Do you have an intense interest to invest in gold? Do you need a gold business plan? Then you are in the right place to get information on business plan for gold business.
You see, to successfully start a small business, you need to have a good idea. Nevertheless, you need to know that a business idea is just a tip of the iceberg in the entrepreneurial process of building a business.
Truth is, a good business idea alone does not guarantee success in business; an average business idea with good business fundamentals does. Today, you don’t actually need to crack your head to create something new. You just find a proven business line and learn the fundamentals. If you have the capital, you can even decide to buy a franchise.
Yes, most African countries have the needed population to absorb any product that is backed by a strong business sense. Though investing in gold might not be a ‘hot’ business idea (it’s an already known one) it can fetch one lots of money if one played the game right.
The reasons for gold’s importance in the modern economy centers on the fact that it has successfully preserved wealth throughout thousands of generations. However, the same cannot be said about paper-denominated currencies.
Gold can be found in reserves in different parts of the world. One can invest in gold which comes in different forms such as gold bar, gold dust, gold ore and gold rock. Gold deposits are mainly alluvial and are currently being processed on a small scale and they occur in small quantity that has to be worked on to produce gold bars.
Investment Ideas In Gold
– Direct ownership, which has to do with buying and storing gold is defensive way of holding value in an asset.
– Investing gold mutual funds
– Flipping gold: Buying when price drops and reselling for profit when price rises.
– Opening a reseller shop: buying second hand used gold jewelry from people and reselling
– Gold exchange-traded funds (ETFs)
– Gold mining and sale of raw gold: investing in gold exploration and sale of raw gold bar or dust
– Opening a goldsmith centre: providing services of gold casting, molding, purification, production and customization of gold rings, bracelets, neck chains, Apple Iphone, business cards etc.
Steps To Start An Investment In Gold Business
1. Write A Business Plan For Your Gold Business:
No serious business survives without a well detailed and researched business plan. Same goes for gold business. A business plan will definitely prepare you for challenges involved in gold business and planning on how to overcome them. The business plan contains vital things such as plans on how to expand this gold investment in the future.
2. Get Your Gold Business Registered:
If your business is duly registered, Individuals, corporate organizations and even the government will be more comfortable doing business with you.
It is very proper to make your gold business legitimate by registering your business and getting a business name for it.
3. Learn About New Trends In The Gold Business:
Actually, the gold business goes beyond just buying and selling gold. There are new trends in the business that you can also take advantage of. Think rich individuals who are customizing their phones with gold. How about rich fashion lovers who want to design their clothes with gold?
4. Learn More About Gold Valuation:
See, Gold business is not just a business that you can enter into as a novice. To be a successful gold trader, you must know how to identify original genuine gold and how to determine the value and prices of every piece at any point in time. You must also know how to do vital things such as measuring and weighing the purity of gold, prior to buying it.
5. Determine Who Your Buyers Would Be:
As a gold seller, you must be able to decide on the people who would buy your gold. Examine the market to see where demand for gold comes from and who your competitors are selling to. You can even form an alliance with jewelry shops in your area so that you can supply them gold which they can also sell for a profit.
6. Purchase The Necessary Equipment:
Yes, you need to purchase all the necessary equipment needed to start the gold business (and even some few pieces of gold to start with).
7. Look Out For Sources To Buy Gold From:
One very important part of this business is how and where you would get your gold from. There are various ways you can be getting them. You can open a place where people who need to sell their personal gold jewelries can walk in and sell their gold to you which you would buy at a discounted price, so that you can sell at a profit later. You may also look for people who deal in selling of raw gold and start buying from them.
8. Advertise And Promote Your Gold Business:
Businesses need regular marketing and advertisement to promote sales- and gold business isn’t different. There are various ways to promote your gold business. You can use television and radio adverts, or less expensive methods such as the internet or through classified newspaper adverts.
9. Secure And Protect Your Business:
In reality, gold business is a business that requires a high level of security. A small piece of gold may be worth millions and if it gets stolen or lost, that would lead to a huge loss, so you must take the security aspect of your business very seriously. Strive investing in a strong metal safe for storing your wares, and also hire security personnel who would watch over your business premises daily.
One can make very good money by investing in gold. However, to avoid traps and being duped by mischievous gold traders, one need to take time to learn all the technicalities associated with the business plan sample. Thus, It is recommended to work closely with someone who is experienced in the business for sometime before you start your own gold buying and selling business.