Over 700,000 people die every year because of suicide, and it ranks as the fourth leading cause of death for 15 to 19-year-olds. At some point, over 30 percent of all military veterans will experience some form of PTSD. Life throws its challenges at people. Custom challenge coins offer another method to combat mental illness. Before someone can learn about selling custom challenge coins, they may want to learn about the history behind it.
Started as a Military Tradition
Custom challenge coins began as a military tradition. Everyone in the regiment would carry a challenge coin, and if someone showed their coin, it automatically meant that everyone else in the room had to show their coin. Anyone who couldn’t produce the coin at that moment would need to buy everyone else a round. Believe it or not, this tradition holds over a century of American history.
What started as a game soon took on an even greater symbol. Not only did members in the military develop a greater sense of camaraderie, but after returning to civilian life, it signaled to the other veterans in the room that that individual needed someone to talk to because of PTSD. In understanding the history behind the customized coins, individuals learn more about how to sell challenge coins.
Sell in a Niche
Niches refer to a highly specific topic, relevant to a small group of people. Selling in a niche creates a strong appeal to the right customers. Some startups may feel tempted to sell to the broader market, but the issue is how this doesn’t give them as much of a competitive moat. Being a specialist would allow them to charge higher prices to a specific market, and those customers would express gratitude for the cool designs.
Challenge coins may also refer to police coins. Someone might choose to focus on a specialized military branch, police coins or challenge coin display cases.
Design a Financial Plan
Plans should have some flexibility to adapt to the changing circumstances, but people want to create an overview that looks at the big picture of the expenses. Include everything paid for with the business, which includes office supplies. Businesses that take credit card payments should include the fees that they take out of the payments. The fee ranges anywhere from 1.3 percent to 3.5 percent. Most businesses will add this price on top of the product price if the customer chooses the credit card payment.
Keep a close eye on every expense related to the business. Business owners want to understand their expenses because they will have a better picture of how much cash they must bring in to turn a profit. Without this understanding, people may lose money with their business without realizing it.
How to Price Your Challenge Coins
How much to charge for customized coins may prove a difficult factor for any business owner. Business owners don’t want to overcharge without reason, however, because they may experience less profit than if they had charged less for more. Typically, they charge anywhere from $3 to $5 per coin for a full production of 100 coins. That means that 100 coins will give you $500.
The price hinges on several factors that include:
Rarity plays a huge role because of how the higher-priced coins will usually depend on their exclusivity. Coin collectors perceive a higher value on the rarer coins. The condition of the coins matters, also. The coin should have no dents or dings on it for the best market value. The rarity doesn’t matter if the coin has a poor condition.
Individuals may determine the value of a challenge coin by looking at who handed out the coin and what unit they made the coin for. High-ranking military officers, like the Chief of Staff, who issued the coin, may see a higher value.
Understanding how to market the business will matter as well. People can sell their coins in several ways, but some will have a better return than others. For example, people could sell on online platforms, but they may also sell them at trade shows. Collectors have a higher likelihood of attending trade shows, which is where they may sell for more.
As long as an individual pinpoints the right niche, they can make their challenge coin business profitable. It may take time to turn a profit and learn the trade, but it will be worth it over time.