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How to Become a Paper Money Dealer

February 17th, 2011

paper-money-trading.jpgCollectors are known to collect a wide variety of objects. For some it is stamps, for others it’s dolls, and for those who are interested in the financial world, they collect paper money. Because collectors are so familiar with their obsessions, it makes sense that many of them turn into dealers. Paper money dealers often have to specialize in order to draw profits, but when they do their passion becomes their employment.

Becoming a Dealer

Nefarious as it sounds, becoming a dealer in paper money is not by any means worthy of a sideways glance. The first step towards becoming a dealer in paper money is to actually have paper money to sell. Since many collectors become dealers, this may not be an issue. However, if you have recently decided that entering the world of paper money dealing is your passion, you may need to purchase items that you intend to sell. Once you have acquired a decent amount of stock, you will then be able to ‘hang up your shingle’.

Going Into Business

There are several options that you can take when deciding on how to go into business. You can function as a virtual store, you can have a dedicated website, and you can have a true physical location, or combine any of the options. Once you have made the decision on how you want your business to be arranged, you will need to get yourself registered as a business. The guidelines for this vary from state to state and country to country, so do your research. Once you have a license for operation, you can legally get started.

Setting Up Your Storefront

Whether you choose to have a physical location or prefer to stay entirely Web based, you will need to have something that attracts customers to your location. Focusing on Web based business, there are several pitfalls that new dealers may fall into.

  1. Busy isn’t always better. Having a website that is packed full of pictures, text, and ads is often overwhelming to the potential customer. In the case of websites, sometimes more is simply more. It does not enhance.
  2. Organization is key. No one wants to go to a website and get lost in disorganized chaos. If you want people to return to your site, you will need to have a logical and intuitive format.
  3. Too little can be too late. While an overactive website can put off customers, so can a site that is bare and stark. Having too little information, graphics, or color can make a potential buyer feel as though they are looking at a ‘cheap’ site that doesn’t want to spend money to attract customers. There is a definite middle ground that needs to be reached.

Advertising Helps

While paid advertising can easily become expensive, if you are unfamiliar with SEO it may be worth paying for a little advice. Your business needs to be found easily on the Internet. By using SEO tricks of the trade, you can actually have your business move higher up the rankings on search engine returns. By doing some research and properly preparing, becoming a paper money dealer is well within your reach.

This article on dealing with paper money was supplied by the freelance writer Blizzerand.

2 Responses to “How to Become a Paper Money Dealer”

  1. comment number 1 by: Steve

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