinvest profits.
Enjoyed the narration of your long journey to get to do what you enjoy. One thing that s very important in opening any business is if the demeanor and/or character of the owner is compatible to the type of business he/she is interested in. You seem to have alot of patience, pleasant personality, knowledge, honesty and you also probably treat people with respect whether they deserve it or not; but best of all, a good set of ethical values. Many business owners do not make a good fit in their business and I think that s why they are not successful. Hope you have a long and successful journey with your coin shop.
Referred to and subscribed to your channel by Silver Seeker today . My brother, in Omaha, shops at Coinhuskers Coin. I've even talked to him on the phone from here in Seattle. Honest dealer. (Btw, been studying the history of the acanthus plant and how it's on old coins such as the barbers and seated coins, the dollar bill, as well as all of the Tartarian architectural-style buildings' pillars and columns around the world.) Nice watching your video.
I guess my number one question is how lucrative a business like this is. I understand if you don’t want to share, but I am very curious how much money a coin store/dealer can make. Thanks!
Very good video! I would be most interested in hearing how you gained expertise in spoting out fakes, especially since it sounds like you got into this hobby back in ~2012. Also, already having a business background helps, and the fact that you were already a franchisee of a major fast food corporation tells me you already had some financial means. Still, you gave some goodies away with this video that I know your competitors (both on and off TH-cam) probably wished you kept to yourself. But this space is unique in that it is so niche AND there is demand that everyone can eat...especially if there aren't that many local coin shops near folks. I only had interest in going to the one Dakota, to see those guys faces on rocks and some hills. After following you and seeing this video...I'll check out Minot, for sure! I'll try to avoid the winter time though...😂 Well done, again!
Great video. I would love to open a coin shop. I'm at least 5 years away from retiring in my trade to do so. What would be your best advice to start one today after your experiences???
$30k to $50k (cash and inventory) starting out is doable. If possible set up a line of credit with your bank in case you need to borrow $ for big purchases or to help cover times when you are light on cash and heavy on inventory.
i live in louisiana. so i do understand it will be a little different. but if you don’t mind answering this question. how much money and how many coins did you have to start. i’m not asking for the exact amount. but could you give what you believe would work. thanks.
Before we opened a physical location we started out in the very beginning with around $50k (cash + inventory). Setting up a line of credit with the bank helps to cover large purchases at times when cash is light and inventory is heavy. Once you have a physical location, you need to learn what your customers want to buy and focus on stocking those items (all markets are different). Depending on the product mix of what is selling will help determine how much cash you will need.
@@minotcoinbullion Thank you very much for the information. I appreciate it! I used to work for Bobcat and frequently traveled to Bismarck, Fargo, Minot and other cities. I wish I would have know about your place.
@@minotcoinbullion, excellent!!! Thank you. Looking forward to making my first purchase from you. You’re a tad over 1,400 miles away from me, that’s a bit far for me to make a day trip. Haha.
Coin shops are the best just to see it in person is so much better than on the screen
I concur: immediate sigma testing, followed by additional testing at home. Never received any fakes. Our LCS is competitive on premiums.
Burgers and Bullion sounds like a winning combination to me
We think so. People always need to eat, and there are always people looking to invest in Metals! 😀
@@minotcoinbullion Add a firearm shop and you could take all my money
We all easly would watch 1 2 3 4 hour video from you josh all day man
3 hour video about this sounds good lol. Seriously though, I would watch/ listen to it.
Great walk down memory lane Josh, I think everyone would watch a 3 hour video. I would like no hear more about the early days of you setting up your first coin show and how you convinced the first 13 dealers to come to little Minot, ND.
I agree, would definitely be interested in a more lengthy video on this process
I vastly prefer the buying of silver versus being forced to sell. But the stack did it's job superbly.
That was an interesting story. I doubt I'll ever open a coin store of my own but I do love hearing the stories of successful and interesting people. Thank you for sharing this!
I remember standing in line at the mall location Burger King and seeing your cards for Minot Coin and Bullion close to the ordering counter and thinking…… WHAT????? 😅😅
Glad I called you back after my first initial purchase with you and Don
Your friendship, banter and some precious metals have been a blessing for me
Great shop and it has been fun going there and the old place for the past several years. I now give 1 oz coins to nieces and nephews for their birthdays. Hopefully, 1 of the 12 will collect in the future.
what makes going to a physical coin shop better. the only thing. is you feel your purchase. when i buy online ebay or whatnot i always over spend i buy today and tomorrow and so on. because im not getting it right then. so it feels like im not buying. i bought some amazing coins the other day. but they are still in the mail on there way. so it makes the purchase different mentally. had i gone to a local shop. (there’s not one within an hour drive) that probably would have been my only purchase this whole week. i’m planning to open a coin shop soon in denham springs LA. the one we had. was called. Coin shop ran by mr chuck shut down a few years ago. i want to open another one. he did really good. great video
Well I actually watched the video twice. Excellent content.
