For any LEGO investor, this holds utmost significance. from Youtuber- Brick Bucks
So, in the past, I’ve shared a number of different tips for LEGO investors when you’re getting started and you know you want to build up a business around investing and reselling LEGO. And every LEGO investor needs to have this one skill, this is honestly the most important skill out of everything else that I’ve talked about in the past because this one is intertwined in everything. It’s part of whether it’s buying, sourcing, listing, selling, building relationships. It’s part of everything that you do as a LEGO reseller. And that is to have discipline.
Discipline makes up the core of everything that we build on as part of this business. It comes into everything, it comes into your buying strategies, how you approach the different sets that you’re buying. It comes into your selling, it comes into your target prices and your hold time and everything that’s involved in LEGO investing.
So, I’m going to break this down a little bit and talk about the importance of having discipline and why you need to really think about this in your business and try to make sure that you stick to it and try to make sure that you’re sticking to your game plan.
So why is discipline so important? Well, if you think about it, right, what we’re doing here with LEGO investing is we’re buying these sets. Firstly, LEGO is an obscure kind of alternative investment and a lot of people, you know, maybe you’re new to it or you’ve only been doing it for a few years. But it’s unlikely that you’ve known about LEGO investing for all of your life like you may have known about stocks or real estate investing. So, in general, the idea behind LEGO investing is quite new. And when you talk to your friends and family or your significant other, you probably have to convince them a little bit about this thing that you’re doing.
We talk to people all the time who, you know, their number one challenge is their spouse. Why is there so much LEGO taking up the spare room or the basement? When are you gonna start selling things?” Right? You’re doing a lot of buying, you’re racking up a lot of credit card points, but when are you gonna start selling stuff? That alone requires discipline because you need to have belief in what you’re doing. And especially if you’re in the beginning of your journey and you haven’t started selling yet, which, again, a lot of the people we talk to are at that stage where they’re doing a lot of buying, and you know, they’re kind of doing a lot of the research and learning and sourcing, but they are not yet at the point where they’re going to start selling their first batch of sets.
At that point, you need to have so much discipline because you have to have belief in what you’re trying to do and what you’re trying to achieve. And you need to have discipline just to stick with it, right? Just to keep kind of going with your investment and keep putting more money into it so that you know that when you start to sell, you will be able to make enough of a return to make your work and your research and all the background stuff that you did at the beginning worthwhile. So you need to actually have that extra bit of discipline at the start just because you’re investing without seeing any returns. Investing in something without actually selling it and without actually seeing, “Is this actually going to work?” Yet, that requires a lot of discipline. That requires a lot of focus. And so that, you know, in itself is an area that everyone who is getting into this game needs to be ready to really put a lot of discipline into. If I’m not going to sell something, I need to have a lot of focus on actually sticking to my plan because I know that in a year or two years then this will pay off, right? So, you know, that’s the first area that discipline comes in. It’s super, super important at the very beginning when you haven’t proven your game plan yet, you haven’t proven your business model yet, to yourself or to anyone around you.
So, you need to kind of, I guess, rely on the research and the things that you’ve learned in order to stick with it. That’s one area where discipline comes in really, really strong.
Now, when you’re sourcing your sets and you’re actually going out there and you’re loading up the car, this is where discipline really takes hold. We talk a lot about having a target list. And what we mean by target list is essentially, it doesn’t need to be a physical list, it doesn’t need to be in excel, but you should have in your mind some sets that you want to pick up. So you should know, “This is what I’m looking for.” And firstly, that in itself is going to help you to have discipline, right? Because now you’re actually starting to narrow down based on your research. And we’ve talked in the past about getting good at a particular area or niche, whether that’s a theme or a subtheme or something like that. And the idea behind that is so that you can narrow your focus a little bit and you can become an expert in that area.
Now, when you do that and you become an expert, you start to build your target list. Now you know, these are the sets that I understand very, very well and I think they’re gonna do well in retirement and they’re available right now so those will make up your target list, right? In the back of your mind, you know the sets that you want to get. And everyone kind of subconsciously does this. You know, in the back of your mind, what you’re looking for. But we like to get really clear about exactly what it is we’re actually going to buy. Based on your research and based on the things that you know. And then sticking to that target list.
Now, I’m not saying that you shouldn’t avail of opportunities when they come up. You know, there are often sets that come up that I weren’t actively buying and then the opportunity kind of makes me rethink things and pivot a little bit. But at least you need to have a baseline of your target list and then have discipline against that target list and try and check off the items…
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Check out this video from Brick Bucks here
