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Kman

Former builder 20, quit his job and now makes up to £70,000-a-year selling rare COINS on eBay

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"James Grear, 20, from Bristol, set up The Coin Supplier with his friend Harry when they were both 18 and looking to increase the £9 an hour they earned in the construction trade. 

They got the idea for the company after Mr Grear noticed a rare WWF 50p from 2011 that was selling for eight times its value on eBay and realised there was cash to be made. "

They initially struggled to find enough rare coins to sell - as they were limited to withdrawing £100 of change a day from banks and could not find cash backers. 

But two years later - after working on their supply chain - the company now has an annual turnover of between £50,000 and £70,000, with coins sold under fixed prices rather than auctioned.

Mr Grear told Sun Online's Tara Evans: 'I will literally sit and sort through all the coins. Since we started, I've learnt which coins are good and got much quicker at it'.

'It wasn't easy to find a supplier. We had to go out and find people that would support our business."

http://www.dailymail.co.uk/news/article-5250171/Businessman-makes-70-000-year-selling-COINS-eBay.html

 

So as best I can tell, he is saying they make £70,000 a year just noodling through bags of coins

Does that seem plausible?

 

 

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No.

It's turnover that's £70k not profit. A big difference.

If his turnover is 70k then surely his profit is 70k as it doesn't cost money to get bags of change other than walking from bank to bank. No overheads as probably in his front room too.

 

Ignore me......I forgot the ebay fees & postage :D

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Mind you, if you have a cushy little number/gig that is bringing you in a few bob with zero barriers to entry and only possible downside being increased competition the first thing i would do is rush to the newspaper with the largest online following, but hey what do i know :rolleyes:

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Hmm maybe this story is pushed by Ebay themselves as an advert?

https://tamebay.com/2017/09/ebay-for-business-awards-grand-prize-winners.html

The coin boys won the "Grand Prize in the eBay for Business Awards 2017"

Maybe the message trying to be pushed is "Hey! you too can make your fortune online through Ebay!" 

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£70,000 turnover in one year.

eBay fees @ 11% because they have too much negative feedback for the 10% rate = £7,700

PayPal fees @ circa 3.5% = £2,450.

So we're down to £59,850. 

Around 2,000 sales in the last 12 months.  Let's call it £1.85 per package to post.  That's another £3,700 gone.

Now we're at £56,150...

 

That's pre-tax, pre National Insurance... pre-insurance costs.  At best, even if they retained the remaing £56,000 evenly between them and had no other costs, they'd be earning a little over £10/hr after tax.  Bricklayers are in such high demand in most of England that they can take home £150 a day with no trouble at all - good ones can make more. 

 

This is a classic eBay PR story.

 

With that said, good luck to them.  Would be interesting to see who the backers are.

 

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7 hours ago, shawy2510 said:

If his turnover is 70k then surely his profit is 70k as it doesn't cost money to get bags of change other than walking from bank to bank. No overheads as probably in his front room too.Ignore me......I forgot the ebay fees & postage :D

The coins will cost money too. 50p £1 £2 coins...........the banks don't give you them for free.

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Hats off to the guy, he could have sat about moaning about how much the world owes him a living, like so many these days, he didn't, he used his initiative and now seems to be successful in his business pursuits. I will be checking these coins more closely in future.

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2 hours ago, Xander said:

Hats off to the guy, he could have sat about moaning about how much the world owes him a living, like so many these days, he didn't, he used his initiative and now seems to be successful in his business pursuits.

I used to think this

I've been self-employed the last 5 years or so and am doing ok,  "why aren't other people doing this?" often popped into my head, certainly beats working at a supermarket which is all my schooling really qualified me for 

But I've come to think now that maybe most people aren't really cut out for being entrepreneurial 

Maybe asking people to perform well at initiative is the same as asking them to be able to run fast; have to be born wired for it 

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I withdrew something like £500 in 50p coins and £2 coins from the bank once, I managed to get around 3 50p coins that were worth more than face value and around 5 £2 coins, not really worth it for me as a job but definitely worth it for a collector, still don't own a Kew Gardens 50p though.

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1 hour ago, Kman said:

I used to think this

I've been self-employed the last 5 years or so and am doing ok,  "why aren't other people doing this?" often popped into my head, certainly beats working at a supermarket which is all my schooling really qualified me for 

But I've come to think now that maybe most people aren't really cut out for being entrepreneurial 

Maybe asking people to perform well at initiative is the same as asking them to be able to run fast; have to be born wired for it 

To be honest, I just don;t want to deal with the hassle of it. I already have to submit a tax return every year (because I make a couple of hundred selling e-books and a bit of 'other' work) and that's never anything other than a massive intimidating stress. I can;t imagine how much worse it'd be running a full on business.

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Just now, PansPurse said:

To be honest, I just don;t want to deal with the hassle of it. I already have to submit a tax return every year (because I make a couple of hundred selling e-books and a bit of 'other' work) and that's never anything other than a massive intimidating stress. I can;t imagine how much worse it'd be running a full on business.

For what I do there's not really too much to keep track of 

I still have an accountant though because I know it's not a strong point of mine, they don't cost very much but I'm a pretty easy client 

 

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On 09/01/2018 at 17:30, shawy2510 said:

If his turnover is 70k then surely his profit is 70k as it doesn't cost money to get bags of change other than walking from bank to bank. No overheads as probably in his front room too.

 

Ignore me......I forgot the ebay fees & postage :D

Did you also forget that the coins are not free either?

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