Creating a new UK online silver store, need input.

K

klacey

New Member
Hey gang, so just before christmas I started selling Silver Bullion coins on ebay to try to make some money and buy more silver from profits. I have enjoyed the experience so much that I went all out and decided to create my very own online store business.

So far I have got the domain and hosting sorted. Which has been interesting to learn, as I've never had any experience in this. Im currently working on the site, which doesn't look to shabby and will only improve as the weeks/months pass.

What I would like, is to hear from UK collectors/stackers (anyone really) on what they would like to see on the site, what I can offer them. Are there certain coins they would like available, etc.

So far here is what I have:
free shipping on all orders.
competitive prices, which I hope to lower with better sourcing.
a very simple to follow website
listed in stock items and quantities

I really hope this works and all can benefit, but for now it is UK only. We get screwed over the most for silver. :D

Anyway, thanks in advance.
 
the optimist said:
Good luck with it, you get it up and running and I'll throw some custom your way
Click to expand...

Thank you buddy, im just waiting the 24-72 hour filter through the internet. Then the site should just pop up. Be good to have it tested, iron out any issues. :)

the store name is silverbullbullion.co.uk, must say its quite exciting. Im so sad. lol
 
Hey mate - I'm from Manchester, living in Oz - OH HOW I MISS THE DAMN COLD RAIN lol!

Congrats on your new enterprise. You'll need to register ownership of the domain thru the business and sign up for VAT if you're a limited company. Bizarrely silver is taxed at full VAT rate but gold is not in UK. In Australia, neither attract VAT (or GST as it's known here). Make sure your accountant knows what you're doing & explain to them how you see things running - dedicated bank accounts for the business essential of course.

Have a good hard look at the competition - just Google 'bullion UK' and you'll find all the usual contenders. Best advice is to go either for low premium/high volume bullion coin & bars or a spread of basic & specialist bullion and maybe some numismatics eg silver & gold proof coins.

Take your security VERY seriously and ensure you have adequate secure storage for stock. Operate through a PO box address, pay for an 0800 number and divert it to a number of your choice to take phone enquiries, otherwise communicate by email only. (What you should end up with is a totally mobile, portable business that can travel anywhere with you, ideally.)

I used to use Shopify for a store format online but gave that up - charges too high, so thesedays I deal either on a regular client list and wom plus some minimal eBay sales.

Make sure to set up your Facebook & Twitter pages, unify them using something like a free Facebook store to syndicate your eBay listings - you can also set up RSS feeds to your Fbook & Twitter so that they update automatically... Run regular specials, competitions etc to keep things on the go.

Will have a look at the site later.

Good luck!
VRS ;)
www.twitter.com/SilverbullAU
 
VRS said:
Hey mate - I'm from Manchester, living in Oz - OH HOW I MISS THE DAMN COLD RAIN lol!

Congrats on your new enterprise. You'll need to register ownership of the domain thru the business and sign up for VAT if you're a limited company. Bizarrely silver is taxed at full VAT rate but gold is not in UK. In Australia, neither attract VAT (or GST as it's known here). Make sure your accountant knows what you're doing & explain to them how you see things running - dedicated bank accounts for the business essential of course.

Have a good hard look at the competition - just Google 'bullion UK' and you'll find all the usual contenders. Best advice is to go either for low premium/high volume bullion coin & bars or a spread of basic & specialist bullion and maybe some numismatics eg silver & gold proof coins.

Take your security VERY seriously and ensure you have adequate secure storage for stock. Operate through a PO box address, pay for an 0800 number and divert it to a number of your choice to take phone enquiries, otherwise communicate by email only. (What you should end up with is a totally mobile, portable business that can travel anywhere with you, ideally.)

I used to use Shopify for a store format online but gave that up - charges too high, so thesedays I deal either on a regular client list and wom plus some minimal eBay sales.

Make sure to set up your Facebook & Twitter pages, unify them using something like a free Facebook store to syndicate your eBay listings - you can also set up RSS feeds to your Fbook & Twitter so that they update automatically... Run regular specials, competitions etc to keep things on the go.

Will have a look at the site later.

Good luck!


VRS ;)
www.twitter.com/SilverbullAU
Click to expand...

Wow thank you for all the great info, I have done alot of research on most of the UK dealers already as I was searching for best deals when I got ino stacking myself. A mix spread is exactly what I was thinking of dealing in. I have paid for a very good security system on the website and currrently setting up a seperate business account.

