You can make money starting a gold refining business if you get the right tools, supplies and chemicals. The demand for scrap jewelry is rising and becoming very popular among gold producers. Simply put, gold refining separates and purifies the gold from other metals. The dental and electronics industry frequently use refined gold products. So basically, you will be preparing gold to be used in various industries.
Make sure you have the financial capital to start a gold refining business. If you do, visit the Small Business Administration (SBA) website at sba.gov. Answer all of the questions under the Small Business Readiness Assessment Tools section. This tool will help you discover your weaknesses and strengths before you start your gold refining business.
Search in your area to find a gold refining business and try to work there for free until you learn the business. Interview the owner by phone or in person and ask him how he started his gold refining business.
Once you have developed the skills needed to start your gold refining business, decide what type of gold refining business you want to start. In this example, you will be able to work at home, in an office, or out in the field. Call (914) 667-1100 and ask for the customer service department. Inform the service representative that you want to order a gold refining kit to start your gold refining business.
Service representative will inform you about what items you will need to purchase to get started. Make sure that you also inquire about discounts and other products that may be available at no cost. After you have paid for the products and have received them, take a trip to your local office supply store and buy all the office products you will need (i.e., business cards, invoice forms, copy paper).
Your business plan should explain how you will get customers (i.e., jewelry repair depts., jewelry manufacturers' etc.). Include how you plan to operate each day. Set up a financial plan to monitor your cash flows. Go to your local city or county office and apply for a permit or license to operate your business. Apply for your state tax ID number at govspot.com. Find your state and apply online. Call (800) 829-4933 and apply for your federal tax ID number. These steps will help you get your gold refining business started.
Read trade publications to get a feel for how the business works.
- GovSpot.com Tax Center "State Departments of Revenue"
- Shore International Corporation
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- Congressional Research Service. "Brief History of the Gold Standard in the United States," Pages 12-16. Accessed March 4, 2020.
- World Gold Council. "Total above ground stocks (end-2017)." Accessed March 4, 2020.
- World Gold Council. "Gold Demand Trends Q3 2019." Accessed March 4, 2020.
- World Gold Council. "Gold prices." Accessed March 4, 2020.
- Read trade publications to get a feel for how the business works.