Content

• Steps
• Tips
• What do you need

So, you want to open a scrap gold buying point? Well, you are in trend and you can get rich both literally and figuratively. However, there is one problem - dozens and hundreds of competitors, so it will not be superfluous to learn some materiel before starting your own business.

Steps

1. 1 Why? If you just want to buy scrap gold, then this is a very simple one-time deal. Just ask people around - they might want to sell you something gold. Perhaps they themselves do not want to, but they know those who will gladly enter into a deal with you. Discuss your intentions to buy scrap gold with colleagues and other people around you - sooner or later, you will find your client. If you are not interested in one-time deals, if you are aiming for more, then you will have to think a lot and learn a lot.
2. 2 Learn to determine the value of scrap. Take the price of gold (at which it is sold) and divide it by 31.1 to get the price per gram. Then multiply that by the fineness of the gold and you get the scrap value. A simple example: gold is traded for one thousand rubles. We divide 1000 rubles by 31.1 = 32.15 rubles per gram (assuming a price of 1000 rubles) 24K. So, in a 24K jewelry one gram costs 32.15. What about 14K? Determine the sample by dividing 14 by 24, and we get 58%. In other words, one gram of gold in 14K will cost 32.15 * 0.58 = 18.64 rubles. Now consider how much you want to pay your customers - and target local competitors.
3. 3 License. For example, in the United States, you will not work long without a license to buy and sell gold and scrap gold - until the first fine. What to do? There are two options. The first is to get a license. The second is to work with someone who already has a license. Both options are not free, each has its own pros and cons. If you're serious about starting your own business - but for that you need experience, and for experience, the second option is best for you. Find a reliable company and apply for a job.
4. 4 Advertising. It all depends on whether you work on your own or together with someone. If you are going to work with someone, then make sure they teach you everything there (in general, it's great if they also throw a couple of ideas). Some companies may even provide you with an almost ready-made marketing plan, while others will simply leave it to you. The first option, if anything, is preferable! Here are a couple of advertising ideas - there are free methods like online marketing and blogging, and there are paid ones like radio and TV advertising, on the web, in print, and so on. And the advertising part, like for any other business, will be the most important and expensive.
5. 5 When you get back on your feet and start making money, congratulate yourself. And then stop for a second and realize that now you can earn even more! The scrap gold buying business can make you rich! In general, do not get lost!

Tips

• Don't forget about your benefits. Add 75 percent at least if you work with someone, and even beyond when you start working on your own.
• Document every sale and purchase carefully, and do not neglect this aspect of your work.
• You need to have cash flow going into your pockets so that you can buy scrap gold. Marketing assistance will not be superfluous.

What do you need

• License - either get it or work with whoever has it.
• Cash - enough to buy scrap gold.