The Business of Gold: How do you get started?
So, you want to get into the gold business and buy and sell gold? How do you begin? As with anything, you must begin with research. Determine what your focus will be in your business. Many people want to start their business with a home scrap jewelry business. This type of business is lucrative and can be very successful if you do your research and learn what type of value can be found in different types of jewelry. Many people are scared of selling gold over the internet or in the mail, so having a person they know to work with is comforting.
There are many free online videos that can get you started in the gold business. There are several tools that will be required to begin the start-up business. First, the laws of your state and business need to be determined and you need to establish an Employer Identification Number from the IRS. If is also good to sign up with the Better Business Bureau to show your business is legitimate. Now that you are legal, it is time to get the tools of the trade.
Buy Gold Tools
One of the main tools is a gold tester and a very precise scale. These are the same tools that the pawn brokers have at their shops to test and ensure the authenticity of the gold. There is also a tool called a jeweler’s lighted loop. This tool is used to magnify and light up the jewelry to further examine the item. A rare earth magnet is also something that will be needed to test the authenticity of the gold. You will also need a safe to store the valuables that are received. Once all of these items are obtained, you should be ready to start the technical side of your business and buy gold.
Next, it is time to start the advertising process. As with any business, if people do not know you are there, they cannot do business with you. Invest money in marketing materials, such as flyers and a website. If you are graphically-inclined, then you can design these on your own. However, if you are not then you can purchase graphics and website help from sites on the internet for a one-fee price. Many of these sites, like fiverr.com, are very affordable. It may also be a good idea to start your own Facebook page as well. Getting your name out there will ensure that people hear about your business and possibly become clients that will buy gold and sell gold.
Once you have obtained all of the tools, the marketing materials, and the clientele with their gold, it is time to find a reputable refinery that will melt down the gold and give you top dollar. When searching for a refinery, make sure you deal directly with the refinery. Many internet searches will find you the “middle man” that will take your money for no reason. You can work directly with the refinery and not lose any profit. Some refineries will pay higher if the amount of gold in the batch is large and some pay more if the batches are small. Some refineries have fees that charged per transaction; in this case you will want to submit large batches to gain the most profit. Some also pay higher if you accept bullion over a check. Research the different refineries and determine what will fit best with your schedule.
Start your Gold Business
So, now that you have all of the tools, marketing supplies, clientele, and refinery, it is time to start your business. Having parties where clientele come to sell gold is very important. There should be games and giveaways to ensure that the clientele continue to come to your business and enjoy their time with you. Find hosts to host a party and ensure they receive a proper incentive for hosting the party. You will also have upfront costs of paying for the gold the first time around, but you should see a profit very early on in the business. Ensure that you research the gold properly and determine the level of profit you can make. If you follow these guidelines, you may be in store for a profitable future. Buy gold and sell gold!