It’s beautiful Coin Shop Congratulation’s!!! 🏅🏆🥈
I smiled through the whole video.
Thank you for sharing. Enjoyed listening.
Enjoyed your video. Hoping to get involved with one of your Flash Sales before the year is over.
Please do!
Thanks Josh. Very interesting. Next time I'm in Minot I'm stopping in.
Great video..i heard about you through silver seeker.. I'm now a subscriber !!
Thanks for the sub!
Wow Josh that was a phenomenal video and as a 30-year self-employed individual my husband and I truly understand what it takes to start and grow a business. Thank you for taking the time to put this video together and for linking with all of us through the TH-cam community and your education honesty and teaching has helped to really grow the business I'm sure and to grow our awareness of you!!! We've been one of your customers from the state of Texas❤ look forward to more transactions with you in the future!🎉🎉
Keep making these awesome videos🪙💰
Great video, Josh. It was quite a process, but I am glad you took it upon yourself. Thoroughly enjoy doing business with you!
Great video. Just a few days ago I was wondering what it takes to open a coin shop. The owner of our only local shop died three years ago and now it it over an hours drive to find a decent shop.
😕
I enjoyed the story about opening your coin shop. I was fortunate when I was able to meet you about 1 year ago. I was visiting from Houston, TX, never thought I would ever be in Minot ND but business took me there. I enjoyed speaking with you and I'm glad a bought a North Dakota round as a souvenir! Hope to visit again one day!
I remember the visit! Thanks for the comment.
Great story, I wish you much success, sounds like you’re on the right track. Someday I’d love to visit your shop. 😀🇺🇸
Great vid Josh. I'm retired from the restaurant business and always thought i would open a coin shop after. Never happened though. I also would watch a three hour vid on the topic, lol
TY for sharing your store history. I opened my store in 2012, but took an entirely different route - antiques and gold, then loans, then bullion, and now sneakers and handbags. I too was first introduced to old things (bottles) as a boy. Keep up the good work. Dave
That is awesome!
Nothing like calling your wholesaler, and then putting the quote price on the sell ticket. Zero profit today on that one. I’m going to come up with some type of paper trail to avoid this mind blip in the future. Oh well, another happy customer.
Love this insight on how you got started wish you many years in the Hobby!
What a fascinating story! Thank you for sharing. Just getting back into metals and found your channel. Looking forward to future videos.
Great story, thanks for sharing. And love the flash sales you have for us in other states!
Very cool story , thanks for sharing that and congrats to you on the success!
Thanks so much!
What dollar amount do you believe it takes for inventory to start a lcs?
I think you could start with as little as $10,000 in inventory as long as you have a source where you can get items quickly. Of course, ideally you would want to have more inventory on hand for display purposes and quick delivery to purchasers, but inventory levels can slowly grow overtime as you reinvest profits.
Enjoyed the narration of your long journey to get to do what you enjoy.
One thing that s very important in opening any business is if the demeanor and/or character of the owner is compatible to the type of business he/she is interested in.
You seem to have alot of patience, pleasant personality, knowledge, honesty and you also probably treat people with respect whether they deserve it or not; but best of all, a good set of ethical values.
Many business owners do not make a good fit in their business and I think that s why they are not successful.
Hope you have a long and successful journey with your coin shop.
Thanks for the kind words. I appreciate it! :)
Thanks Josh! Great to know how it all began for you.
Thanks for watching!
how great of an amazing journey. SO GLAD your here for all our coin and metal needs. Much success. !! thanks my friend
great story, I loved it.
Thanks for listening
Thanks for sharing!
Thanks for another great video. 👍🏻😊
Thanks Josh. Wish I lived across the street!
Best information on TH-cam
I appreciate that!
Great video Josh! Thanks
Thanks for sharing your experience as a coin shop entrepreneur! 🎉🙌
My pleasure!!
I wouldn’t watch a 3 hour video but I would watch a 3 part video
Great idea!
Love these types of videos coin video bit different thanx Josh
Glad you enjoyed it
"I was confident doing it myself" says he and then thumb up with a blue band aid 🤣 . Well done, I wish you lots of continuing success.
🤪
When will you be opening a shop in South Carolina lol, good job but too far for me to visit.
Referred to and subscribed to your channel by Silver Seeker today . My brother, in Omaha, shops at Coinhuskers Coin. I've even talked to him on the phone from here in Seattle. Honest dealer.
