8 Tips For Starting a Custom Coin Business

Are you thinking about starting a custom coin business?

Their roots lie in the military, where during World War I, a young American pilot flying for the French had coins made with his unit’s insignia.

Since then, the 2″ coins have taken off. They’ve been used throughout military units and handed out to soldiers who did an extraordinary job.

Challenge coins are becoming more mainstream as businesses, military, and law enforcement leaders use them to build camaraderie.

Now is a great time to start a custom coin business. Keep reading to learn everything you need to know to make it successful.

Lay the Foundation

You have an idea for the business. You can go out and start selling coins. The potential problem with that is that you don’t have all the information you need. You don’t have a strategy, a clear vision of the business, or any financial information laid out.

If you have a military background or interest, you should first know a strategy.

It’s critical that you lay the business foundation to make it last. This is a big reason why 20% of businesses fail in the first year.

An excellent place to start is with your business mission and vision. Write down why you’re in business to begin with and where you see the business in 3-5 years.

You’ll also need to do a little research about your competition. If you search for “custom coins” on Google, you’ll see it’s a competitive marketplace.

What can you do to set your business apart from the others? Can you compete on price and still make money? Will you sell a premium product at a higher price point and profit margin?

For example, “ChallengeCoins4Less” sets itself apart by touting its world-class design team and customer service.

Define Your Target Market

One of the most important steps is to decide who you’re selling to. There are several options for custom coins.

You can sell them to the various branches of the military, law enforcement agencies, and first responders.

Small businesses and corporations are also using coins as promotional items, or you could sell to promotional companies looking to expand their offerings.

You could decide to sell to all of them. If you do, you need to be clear in your marketing messages why these different audiences want one. That will require you to have other marketing messages for each audience.

Name & Brand Your Company

A big part of the foundation is the name and brand of the company. That doesn’t just mean designing the logo.

A brand is an emotional connection that people have with your company. The stronger your brand, the better your financial performance. People want a company and a brand that they can relate to.

When creating your brand, it helps to identify it as a person. For example, if your brand were a person, what kind of car would it drive? Where would it shop? What magazines would it read?

These will also also give you additional insight into your target market,,, since you want your brand and target market to share these qualities.

Keep the name of your business simple. Make it easy to say, and have a name that clarifies what you do.

Where Will You Sell Custom Challenge Coins?

How do you plan to sell your custom coins? Will you sell them online, or do retail locations?

If you sell them online, will you sell them on Amazon or eBay or have your own website?

It is vital to decide early because your product distribution will significantly impact your marketing and financial plan.

Business Plan

You laid out most of the foundation for a business plan, so this step shouldn’t be too daunting. The central focus here is financial information.

You would need to know what your start-up costs are. If you decide to sell online, you must factor in your website, domain name, and hosting costs.

Be sure to include every expense, from office supplies to the manufacturer’s and shipping costs.

Of course, don’t forget to pay yourself enough to handle your personal expenses.

With this financial information, you’ll know precisely how many coins you need to sell and what your profit margin is.

Marketing the Business

How will you let people know about your custom coin business?

Promoting your business will be one of the challenging aspects, especially if you’re among the hundreds of companies already selling coins online.

Even if you decide to have a brick-and-mortar business, you must have a website.

Your website must be designed in a way that’s easy for customers to use. They will be on your site to compare prices, find a quality product, and place an order.

Then, you have to figure out how people will find your website. Search engine optimization can be a primary way to do that, but you must work to cut through the noise.

A blog with valuable content about custom coins will be a necessity. A blog is a great way to establish rapport with potential customers. You can show off your expertise and build trust.

You’ll also want to fill out local directory listings on places like Google, Bing, and Yahoo. This way, your customers and search engines can find your information.

Start Your Custom Coin Business

Starting a custom coin business can be overwhelming. There’s so much to do and think about; it can seem like a massive mountain to climb.

When you start your business with a solid foundation, you can build it from there. A good plan will help you start your business right, so you can anticipate challenges and respond instead of constantly reacting.

If you want more tips on how to run a thriving business, check out these marketing articles.