How To Turn Your Collectibles into A Profitable Business

What is your collection? Many people collect coins, art paintings, Barbie dolls, and miniature toys from blockbuster Hollywood movies like Star Wars. You probably have rare items you’ve been collecting since you were in high school, such as comic books, CDs, posters, artist-signed shirts, mugs, balls, etc. 

On the other hand, some people don’t have enough room to store their collectibles. Sometimes, they get worn out or rotten in boxes or cabinets because of prolonged storage. If you have similar issues, you can turn your collectibles into a profitable business. To find out how, keep reading. 

1. Preparation Is Key

Your collectibles are now getting crowded or left in display cabinets. You don’t even have time to clean them. Perhaps, it’s time to hand them over to someone who can properly care for them. However, you must first prepare yourself before you can offer them to enthusiasts and collectors.

For example, you can search online for collectible-related groups or communities. Getting involved in these organizations is a great way to pick up tips on pricing and selling strategies from other members.

Meanwhile, you can turn your collectibles into a profitable business by thinking of the best way to introduce them to the market. For instance, you can position your collectibles as rare Star Wars gifts or limited-design NBA basketball jerseys for auction.

2. Know Your Target Market 

In any business, it’s crucial to know your target customers depending on your product. For example, Limoges boxes or porcelain trinket boxes are perfect for women. Moms and grandmothers can use them to store their jewelry and other tiny accessories.

If you still have NBA cards, you can sell them as rare collections to seasoned collectors or young adult NBA fans. You can price them higher than when you bought them two or three decades ago.

Significantly, you can determine your target market by considering important factors, such as the age group, interests, and other common traits of your ideal customers. In business jargon, marketers call these buyer personas

3. List Collectibles For Online Business

Do you want to start an online business out of your collectibles? If so, once you know your product and target market, it’s time to create a vendor account. You can sign up for an online marketplace or create an e-commerce store where you can list your collectibles.

However, your listing can make or break your online business. Therefore, it’s crucial to master the dos and don’ts of online listing. For instance, choosing the right description of your collectible for sale. To do this, you can include as many details as possible, including the origin of the item and the date it first came out on the market.

Meanwhile, for rare items, make sure to include any significant events or history associated with them to make your collectible for sale more interesting. On the other hand, take clear pictures of your vintage or antique collections. You can include any photo of the alterations to show the actual condition of the item to avoid complaints after the sale.

4. Put Them Up For Rent 

If you’re up for a rental income, you can also turn your collections into a profitable business. For instance, you can rent out your old DVD or VHS collections or even your full-size limited-edition robots and stuffed toys. Take clear pictures and post them on social media. 

Party, wedding, and other event organizers usually try to look for unique costumes and decorations that they can use to fulfill an event’s theme. You’ll never know who might be interested in renting out your collectibles. 

Renting out your most-prized collections might be your golden ticket to connecting to influencers, celebrities, athletes, and other personalities you want to meet and greet. You might also learn about brighter rental business ideas that start with your collectibles. Indeed, the possibilities are endless. 

5. Make Them As Branded Merchandise 

You might want to venture into branded merchandise items. Examples include personalized shirts, lanyards, mugs, and bags. However, if you’re running out of ideas on where to get your design, you can start with your collectibles.

Since most collections came out years ago, drawing inspiration from them can provide a fresh look for younger consumers. Take clear photos of your collectibles and use them as designs on your branded merchandise items.

Meanwhile, you can also make your collectibles a free item for every bulk order for new customers. However, if you’re not into branded merch, you can make personalized greeting cards, invitations, or other printed items by drawing inspiration from your collectibles.

Nevertheless, don’t be afraid to explore other business ideas outside of your collection. You can also seek advice from your family, friends, and business experts to help you make an informed business decision.

Conclusion

Don’t allow your collectibles to rot in storage. Turn them into a profitable business by following the tips shared in this article. You can make a decent income by implementing the right business tactics for your collectibles. Just be patient and hardworking. Most importantly, keep learning how to sustain and grow your business.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan