21 votes

I purchased a Cash For Gold Store

I don't know if it was a good business move yet. It is an established business in a very old money part of town. The first two days running the shop we have purchased 40 grams of gold. The shop also fixes watches and jewelry and we are adding our current business of gadget repairs into the space. We are hopeful that we can make some money and stockpile some gold.

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Black Friday was very good to

Black Friday was very good to us. I purchased a new safe at Cabelas and both business did very well. We purchased around 90 grams today! I'm hiring a sign holder to dance In an iPhone costume next week. I don't think this will be every day but it is a good start.

Excellent time to BUY!

Smart, Smart, Smart. that's all i have to say.

When did common sense become a super power? –Patrick F. Holman

I currently run my repair

I currently run my repair shop for smartphone and tablet business out of a suite hidden back in an airpark. I rely 100% on google and yelp for my business. I do 150 + repairs a month all from internet and word of mouth. My website is ifixaz.com for that business.

And you are Arizona.

For your benefit I offer my services. Please PM me.

For the general benefit of all readers, as a web developer, a scenario like this faces a challenge: there's a lot of competition in this market and grabbing your share (and hopefully a big part of everybody else's) means literally beating competitors along a slew of objective factors.

Fortunately not many mom-and-pop-shop have the ability, understanding or money to be really competitive online. We can generally neutralize their advantage of having been there first by beating them on quality factors.

The other advantage to play on here is the local niche. This is where we seek to neutralize national or regional competitors and PMs are a perfect example of how local small business can compete. People want to DRIVE their PMs for trade or to take purchases home. They want to see it acid tested and they want to see it weighed (if they are smart).

I'd therefore say that with some regular attention to social media and integration with traditional, offline marketing (print ads, local radio spots, flyers, events, what have you), my answer as a developer is yes. The basics are all here to do a really successful and affordable marketing campaign.

I'm looking to gravitate more towards this small business scenario because big software jobs are interesting but I've never felt anything like the gratification I get when one of our phones starts ringing and business starts coming in the door.

There is nothing strange about having a bar of soap in your right pocket, it's just what's happening.

We take the gold to a

We take the gold to a refinery or we have a Mobil guy that drives around and buys gold.

Pawn License

I wanted the location also because it had an existing pawn license and it had enough distance from residents to be able to loan money in future. This is not my only business just another form of revenue hopefully. We are going to expand beyond gold only I currently trade in vintage Rolex watches. My wife trades is vintage Channel and Louis vuitton. My goal is not to get rich quickly but to move myself into a position to make money off of the next downturns.

curious

how/where do you sell what you purchase?

The swiss

watch market has exploded. I bought a used $1600 gold watch a year or two ago and it's now going for almost over 2500 on ebay. Foreigners must be bidding up prices so it would be nice if you could get in on that market somehow. The problem I see is that noone is going to bring a high end watch into a cash for gold store to be repaired or maintained.

"Endless money forms the sinews of war." - Cicero, www.freedomshift.blogspot.com

Hey sublimed

Ya got any pictures?

.

Congratulations! Best of luck to you.

No one sells a successful business...

The 'cash for gold' business ran itself dry when - surprise! - they got most of the 'unwanted' gold.

Offer Bitcoin services plus gold on the side IMO.

"Damn the pandas, full steam ahead"

-Admiral David Farragut

That's not true, even if it's often true.

There's lots of reasons why people sell stuff. Besides, even if a business wasn't in the black it doesn't mean it can't be put in the black.

He started his post out with self-doubt...

I just affirmed it.

"Damn the pandas, full steam ahead"

-Admiral David Farragut

You would be surprised

I worked from some time the scrap metal market and with how the economy is now I don't think it will go as bad as you think. It is true that most of the 'unwanted' gold has been sold it now comes down to the gold that people must part with to pay the bills. Scrap is constant whether it is scrap gold or scrap steel. Someone is always there to sell it to you for varying reasons.

I worked in the oil recycling business myself for some years...

it's rough.

"Damn the pandas, full steam ahead"

-Admiral David Farragut

Do you have some enemies?

What's with all the down votes you're getting?

It's a pattern

There are some emotionally damaged kids who come to DP to downvote. The only way they can have a good time is cutting someone with a downvote. Kid stuff.

I expected that on this post anything I said would be

downvoted. It's such an obvious troll-bait post so I participated to test my theory.

"Damn the pandas, full steam ahead"

-Admiral David Farragut