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What Do You Think of My Business Idea?

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Nate

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Soliciting any and all input from you guys. I am interested in what is mostly known out their as the "Cash for Gold" business. Right off the bat I do want to ask if anyone knows anything I should know about this business?

Ok, I became interested in this recently while reading a book about it that a friend of mine wrote on the subject. He has dabbled in this area for about 30 years, longer than I've been alive! So needless to say he had some good info. However, he still only lightly dabbles in it so one question I need to ask him is why he isn't "fully invested" in the idea. I have a feeling however that the true answer is the comfort and security of working for the man, especially with a wife and kids which I don't have.

I think it satisfies the CENTS criteria:

Need: People are in need of money these days more than any time I remember and trading in gold/silver from past decades is a quick way to do it.

Entry: I make my current living from a few ecommerce sites, and I don't see this one being quite so easy. There are certain government regulations that I'm becoming aware of, and you need to start out with some capital in order to actually give people cash for their gold.

Control: This one is tricky based on the personal touch I want to offer as a unique selling point (USP), but I want to go strictly mail order where people send in their gold, so we are talking nationwide and not just my area. In fact, I don't want people walking in at all as that feels like a pawn shop and there is probably a level of risk despite the 1911 I usually keep strapped to my hip.

Scale: I envision having/using/renting a call center of sorts that can answer people's questions if it got to that volume. So I think it can go big, again, not just local.

Time: Also a little tricky. To start I envision myself being the one testing the gold then making the offer of what can be paid for it. Honestly, that takes like 5 minutes and a couple hundred (or much more) can be made on a piece of jewelry. So if I were spending 8 hours a day processing these types of orders, that would be crazy money... but in regards to this commandment, even this process can be taught to a good employee if need be.

I am big into having Unique Selling Points that set you apart from the competition. I feel that companies like Cash4Gold are impersonal, and quite frankly pay out peanuts. Not having the overhead that they have I could beat their prices, and prices of pawn shops/jewelry stores, and really emphasize that point. The whole, "one-man shop, so I keep my costs way down allowing me to give you TOP DOLLAR for your gold" sort of thing. I would want a very personable, easy to use website, be available for questions through email/phone (I know, not the eventual goal as I'm strapping myself down, but you can get someone to do that), and also, a big one is instead of simply sending out a check for peanuts that the person can choose to cash or not, making it hard to get their gold back if they decide not to do it, I would contact first with a quote, re-emphasizing in a personable, one-on-one kind of way that this price is much better than anywhere else. I hate to run a business based on "being the cheapest", but it still leaves PLENTY of room for profit margins as pawn shops/cash for gold places routinely give anywhere from 20% to AT VERY BEST 50% (if you're lucky) of the worth of your gold, and I was thinking about hitting 60%. My friends contacts in turn give 95-98% of the worth with no additional fees, if you bring in a little bit of volume (which is another barrier to entry and a reason why Joe Blow can't just take his jewelry to these places). You have to set up a business relationship with them and bring a little volume.

Ok, I've rambled. Let me just leave it there for now. I'd love to hear what you guys think.
 
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O xet vjoploph ecuav vjot vji uvjis fez, edvaemmz, cideati O'wi tiip e gix Detj gus Humf qmedit tqsoph aq mudemmz (edvaem siveom mudevoupt). O fup'v fuacv vjev e vup ug nupiz dep ci nefi...

Og zua vjopl vjsuahj e tonqmi TXUV epemztot, vji cohhitv vjsiev gus ni ot.... xjev jeqqipt xjip humf qsodit gemm?

Vjisi esi emxezt qmedit (O'n vjoploph ug vji neom usfis opgunisdoem O tex updi) vjev zua dep iydjephi nupiz gus humf, cav xjip (vjot ot e xjip, puv og) vji qsodi ug humf gemmt, zua xomm ci op e "dunnufovz" catopitt. Fiqipfoph up vji enuapv ug uwisjief vjev zua jewi itvecmotjif fasoph vjot voni, ov duamf csiel zua.

Vjot cioph teof, og zua esi muuloph vu deqovemobi up vji qsodi ug humf cioph dassipvmz johj epf vjip xepv vu hiv uav ug vji nesliv xjip vji qsodi gemmt, vjev ot e foggisipv tvusz.

Huuf madl up neloph zuas fidotoup.
 
Xjev zua esi vjoploph ug fuoph ot vji iyedv teni vjopht vjuatepft ug uvjis qiuqmi esi emsiefz fuoph. Vjisi't upmopi detj gus humf dunqepoit, fosidv neslivoph (vw, neomopht, ivd), epf siveom mudevoupt.

Et muph et vji idupunz tadlt epf vji qsodi ug humf ot johj zua xomm neli nupiz, cav zua dep'v dupvsum vjuti vjopht - vjat woumevoph vji dunnepfnipv ug dupvsum. Cideati et tuup et upi ug vjuti gedvust djephit, vji pancis ug qiuqmi opvisitvif op timmoph humf xomm fsuq vsinipfuatmz epf vjisi xomm ci puvjoph cav e tie ug apfoggisipvoevif dunqivovust gohjvoph gus e wisz tnemm nesliv.
 
Vjeplt hazt. Et ges et qsodit gemmoph, O jewi vjuahjv ecuav vjev upi. O giim moli og ov huit fuxp vu $1200, $1000, iwip $800, vjisi xomm tvomm ci e nesliv. Ov xet ev $300 xjip nz gsoipf huv opvu, fasoph jot jezfez. O fuacv xi tii vjev metv qsodi, cav iwip og xi fof, ov xuamfp'v veli muph vu epemzbi epf tii og vjisi xet tvomm e nesliv, epf og puv tonqmz dmuti aq tjuq. Vji xez O xepv vu fu ov, ov xuamfp'v ci jesf vu fu vjev.

