Has anyone ever posted something like this locally? I am a new FFL Type 01 and I've decided that there is little to no money in stocking new guns. Used guns are my wheelhouse anyways so I'm thinking about posting an ad to buy any used, old, unwanted, neglected or broken firearms. I'm just curious if anyone else has had any luck with this type of business model.
Local newspaper ad wanting to buy guns?
- Thread starter barrett93
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I am a small FFL and I will say you have a hard task ahead. What you say about new guns is true about very little profit but at least you know what the profit is. You mention old unwanted broken guns, well I don't think there is money there.... maybe some if you part them out and work at it. Collectible guns is where the money is at but again hard to buy right.The problem with used guns is basically the same as new guns, competition.Most folks have a good idea what their gun is worth. Without having a walk in business to buy used firearms is is going to take work. I browse online, work gunshows and gun forums. It is work and it takes experience to buy used guns right. The profit in a used gun is when it is bought. There are times that you just pay to much for a used gun and you feel lucky just to get your money back or even take a loss.
I retired early from a "real"job and got a FFL 3 years ago because I am a gun enthusiast and I enjoy it. It is more of a hobby than business. If I depended on it to make a living I could not do it the way I currently conduct business. I sell what I like and I know that hurts my sales but that's the way I run my small business.
Back to the ad...... I did try that years ago before I got my FFL and only got one or 2 calls for stuff I didn't want. I use to browse newspaper ads but now most people sell on local or national forums.
My advice is to go slow as it is really tough right now selling guns.
Good luck with it.
I retired early from a "real"job and got a FFL 3 years ago because I am a gun enthusiast and I enjoy it. It is more of a hobby than business. If I depended on it to make a living I could not do it the way I currently conduct business. I sell what I like and I know that hurts my sales but that's the way I run my small business.
Back to the ad...... I did try that years ago before I got my FFL and only got one or 2 calls for stuff I didn't want. I use to browse newspaper ads but now most people sell on local or national forums.
My advice is to go slow as it is really tough right now selling guns.
Good luck with it.
JCW64,
I appreciate the input. I made a pretty good business of buying and selling used guns a few years back when the Facebook pages were in full force. So I've got a pretty good idea of what sells and what doesn't. I'm more interested in buying estates and collections honestly. I mean I don't mind to buy singles or even broken guns but I'll onviously pay accordingly and most of the broken stuff will be for me to piddle with personally. This will be a side venture as I have a full time job. Not looking to make a killing, just a little extra income.
I appreciate the input. I made a pretty good business of buying and selling used guns a few years back when the Facebook pages were in full force. So I've got a pretty good idea of what sells and what doesn't. I'm more interested in buying estates and collections honestly. I mean I don't mind to buy singles or even broken guns but I'll onviously pay accordingly and most of the broken stuff will be for me to piddle with personally. This will be a side venture as I have a full time job. Not looking to make a killing, just a little extra income.
mohavesam
Hawkeye
As a licensed type 01, you can certainly "engage in the business of..." with used guns.
Buying large collections (estate or piecemeal) is arduous and seldom profitable. It is labor intensive and requires full attention, not something you can do during walk-in business hours. And in some states, "estate" is a defined legal-commercial term. A guy with two shotguns under his arm is not an "estate sale".
I have been told: "its either a business or a hobby. Buy low, sell high & sell fast, and remember cleaning/repair costs you hundreds of $$ every hour."
Can you make enough margin to cover that?
Buying large collections (estate or piecemeal) is arduous and seldom profitable. It is labor intensive and requires full attention, not something you can do during walk-in business hours. And in some states, "estate" is a defined legal-commercial term. A guy with two shotguns under his arm is not an "estate sale".
I have been told: "its either a business or a hobby. Buy low, sell high & sell fast, and remember cleaning/repair costs you hundreds of $$ every hour."
Can you make enough margin to cover that?
UmpquaCharlie
Buckeye
My local paper and local nickel ads, have an ongoing advertisement such as you suggested. I have no idea how successful he is.
Busterswoodshop
Buckeye
Pawn shops advertise all the time. They don't seem to have a hard time stocking up on used guns.
41 nut son
Bearcat
I grew up in a "part time" gun shop that outsold the local full time sales shop. News paper advertising was a crucial aspect in establishing, however that was a pre-digital age time. It did take time to build a customer base but it didn't take long by paying a fair price for used guns and then selling them fairly at a relatively modest mark up, especially for "hunting class" rifles that were in excellent shooting condition but might have had some honest use cosmetic flaws. Occasionally a unique, rare, or collectible would walk in and present an opportunity to sell nationally at a little more mark up. Customer was happy as he got an honest local price and often lacked the ability and knowledge to get into the market that would really maximize value. And we were happy to do the extra leg work for the extra profit. Our key was in an increased volume with a smaller profit margin vs an increased profit margin.
In today's world I would still utilize newsprint, but probably only seasonal and instead focus more heavily on digital media.
The other aspect that contributed greatly to our inventory was a pawn license, but this was unique to our rural area that had a high seasonal income differential. Here is the pattern that was observed over and over. Early fall a customer would come in and purchase a rifle for the upcoming hunting season, hunt all season with it, then either pawn it or sell it back in early to mid December (money for Christmas)(if pawned we saw less than 50% return for their gun) and then come back in the next fall and start the process over. We didn't make a lot on each gun but made some, more importantly we got word of mouth advertising.
In today's world I would still utilize newsprint, but probably only seasonal and instead focus more heavily on digital media.
The other aspect that contributed greatly to our inventory was a pawn license, but this was unique to our rural area that had a high seasonal income differential. Here is the pattern that was observed over and over. Early fall a customer would come in and purchase a rifle for the upcoming hunting season, hunt all season with it, then either pawn it or sell it back in early to mid December (money for Christmas)(if pawned we saw less than 50% return for their gun) and then come back in the next fall and start the process over. We didn't make a lot on each gun but made some, more importantly we got word of mouth advertising.
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