, 27 years old, was serving in the US Marine Corps, seven years ago he found himself bored, on duty, and on-board the USS Wasp assault ship, out in the middle of the Red Sea. He was fiddling around on eBay, where he found people auctioning military memorabilia coins, called "challenge coins." These coins are used to commemorate service in a unit of the U.S. Military. He saw people on the site bidding $15 for coins which he could have purchased on base for $5.
So when he got back to land he went straight to the store and, persuaded the clerk to knock $.50 off the price of the coins and bought 30 of them. The first coin which Morin sold on eBay, yielded him a $7 profit.
He borrowed some capital from his mom and pretty soon the soldier was raking in $3-500 a month on eBay.
Then one day he got a phone call from another army mom who wanted to know if he could find a coin for moms with children in the Marine Corps. He found another marine to sketch out a design, and then searched "custom minted coins" on Google. He printed up 100 coins for $750. The second time he made an order with this coin printing company, his profit revenue became $2,500.
Morin figured out how to advertise using Google, and the idea took off. He got a call from Target, leading to a contract requesting 50,000 Star Wars themed coins. The deal made him $35,000.
From there the enterprise just kept getting bigger and bigger. Now Morin has 5 companies which will earn a combined
revenue of about $5 million, this year.
Morin:
"The whole point [on eBay] is to create a bidding war between multiple people. So I realized it was better to post only one coin at a time instead of three or four a day. If there was just one, I could sell it for $11. The more coins I stuck out there, the price settled down and sold for $7 or $8."
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תגיות: עסקים באינטרנט · מסחר במטבעות · eBay · Jeffery Morin ניתן להגיב
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