With the recent rise in gold rates, now would be the perfect time for entrepreneurs to launch their own businesses that deal with all things gold. Considered by hedge fund managers to be a perfectly safe haven asset, gold is one of the few physical assets worldwide that has a consistent and proven record of maintaining and growing its value in the long term. Whether it is economic turmoil or political instability, gold will resist inflation and market manipulation in the face of adversity.
But if you’re wondering where to start, you’re not alone. There are a few steps you have to take before you can start your own gold business.
Registering Your Business
The first step is to register your business and obtain legal business permits that are required in your country. A good idea would be to form a limited liability company so you can protect your personal assets in case things don’t turn out how you planned them to.
Choose the Kinds of Gold You Want to Buy and Sell
You should decide what kinds of gold your business is going to deal in. There are a few categories such as buying outdated jewelries that can be refined and resold at higher prices. You could also buy wedding bands and resell them at updated values. Another good idea is to sell gold-plated equipment such as computers, tablet phones and wine bottles, but this is a very specific niche, so be prepared to invest heavily in marketing and advertising.
Staying on Top of Industry Trends
There’s more to your business than just buying and selling gold. The key to success in the industry is to stay one step ahead of your competition by keeping track of industry trends. Digital tools such as social media and search engines now allow you to keep track of industry trends at the click of a button. You can hire a social media manager to keep track of industry trends or do it yourself, whichever is easier.
Learning How to Measure the Value of Gold
No gold trader worth their salt can succeed in this business without knowing how to measure the purity of gold before purchasing it. The very first thing you’ll need to invest into your business is a gold testing kit. They are priced reasonably and are paramount to the success of your business. You will use them to verify the purity of the gold your customer is trying to sell you.
Your gold testing kit will contain different acids that will allow you to test for gold ‘carats’. These include 10k, 20k, 22k, and 24k.
It is highly recommended to get a professional jewelry scale to measure the weight of gold to a high accuracy.
Looking for Sources to Buy Gold From
The next important phase of your business is where you’re going to source your gold from. You can set up an office to allow people to sell their personal gold assets to you at discounted prices. They can be sold later at a profit.
Advertisement and Promotion
Like any other business, you will need to advertise your gold business. A good idea to start would be with search engine advertisement – this way, the customer comes to you, not the other way round. This will require you to have an effective digital marketing strategy in place. You could do this yourself or by hiring a digital marketing specialist.
If you want to learn more about starting your own business or just keep track
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