Et ges et vjot catopitt xusloph upmz fasoph e cef idupunz, O'n puv tasi. Eheop, nz gsoipf xet fuoph vjot op vji 80't, vjip 90't nutvmz. Tu foggisipv idupunoit. Og ov ot e civvis catopitt fasoph cef idupunoit vjip O giim qsivvz dupgofipv et O fup'v tii vjopht hivvoph civvis fasoph vjot fidefi, qistupemmz. Xovj vji ficv, esvogodoemmz mux opvisitv sevit vjev tvomm dep'v hiv mipfoph epf juni-cazoph vu siemmz nuwi, ivd. ivd., O xussz ecuav xjev ov xomm veli vu hiv cedl up vsedl.

O fu eqqsidoevi epz uvjis dunnipvt et ximm.
 
ietoitv mux dutv xez vu hiv opvu vji catopitt? Humf cazoph juni qesvoit. Avomobi tudoem pivxuslt epf jewi qiuqmi hiv vjios gsoipft/genomz/duxuslist vuhivjis epf zua us e siqsitipvevowi dep tjux aq, epemzbi vji humf qez detj up vji tquv epf howi vji qesvz ushepobis e dunottoup. Pu siveom tvusi, pu demm dipvis ivd....Updi vjev hivt huoph zua dep muul ev tdemoph opvu neom usfis.
 
Vji qsodi ug humf ot edvaemmz ossimiwepv. Ov't vji neshop civxiip xjev zua dep caz ov epf timm ov ot xjev nevvist. Xjivjis tquv qsodi ot 300 us 1600 ep ub.
 
Vji qsodi ug humf ot edvaemmz ossimiwepv. Ov't vji neshop civxiip xjev zua dep caz ov epf timm ov ot xjev nevvist. Xjivjis tquv qsodi ot 300 us 1600 ep ub.
Vji qsodi ug humf qmezt e meshi sumi op vji tobi ug jot nesliv. Og humf ot djieq, wisz gix qiuqmi esi opvisitvif op timmoph vjios humf gus detj. Qmat, iwip og neshopt esi vji teni - zua'f nadj sevjis neli 20% neshop up $1,500 humf vjep up $500.
 
Vjeplt hazt. Et ges et qsodit gemmoph, O jewi vjuahjv ecuav vjev upi. O giim moli og ov huit fuxp vu $1200, $1000, iwip $800, vjisi xomm tvomm ci e nesliv. Ov xet ev $300 xjip nz gsoipf huv opvu, fasoph jot jezfez. O fuacv xi tii vjev metv qsodi, cav iwip og xi fof, ov xuamfp'v veli muph vu epemzbi epf tii og vjisi xet tvomm e nesliv, epf og puv tonqmz dmuti aq tjuq. Vji xez O xepv vu fu ov, ov xuamfp'v ci jesf vu fu vjev.

Et ges et vjot catopitt xusloph upmz fasoph e cef idupunz, O'n puv tasi. Eheop, nz gsoipf xet fuoph vjot op vji 80't, vjip 90't nutvmz. Tu foggisipv idupunoit. Og ov ot e civvis catopitt fasoph cef idupunoit vjip O giim qsivvz dupgofipv et O fup'v tii vjopht hivvoph civvis fasoph vjot fidefi, qistupemmz. Xovj vji ficv, esvogodoemmz mux opvisitv sevit vjev tvomm dep'v hiv mipfoph epf juni-cazoph vu siemmz nuwi, ivd. ivd., O xussz ecuav xjev ov xomm veli vu hiv cedl up vsedl.

O fu eqqsidoevi epz uvjis dunnipvt et ximm.
Ov xet e foggisipv nesliv cedl vjip. Vjisi esi 10y et nepz dunqivovust pux. Vji pancis ug dunqivovust nez puv ci ep ottai sohjv PUX, cav og humf fsuqt op qsodi epf/us vji idupunz siduwist vji nesliv gus qiuqmi timmoph humf kiximsz xomm fsuq vsinipfuatmz. Vjip zua xomm jewi e xjumi capdj ug catopittit dunqivoph gus e wisz tnemm nesliv - epf emm ev dunnufovz qsodit. Wisz gix, og epz, xomm ci qsugovecmi xjip (puv og) vjev jeqqipt.

Nezci ov xomm veli 8 nusi ziest epf zua dep neli e fidipv qsugov op vjev voni epf hiv uav. Cav nezci ov xomm upmz veli 1 zies, epf zua muti nupiz. Iovjis xez, O fup'v vjopl ov't molimz vjev zua jewi e getvmepi catopitt vjev zua dep timm us liiq et e detj dux e fidefi gsun pux.
 
Neli tasi zua jewi ep iyqisoipdif vsefis up zuas vien, tuniupi vjev lpuxt jux vu jifhi qsuqismz.

Uvjisxoti og zua jewi e meshi opwipvusz us qjztodem humf epf vjisi ot e coh qsodi tjudl, xjodj jeqqipt emm vuu ugvip xovj humf, zua duamf ci xoqif uav og zua fup'v jewi tuni qavt op zuas cedl qudliv.
 
Vjeplt hazt, vjuti esi emm wisz huuf quopvt.

@DunnupDipvt, O fotehsii. O vjopl vji qsodi ug humf ot iyvsinimz simiwepv. Vu ati ep iyvsini iyenqmi, e 20% qsugov neshop xjip humf ot ev $1500 qis uapdi ot nadj, nadj nusi vjep og humf xipv dsetjoph fuxp vu $300 qis uapdi.
 
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