Over the years I’ve encountered many people who want to become LEGO investors but don’t know where to start.
You may think that after doing this for so many years, I have a straightforward answer. And although I do of course know specific steps that a person can take to get started, we always need to remember that every person is different. LEGO investing takes a specific mindset, and not everyone has it.
With that said, here are four things that I always recommend to those who ask me about how to get started investing in LEGO.
1. Ask Yourself if You Really want to become A Reseller?
This is a serious question that you need to ask yourself. Last year I was chatting with a person on a LEGO reselling forum who wanted to start reselling Star Wars sets. I asked him why Star Wars and his answer was because he liked the movies. Although it is a good idea to start with something you are familiar with, you also need to understand that there is a lot of hard work involved in online reselling.
Being a fan of LEGO or a fan of Star Wars probably won’t get you very far in the business – you need to also be a fan of entrepreneurship, e-commerce, and investing.
There is no shame in changing your mind on this very important decision. You can try it out for a few sales, and then decide it isn’t for you. That’s totally fine! But do try to look into everything that is involved before you get started, because you may save yourself the time, effort, and capital.
2. Do your Homework. Learn Sets & Themes.
If you have no idea where to start when it comes to LEGO investing it will behoove you to do as much research as possible.
You may feel like this may be a daunting task, but there are plenty of resources out there for you to become successful. The first thing I would recommend doing is talking to experienced resellers that has a successful track record. Thankfully, we have a completely free Facebook community for you to connect with them!
After talking to a few of these people you should at least have an idea of which direction you will want to go. Do you want to sell large sets, small sets? What do you believe your limitations will be your first couple of years?
Eventually you’ll start to piece together a game plan. You’ll start to explore the free online tools that will eventually help you achieve your objectives. You may even start to collaborate with other new resellers who are wanting to succeed as well.
As you grow as a reseller you may eventually want to keep some strategies private but in the beginning you’re learning and people are sharing information with you, you should be more than willing to reciprocate that.
3. Create a Business Plan
Even if your LEGO reselling journey is just a hobby, it is a good idea to make a basic business plan. This will help you to think strategically about what your goals are, and how you will achieve them.
It’s really not enough to buy a bunch of LEGO sets on clearance and then hope for the best. You need to chart out where you are and were and what you want to accomplish.
A business plan also makes what you’re trying to do more credible. There may be times when a friend or family member who may not be supportive of you reselling because this is something, they are not familiar with. A business plan with clear objectives should give those people confidence and be less of a distraction to your business.
4. Go All In and Start Buying
Over time as you build connections, research, and create your business plan, you will begin to get comfortable with the idea of investing your hard earned cash in LEGO sets. When you feel ready, it’s time to start buying.
If you’re still not sure what to buy at this point, check out some of our recommendation lists right here on BrickBucks.net. For example, Three Retiring Soon Sets I’m Buying outlines some sets that I like in 2020.
When you return from your first LEGO haul or you completed your purchase online, you should have a feeling of confidence and optimism.
This is a big moment and there are many people out there that just do not have the courage to do what you accomplished. You now have skin in the game and it’s just a matter of time before you start to see what your business will soon produce.
Over the next few years your confidence will grow, and you will have gained a lot of experience. This should eventually allow you to start experimenting with other strategies. You may want to start to buy sets from other themes, or explore how to raise capital.
Now go out there and get it!
If you want more thoughts on LEGO themes and sets, and more tactics and strategies for investing and reselling, make sure to check us out on YouTube, where we give tons of more experience and strategies for LEGO reselling and investing. Also, we have a free Facebook group – join if you would like to learn from like-minded LEGO investors.
What other tips do you have for new LEGO investors, or what have you found useful in your journey so far? Let us know in the comments!