(Btw, been studying the history of the acanthus plant and how it's on old coins such as the barbers and seated coins, the dollar bill, as well as all of the Tartarian architectural-style buildings' pillars and columns around the world.) Nice watching your video.
lol. It’s April in North Dakota and those are perennials not weeds. They look like weeds until June. :) Thanks for the sub! I appreciate it.
@@minotcoinbullion (did an edit)
Cool story like most things lots of hard work. Glad you're there.
Thanks!
Great video! Enjoyed it.
Love the story, josh. I'm glad we have a proper coin shop in minot then the last one keep up the good work.
Much appreciated!
Nice one
Thanks for sharing your journey Josh.
Sure thing!
Great vid! Thanks for sharing your story AND beneficial information.
I love your videos. Thank you !!
Glad you like them!
Thank you for sharing your story!
Thanks for watching!
I guess my number one question is how lucrative a business like this is. I understand if you don’t want to share, but I am very curious how much money a coin store/dealer can make. Thanks!
Really interesting.
That’s a cool story, good for you guys!
Thanks!
My local coin shop is for sale in bend oregon. Land building and everything in it for around 1.2 million
😳
Good morning ☀️ love your content!
Thank you so much!!
Very good video! I would be most interested in hearing how you gained expertise in spoting out fakes, especially since it sounds like you got into this hobby back in ~2012. Also, already having a business background helps, and the fact that you were already a franchisee of a major fast food corporation tells me you already had some financial means.
Still, you gave some goodies away with this video that I know your competitors (both on and off TH-cam) probably wished you kept to yourself. But this space is unique in that it is so niche AND there is demand that everyone can eat...especially if there aren't that many local coin shops near folks.
I only had interest in going to the one Dakota, to see those guys faces on rocks and some hills. After following you and seeing this video...I'll check out Minot, for sure! I'll try to avoid the winter time though...😂
Well done, again!
Thanks!
Having testing equipment and EXPERIENCE sure helps a lot with spotting fakes.
Great video. I would love to open a coin shop. I'm at least 5 years away from retiring in my trade to do so. What would be your best advice to start one today after your experiences???
sure thing takes a lot of hard work to be there for the love of coins and precious metals plus cheese burgers lol good job
Great vid thanks for sharing your story with us.
My pleasure!
i love this so much
How much cash would I need to keep on hand to buy the items coming into the store? And how much inventory should I start out with?
$30k to $50k (cash and inventory) starting out is doable. If possible set up a line of credit with your bank in case you need to borrow $ for big purchases or to help cover times when you are light on cash and heavy on inventory.
Great story, thanks.
Thanks for listening
I’m in the same boat. No coin shops worth driving to. I find better deals on EBay.
I would watch the three hour version hahaha. Key takeaway, start small and grow.
💯%
Great story!
Thank you!
Great video Josh
Glad you enjoyed it
i live in louisiana. so i do understand it will be a little different. but if you don’t mind answering this question. how much money and how many coins did you have to start. i’m not asking for the exact amount. but could you give what you believe would work. thanks.
Really depends on a lot of factors but you truly can start a coin shop with $30k to $50k (cash and inventory combined) and be successful.
It's definitely not an easy business. Congratulations on your success.
Thank you!
Very interesting. Thanks for sharing. Any news on your website launch?
May 2024. More likely mid to late May. Will share announcements when it goes live!
Great video. One major question I have is, how much money did it take to get started with a physical location and inventory??
Before we opened a physical location we started out in the very beginning with around $50k (cash + inventory). Setting up a line of credit with the bank helps to cover large purchases at times when cash is light and inventory is heavy.
Once you have a physical location, you need to learn what your customers want to buy and focus on stocking those items (all markets are different). Depending on the product mix of what is selling will help determine how much cash you will need.
@@minotcoinbullion Thank you very much for the information. I appreciate it! I used to work for Bobcat and frequently traveled to Bismarck, Fargo, Minot and other cities. I wish I would have know about your place.
what is the minimum amount of capital would you say it takes open?
That’s a tough one to answer. It depends on a lot of factors. $30k -$50k between inventory and cash seems reasonable starting out.
Josh, do you have any future plans of opening up an online store? You could open yourself up to a lot more customers.
Yes! In fact, our website has been under development for the past 2 1/2 months and entered launch sometime in May. Stay tuned.
@@minotcoinbullion, excellent!!! Thank you. Looking forward to making my first purchase from you. You’re a tad over 1,400 miles away from me, that’s a bit far for me to make a day trip. Haha.
Great video. Crypto col
You own 2 Burger Kings and you prefer to do this…
just a tip you need to trim or cut the weeds down before you take a pic or video your store front does not look good
Those aren’t weeds. It’s ornamental grass………
@@minotcoinbullion ok they still need to be cut down they just don't look good just trying to help
@@minotcoinbullionI think the storefront looks great! Nicely done!