How to Start a Cash for Gold Business
Gold has always been a very in-demand precious metal ever since its discovery. It’s worth getting higher as time passed by. It also symbolizes the country’s worth as it requires gold to make currency.
You can buy gold for several purposes like adding it to your assets, to sell it in the future to have gains, or even make it your business as part-time or full-time. Knowing how to do this kind of business will make your cash for gold business profitable.
Starting a cash for gold business is not as difficult as starting up other kind of business as this will not require you intense research and costly business plans. It has no start-up cash out and no government license/permit needed. All you have to gather are the information to help you understand how to manage this kind of business.
What you should have:
- Knowledge to appraise gold – Before engaging into gold buying business, you have to acquire knowledge on how to appraise certain item to determine the gold content of the jewelry and for you to determine how much you are going to pay for it and how much you are going to sell it as well.
- Gold testing kit – You can also buy this from a legitimate gold refinery company.
This should include the following:
- Acid and a stone for testing gold content of the jewelry
- A magnifying glass or also known as jeweler’s loupe
- A needle with a gold tipped used to test the acid accuracy of jewelry
- Tools use to remove stones and other impurities from the gold jewelry
- A magnet
Weighing scale – This is very essential as you will need this to weight the gold to know how much it worth. It is preferable to have a digital one.
Cash – Definitely it is needed because you are buying gold from your clients. However this kind of business is not as risky as any other businesses because you are buying a tangible and precious item.
Things to consider in starting cash for gold business:
- Look for clients where you can buy gold from. At first it maybe your family members, friends and the people close to you or even your colleagues. Let them know that you are into gold buying business so they will understand that you will buy their gold at competitive price.
- Know how to make the pricing. This is where your knowledge in upraising jewelry comes in. It is necessary to know whether the item contains or is made of genuine gold or not. The price will vary based on the value of its gold content. However, there are gold such as gold coins that can easily be valued based on the standard guidebook to coins.
- Identify where to cash out your gold. It is important to know where to sell your gold at a higher price compare to how much you bought it to make profit. It maybe a bigger jewelry store, or old coins store or even a gold refinery.
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@shannon, foundries(melt in to bars)/refineries(refine metals to pure bars) usually ask for a business license or for a second hand dealers license in precious metals. If anyone has questions email me and I would be more then happy to help. firstname.lastname@example.org