{"id":169,"date":"2018-03-15T11:40:35","date_gmt":"2018-03-15T15:40:35","guid":{"rendered":"http:\/\/www.atyourbusiness.com\/blog\/?p=169"},"modified":"2018-03-15T11:40:35","modified_gmt":"2018-03-15T15:40:35","slug":"guide-to-selling-custom-challenge-coins","status":"publish","type":"post","link":"https:\/\/www.atyourbusiness.com\/blog\/guide-to-selling-custom-challenge-coins\/","title":{"rendered":"Guide to Selling Custom Challenge Coins"},"content":{"rendered":"

Want to start selling custom challenge coins? This in-depth guide will tell you everything you need to know about rarity, pricing, design, and more.<\/b><\/h4>\n

Do you want to start selling custom challenge coins?<\/span><\/p>\n

Challenge coins have been around for about a hundred years. They started in the military to symbolize a job well done. The meaning runs a little deeper than that. They create cohesion within a team and instill pride in the work they do.<\/span><\/p>\n

Starting any business, including one that sells challenge coins isn’t easy. The first few years in business are the most challenging. That’s why <\/span>33% of small businesses<\/span><\/a> last until the second year and about 50% reach the five-year mark.<\/span><\/p>\n

If you know what lies ahead and plan for potential obstacles, you can overcome them to create a thriving business.<\/span><\/p>\n

Keep reading to learn how you can start your own business selling custom challenge coins.<\/span><\/p>\n

What are Custom Challenge Coins?<\/b><\/h2>\n

Custom challenge coins have their roots in World War I, according to legend. No one knows for sure, but legend has it that an American military pilot flying with the French created medallions with the unit’s insignia and handed them out to his unit.<\/span><\/p>\n

The Germans captured him, but he later escaped. He wandered through a French village where the residents wanted to kill him because they thought he was German.<\/span><\/p>\n

He still had his coin with him and pulled it out. A French soldier recognized the markings, which saved him from being killed.<\/span><\/p>\n

Other stories have the coins taking root during the Korean War or Vietnam War.<\/span><\/p>\n

They’re small coins, less than 2″ in diameter. They have the logo of a group or unit. They started out as round coins, but the designs have grown to be octagons or even business cards.<\/span><\/p>\n

Today, you can find police, military branches, and <\/span>FBI challenge coins<\/span><\/a>. Even businesses have used challenge coins as promotional items and to reward departments.<\/span><\/p>\n

Selling Custom Challenge Coins<\/b><\/h2>\n

One of the keys to a successful business is following your passion. Now, that doesn’t mean that you’re going to be successful right away. You’ll have to think about how you want to position your business and plan how you’re going to let people know about it.<\/span><\/p>\n

Here are the most important things you’ll need to know to start selling custom challenge coins.<\/span><\/p>\n

Developing your Niche<\/b><\/h2>\n

There’s a saying among marketers: Your niche will make you rich.<\/span><\/p>\n

That’s true with selling custom challenge coins. You may be tempted to try selling challenge coins to everyone who may be interested.<\/span><\/p>\n

The problem with that approach is that you won’t have a <\/span>deep understanding<\/span><\/a> of what people want and need when it comes to challenge coins.<\/span><\/p>\n

With challenge coins, there are several opportunities to cater to a niche. You could focus on military coins, police coins, or you could focus on one branch of the military. You could also position your business to focus on business challenge coins.<\/span><\/p>\n

Financial Plan<\/b><\/h2>\n

Whether you’re in business or selling your collection, you should come up with a financial plan, so you end up in the black.<\/span><\/p>\n

The first step to creating a financial plan is to list out all of your <\/span> for your business. Be sure to include office expenses, such as office supplies, too.<\/span><\/p>\n

If you’re taking credit card payments, you’ll need to include the fees taken out of payments, which can be about 3% of your sales.<\/span><\/p>\n

You may plan to sell your coins at a retail location or a trade show, be sure to include every single expense related to the business. Finally, don’t forget to pay yourself.<\/span><\/p>\n

Once you have your expenses outlined, it’s easier to know how much money you need to make to profit.<\/span><\/p>\n

Pricing Custom Challenge Coins<\/b><\/h2>\n

Pricing challenge coins can be a difficult thing to do, especially if you’re selling collectibles.<\/span><\/p>\n

For collectibles, several factors go into pricing. The rarity of the coin, condition, and significance are among the most important.<\/span><\/p>\n

To determine if a coin is rare, you have to know how many coins were made and how many still exist. If there weren’t many coins created, then the demand will likely be higher.<\/span><\/p>\n

Older challenge coins command a higher price because few remain in existence.<\/span><\/p>\n

Rarity applies the principle of exclusivity to price your product. The more exclusive it is, the higher perceived value. Higher value means you can charge a higher price.<\/span><\/p>\n

If you want to get a high price for your coins, they must be in excellent condition. Check for any scratches or drill holes. If you find any, the value will drop, no matter how rare or significant the coin is.<\/span><\/p>\n

You can determine the significance of the coins by researching who handed it out and what unit the coin was made for.<\/span><\/p>\n

For example, if a high ranking officer, like a Chief of Staff, issued the coin, it would carry a lot of value.<\/span><\/p>\n

How Will You Market Your Coins?<\/b><\/h2>\n

Finally, you’ll want to plan how to market your business. You can sell your coins any number of ways; <\/span>.<\/span><\/p>\n

To determine how to market your business, you’ll need to revisit your niche market.<\/span><\/p>\n

Then ask yourself how they go about buying custom challenge coins. Will they go online or will they go to trade shows?<\/span><\/p>\n

For example, businesses looking for challenge coins may look online only, or they may be searching for other promotional products.<\/span><\/p>\n

Collectors, on the other hand, are more likely to attend trade shows.<\/span><\/p>\n

Ready for the Next Step?<\/b><\/h2>\n

Selling custom challenge coins can be profitable as long as you have the right niche, the right product for that niche and the right price.<\/span><\/p>\n

If you’re ready to get started, you’ll want to make sure that you have the right business structures set up. Check out our website for all of the <\/span> you’ll need to set up your business.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Want to start selling custom challenge coins? This in-depth guide will tell you everything you need to know about rarity, pricing, design, and more. Do you want to start selling custom challenge coins? Challenge coins have been around for about a hundred years. They started in the military to symbolize a job well done. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/169"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=169"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/169\/revisions"}],"predecessor-version":[{"id":171,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/169\/revisions\/171"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}