Facebook and twitter, I did not think of that, great idea.
 
VRS - Excellent information and generosity of spirit shown to Klacey - nice :)

Klacey all the best in your new endeavour :)
 
Stacked said:
VRS - Excellent information and generosity of spirit shown to Klacey - nice :)

Klacey all the best in your new endeavour :)
Click to expand...

Thank you Stacked, appreciate that.

VRS has given me alot to think about, some excellent advice indeed, which Im most greatful for. This is what makes this site great and a joy to be part of. :)
 
I'll have a look when it's up. I'm looking for a regular supplier of affordable bullion in the UK - tired of using European dealers and the currency exchanges are a further drag.
 
JB3 said:
I'll have a look when it's up. I'm looking for a regular supplier of affordable bullion in the UK - tired of using European dealers and the currency exchanges are a further drag.
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That would be great JB3, im going to try and sell as close to european prices as possible, will probably be slightly higher, but then atleast you dont have big delivery and waiting times. What sort of bullion do you buy?
 
Good luck with your enterprise.
What method will you use for shipping ?
Be warned that tracked mail or signed for does not insure you for loss sending PMs or coins. Special Delivery is the only fully guaranteed method but very expensive for sending 1 or 2 ounces of silver. You might want to enquire from courier companies like DHL or
UPS who have very attractive rates for business users dependent on the number of shipments.
 
Photonaware said:
Good luck with your enterprise.
What method will you use for shipping ?
Be warned that tracked mail or signed for does not insure you for loss sending PMs or coins. Special Delivery is the only fully guaranteed method but very expensive for sending 1 or 2 ounces of silver. You might want to enquire from courier companies like DHL or
UPS who have very attractive rates for business users dependent on the number of shipments.
Click to expand...

Yeah special delivery is the route I was thinking of taking for most orders. I will be adding an option for signed for at the buyers own risk and not to recommend this option. Never really thought of using DHL or UPS but that is certainly worth looking into. Thanks for the suggestion Photon, appreciate it. :)
 
klacey said:
What sort of bullion do you buy?
Click to expand...


Well, to date I've been trying to avoid VAT by buying coins. More recently, I've become mindful of CGT and so have been looking at Brits. Now there's VAT on silver coins, I'd move to bars if I wasn't getting Brits.

No interest in numismatic value. Not me.

TBH, I'm looking more critically at the premium and so sovs and gold Brits are looking a better buy. I find myself leaning more towards Au these days.
 
JB3 said:
klacey said:
What sort of bullion do you buy?
Click to expand...


Well, to date I've been trying to avoid VAT by buying coins. More recently, I've become mindful of CGT and so have been looking at Brits. Now there's VAT on silver coins, I'd move to bars if I wasn't getting Brits.

No interest in numismatic value. Not me.

TBH, I'm looking more critically at the premium and so sovs and gold Brits are looking a better buy. I find myself leaning more towards Au these days.
Click to expand...

Gold is an area I plan to look at, but right now I want to put all effort into silver. Numismatic doesnt interest me much either, but I will buy in if interest is there. My website has a top 10 selling coin, so I will see what is popular and work with it.
 
Well, let me know when it's up. I'd rather buy from someone on here than some random European shop.

My only reluctance is I'm moving towards allocated e-silver (to avoid taxes, etc.) and physical gold. That's the best value I can find.
 
JB3 said:
Well, let me know when it's up. I'd rather buy from someone on here than some random European shop.

My only reluctance is I'm moving towards allocated e-silver (to avoid taxes, etc.) and physical gold. That's the best value I can find.
Click to expand...

Should be up soon I hope. I have to wait up to 72 hours for some process. I got the registration all sorted now though, so thats another thing I can tick off.

My order for Pegasus and Zombucks Morgue Anne have hit uk shores if anyone is interested in some. :)
 
klacey said:
JB3 said:
Well, let me know when it's up. I'd rather buy from someone on here than some random European shop.

My only reluctance is I'm moving towards allocated e-silver (to avoid taxes, etc.) and physical gold. That's the best value I can find.
Click to expand...

Should be up soon I hope. I have to wait up to 72 hours for some process. I got the registration all sorted now though, so thats another thing I can tick off.

My order for Pegasus and Zombucks Morgue Anne have hit uk shores if anyone is interested in some. :)
Click to expand...

Looking forward to see your website let me know when it's up I have been looking for a good dealer in U.K. apart from the well knowns will you stock the morgan Anne been after one of them and different size silver bars? Thanks
 
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