Yesterday, I got to do something that I love to do. You see, two of our 31 Club Members, Mary and Ron, traveled from Ohio to Chicago to meet me at the Randolph Street Market Festival (formerly the Chicago Antique Market) and I got to personally help them get started in this fascinating business. For me, nothing's better than helping people get started in a new adventure, helping them improve the quality of their lives, or helping others solve a problem.
What a thrill it was to finally meet Mary and Ron in person. We spent the afternoon browsing the market together, and it gave me the chance to introduce them to the many dealers with whom I’ve built up friendships in our local area. To my delight, they entered into long conversations with many of them. I’m sure a tremendous amount of great information will travel back to Ohio with them.
Mary and Ron got to see the business principles we use at the 31 Club in action when we spotted a Frankoma Trivet priced at $10. I estimated it would bring $20 at auction. I looked at Mary and Ron and said, “Let’s try to do better,” so after introducing ourselves and chit chatting with the dealer, I asked if he would take $5. He hesitated a long while, but finally said yes.
Here is where this becomes important. If you pay $5.00 for an item and you sell it for $10.00, you have doubled your money, which is equivalent to completing one step of the 31 Steps in our club’s “Million Dollar Race. If you paid $5 and sold it for $20, you would have completed two steps. Now Mary and Ron only have 28 Steps left before they can retire on their funds. Remember, if you complete the 31 Steps, you’ll have over 21.5 Million in your account. When we follow the principles I’ve laid out in my book, 31 Steps to Your Millions in Antiques & Collectibles and take advantage of your membership in the 31 Club, you’ll be far ahead of the pack, and you won’t be working this business alone without help.
It really doesn't matter what the price of an item is, the principles are always the same. We are aiming to at least double our money from each purchase and keep our profits compounding to fund additional, higher end buys.
The Frankoma Trivet wasn't the only thing we discovered. I spied a 9” Dedham Turkey plate priced at $250 and thought it might be a bargain. After talking to the dealer and finding out he had been in the business for well over 20 years, I decided it was time to make my offer. This was easy for me because the number $125.00 popped into my mind and rolled right off my tongue. The dealer considered this for a while beforel he accepted my offer. As we gathered up our purchase, we agreed to stay in touch, because I am sure we will be doing business together in the future. This was a very informed dealer, and he wanted me to have the opportunity to make a profit, because at $125, he’s apparently made his profit. From a collector, I may get as high as $450 for this plate. So make certain when you go to buy at antique markets, shows, and shops, the dealer knows you’re also a dealer. And don’t forget to bring your business cards.
There’s another reason I write about this dealer. You see, he
gave me his card before we left, but now I can’t find it! I hope he reads this Blog and will contact me.
Later in the day, Mary, Ron and I sat down at a table with three or four other ladies and began talking about antiques and making money, I know you aren’t surprised I’d be talking to whomever was sitting beside us, and that we might even have some new members very soon.
I hope Mary and Ron had as a great a time as I did. I really enjoy spending time with members.
I was also able to see Sally Schwartz, the owner of this fine market, and this gave me the opportunity to express to her how well the market look this year and congratulate her on the large number of dealers she’s attracted.
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