Hobbies are close to our hearts, so they’re not always the best way to go into business, but the Travel Channel’s Toy Hunter seems to have found the magic formula for balancing business and pleasure.
Here are five tips gleaned from toy dealer Jordan Hembrough by Entrepreneur’s Carol Tice for hobbyists considering going pro.
1. Buy right. Know the true value of your product, and be willing to set aside your own wants. Keep your hobby-self in check, or you’ll end up with a closet full of unsalable stuff.
Sometimes collectors counter-offer and want Hembrough to pay more for their toy. He will often pass on the purchase because he knows what toy collectors are willing to pay for that particular item in that condition. He might be dying to own that toy, but he stays focused on the profit-and-loss realities.
2. Cultivate supplier relationships. Opt for building a strong relationship over making the biggest profit. Hembrough isn’t out to rip off toy collectors, as he’s hoping to come back and visit them again to make more purchases. He approaches each collector with respect, and always asks each time, “Are you willing to sell me this?” before he names a price.
Full story at Entrepreneur.
From hobbyist to entrepreneur.
Photo credit: FotoliaAuthor on Google+