Dean Kinzer transformed his father's hobby of ancient coin collecting into a lucrative side hustle by effectively leveraging social media and community engagement.
The ancient coin market serves as an ultimate niche product, where understanding buyer interests and building trust are crucial for successful sales.
Kinzer implemented innovative marketing strategies, including networking at conventions and creating educational content, to attract and retain a dedicated audience of coin enthusiasts.
Deep dives
Starting a Unique Side Hustle
A side hustle can emerge from unique hobbies, as demonstrated by the guest, who built a successful business around ancient coin collecting. His journey began while sorting through his late father's collection, leading to a newfound passion and interest in ancient coins. Through the use of social media platforms and community engagement, he aimed to make ancient coins relevant to a largely uninformed American audience. This approach highlights the potential of merging personal interests with entrepreneurial ventures, tapping into niche markets that may have been overlooked.
Building Trust and Community
To successfully transition into selling ancient coins, the guest leveraged his existing knowledge while seeking to educate others about this niche market. By creating a podcast aimed at beginners, he filled a gap in available information and built a community of enthusiasts who sought trustworthy guidance. His method of networking included participating in relevant Facebook groups where experienced collectors share insights, thereby cultivating a reputation among peers. This trust-building not only aided in sales but also positioned him as an authority in the ancient coin community.
Diversified Revenue Streams
The business model established by the guest includes multiple revenue streams, from direct sales of coins on his website to providing auction representation for collectors. He recognized the importance of varied income sources by offering a subscription service that delivers exclusive access to high-demand coins before they reach the general market. This proactive approach allows him to serve a dedicated audience while maintaining a steady flow of income without relying solely on product sales. Additionally, the presence of a growing YouTube channel serves to educate viewers and potentially drive traffic to his website.
Understanding the Market Dynamics
Engaging with the ancient coin market requires navigating its unique dynamics, particularly around pricing and inventory management. Unlike traditional collectibles, there is no standard pricing guide for ancient coins, allowing for significant flexibility in pricing based on demand and rarity. The guest emphasized the need to understand the specific interests of potential buyers to facilitate better sales, urging prospective collectors to start small before moving onto high-end pieces. This strategy minimizes risk and ensures cash flow remains healthy, especially crucial for newcomers in any business.
Innovative Marketing Strategies
Innovative marketing strategies are essential for promoting a niche hobby, especially when seeking to attract a broader audience. The guest highlighted the importance of networking at conventions and events as an effective way to reach like-minded enthusiasts, even suggesting partnerships with museums for collaborative events. Utilizing social media platforms to build an online presence further enhances visibility, allowing for community engagement and direct sales opportunities. Overall, these strategies position the guest to capitalize on the growing interest in ancient coins while maintaining strong connections within the collecting community.
When you think of side hustles, flipping 2,000-year-old Roman coins probably isn’t the first thing that comes to mind.
But for Dean Kinzer, what started as a nod to his dad’s hobby turned into a $86k/year side hustle, one built around history, storytelling, and a very specific type of collector.
