Start a coin and banknote shop

Local collectors, people who inherit collections, tourists, gift buyers and investors looking for silver or gold.

Margin on coins and notes sold, plus sales of collecting supplies and fees for appraisals. Online sales and regular show tables can add to walk-in trade.

• Deep numismatic knowledge and grading
• Negotiating fair buy and sell prices
• Shop management and stock control
• Building trust with customers

• Dealers in precious metals may have FINTRAC reporting and record-keeping duties, so check before you start buying bullion
• Check municipal business licence rules and any second-hand dealer or police reporting requirements in your area, and Quebec rules where relevant
• Check how GST/HST applies to bullion versus collectable coins and set up your Business Number with the CRA
• Theft and robbery risk, so check insurance for stock on premises and in transit
• Rent and tied-up stock mean a slow start can be costly, so keep a cash buffer
• WCB or WSIB coverage if you hire staff, with rules varying by province

Estimates suggest startup costs typically sit around $25,000 to $100,000, depending on premises, opening stock and fit-out. Rent and tied-up stock can make a slow start costly, so it helps to keep a cash buffer.

Monthly revenue is typically estimated around $8,000 to $35,000, depending on your stock, location and how well the online store reaches beyond your town. These are estimates only, and revenue is not the same as profit.

Check FINTRAC reporting and record-keeping duties if you buy bullion, municipal business licence rules, any second-hand dealer or police reporting requirements, Quebec rules where relevant, and how GST/HST applies to bullion versus collectable coins.