Turning a Hobby or Passion into a Business

Old Coins.   Photo by Clearly Ambiguous.


Bob Walter, a co-owner at Sam Sloat Coins, Inc., a leading dealer in rare coins, sports memorabilia and political memorabilia, knows why so many people who try to turn a hobby or passion into a business so often fail: “Their heart wasn’t really in it.”

That and they didn’t understand the business or their customers he adds.

In discussing why so many sports memorabilia businesses failed in the 1990s, Walter explains: “They couldn’t make money because they did not know how to take care of their customers. They only sold product. They didn’t know how to buy it back. They didn’t know how to treat their customers fairly. There’s nothing special about being a sports memorabilia dealer if you are a coin dealer. You have to be honest with your customer. You have to sell a product that has value. You have to offer customer service. You have to be fair.”

You’ve also got to have heart.

Photo by Clearly Ambiguous.

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