How To Start Gold Jewelry Business In Nigeria 2019/2020
- 1 How To Start Gold Jewelry Business In Nigeria 2019/2020
- 1.1 What is Gold?
- 1.2 How to Begin A Gold Jewelry Business In Nigeria
- 1.3 Cost of Beginning A Gold Jewelry Business
- 1.4 Gold Jewelry Business Security Tip
- 1.5 Other Amazing Business You Can venture Into Today
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Gold jewelry business is a multi-millionaire business venture because it yields in millions and also requires millions to start-up. Here in Nigeria, only few players exist and that’s a good thing. You can join the few players in the business and make serious money for yourself.
In today’s articles, I’m going to guide you on a simple route to starting a gold jewelry business. The purpose of this article is to give you a quick overview about this business idea. Once you fall in love with this business, you can go ahead and write a business plan. Without much delay, let’s delve into what brought you to this page.
What is Gold?
According to dictionary, gold is a yellow precious metal, the chemical element of atomic number 79, used in jewelry and decoration and to guarantee the value of currencies.
The uses of gold have made gold jewelry business a profitable one. For example, about 78% of gold consumed each year is made into jewelry, that’s because jewelry is the fastest and common way gold reaches its consumers.
Apart from making gold into jewelry, it’s used in finance and investing due to its monetary value. Because gold is a good conductor, a small percent of it can be seen in almost all the devices we use like electronics and computers. What about medals and award? I don’t need to say more.
Going by the numerous uses of gold, even those unmentioned, it’s evident to the blind that gold jewelry business is a business that guarantees a life of financial freedom and fulfillment. Now, how can you start a gold jewelry business in Nigeria?
How to Begin A Gold Jewelry Business In Nigeria
1. Acquire Skill/Knowledge First
Before you start any business, you need to know what you’re getting involve in if you must play your cards right. Not having any experience or knowledge is very risky in this gold jewelry business.
Knowledge in this business entails;
(a) Knowing How To Use the tools
You’ll need training, to know how to use tools like the Gold Testing Kit and the weighing tool. Going to computer classes, to know how to really operate the surveillance CCTV cameras is also necessary.
(b) Knowing the latest Prices of gold
This is because a gold price fluctuates a lot. If you’re not updated with latest prices of gold, you might be selling cheap and indirectly going at a lost. Find out a reputable platform online where you can always know the latest prices of gold. You can also know that by visiting other gold jewelry shops around.
(c) Knowing Where to Buy Gold Jewelry
There are tons of ways to buy gold. It could be through a gold merchant, someone who travels oversees to buy gold. You can order them directly through some online ecommerce websites. You can even buy from the general public.
2. Write A Business Plan
Like I always say, you have to look before you leap. A lot of people use to contact me, asking me how to start a business, even after reading about the business on this page.
It can be very frustrating. Now that I have made known this gold jewelry business, the next step you need to take is conduct a feasibility study, which helps to write a business plan.
Your business plan is a blueprint to success, don’t overlook it. If you can’t write a business plan, hire someone who can.
3. Rent A Shop
Through your business plan, you’ll be able to know your target market and the best business location. You need a location that’s made up of high profile individuals.
Gold jewelries aren’t cheap. Not everyone can afford them. That’s why you need to know your target market and then know the best location before renting a shop.
4. Set Up Your Shop
After getting a shop in a good business location, it’s now time to furnish it with beautiful showcases and classy interior. The shop has to be great looking because it helps customers trust you more. Remember, first impression matters, especially in a gold jewelry business.
5. Necessary Tools/Equipment
The first tool I will like to mention is the Gold Testing Kit. In this gold jewelry business, your customers need to be certain that they are indeed buying gold and not some crappy yellow metal. That is where this tool comes in handy.
Apart from the Gold Testing Kit, other tools which you will need for the smooth running of your gold jewelry business include;
- Weighing scale
- Metal security doors
- Furniture like chairs and tables
- CCTV surveillance cameras
- CAC registrations
- Computer systems etc.
Through your business plan, you’ll be able to know the detailed overview of what’s needed to start operation.
Cost of Beginning A Gold Jewelry Business
The cost of startup depends largely on the business model you want to adopt. If it’s a small scale business with a local shop by the road side, you’ll need at least N1,000,000 to start that up.
Gold is a costly metal. In fact, a handful of gold can go for over N5,000,000. From your business plan, your business model should be specific; it will help give accurate estimation of the amount needed to start a gold jewelry business.
Gold Jewelry Business Security Tip
This business is equivalent to running a bank. This means, you have to take serious security measures if you must remain in this gold business.
Install CCTV cameras, burglar proof steel doors, a concealed safe to store your gold every night and most of all, avoid coming back late. With this few tips, you’ll be just fine.
Finally, gold Jewelry Business is a lucrative. Do you know how many wedding rings that are bought on a daily basis? The only downside of this business is that it’s capital intensive. Apart from that, every other thing about this business is mouth-watering.
That’s the much we can take on the topic “How To Start Gold Jewelry Business In Nigeria 2019/2020”.
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