Don Meller, Don's Coins -- Proves Hobbies Can Make For Profitable Businesses
A long and distinguished career with the Southwestern Bell Telephone was not enough for Don Meller. He simply wasn't ready to retire. The trick, however, was deciding what to do next. The answer came in the way of a popular hobby and his personal interest -- in coins.
Don's Coin Exchange and Collectibles opened its doors in August 2000 at 120 E. Broadway, adjacent to the Broadway Tower. The company has just completed the renovations of its own building at 813 W. Maine, which will become its permanent home.
Although the company did not require outside financing, that didn't mean that its owner wasn't willing to do the research necessary to get his business up and running the right way. Meller proudly admits attending more than one OSBDC/SCORE seminar as well as soliciting counseling and support from both organizations.
"The personnel there were always willing -- and able -- to assist in our business endeavor. After all of the excellent help received from them, we didn't really experience any major obstacles in getting our business started," claims Meller.
When asked if he had to do it all over again, what changes would he make, Meller notes that he "would have checked out all prices of equipment, supplies, inventory and the like before purchasing a package deal from a previous owner. But then, you learn from your mistakes. That's just part of life!"
Like any new business, Don's Coins has faced its share of problems.
"Probably our biggest problem has been dealing with the State of Oklahoma's Tax Commission. Sales tax issues can be tricky to say the least."
Meller advises potential business owners to "have their own personal plan but to be open-minded to other people's suggestions and solutions. Ultimately, the goal is to succeed in what you're doing. If you need help to reach it, there is no shame in asking for it." Solid advice for anyone to follow!