Once the word gets out that you buy gold, you’ll be flooded with offers to buy.
There are several ways to promote your buying operation, depending on the volume of buying you wish to do.
The first, and quite possibly the only method of promotion you’ll need, is business cards. I do this myself on my computer. Another great place to get business cards is VistaPrint. The first order is free except for a small shipping charge.
On your cards you’ll want to include your business name (If you have one), your name, phone number, what you buy (Gold Jewelry, Coins, bullion, etc.), and two very important lines to add are “Highest Prices Paid” and “Friendly Service.”
The reason I include “Friendly Service” is because most people sell gold to a pawn shop and many times they are not very friendly people to deal with.
Another reason is, many sellers have a fear of the unknown. This is something they do not do often and, quite possibly have never done it before. By offering friendly service you’ll make them feel more comfortable right from the start.
Being friendly will net you more buys, I guarantee that !
Be sure to hand your business cards out everywhere you go and pin them on bulletin boards whenever you see one.
Depending on how much investment gold you are looking to buy, business cards may be all the promoting you’ll need. But if you are looking to buy on a regular basis, here are some additional ways to promote…
Print Advertising
It’s not necessary to spend a lot of money on advertising, there is a simple but very effective way to do it. In my 20+ years of buying I have been using the same inexpensive type of ads.
The best place to advertise is in the classified section of the weekly papers such as the Pennysaver, Merchandiser, Guide News, Shopper, or whatever they call it in your area. If the paper is delivered by the postal service, that’s even better. There are two weekly papers in my area that come in the mail. I spend a total of about $20 a week on ads.
The following ad has been working great for me for many years:
CASH PAID for Gold – Jewelry, Coins & Bullion. Any Condition. Highest
Prices Paid. Friendly Service. Call XXX-XXXX.
Most papers have a section titled “Items Wanted” or “Wanted To Buy”, which is where you’ll want to place the ad.
I buy to re-sell, as well as for investment, so I place my ads weekly. You, as an investor only, can place an ad whenever you are looking to invest. Believe me, once the word gets out that you buy gold you will receive plenty of offers from sellers without even having to do much advertising.
Phone Questions
When sellers respond to your ad they may ask you, over the phone, how much do you pay for gold, or more specifically, what you would pay for their item. I just tell them “it depends on the type of gold” and/or “I have to see it before I can make an offer.”
Where To Set Up Your Business
Your buying location is up to you. It’s based on how much gold you want to buy. I suggest you buy right from your home and not create a lot of expenses.
Although I have owned several stores through the years, I currently buy from the public at an office in my home. In addition, I have a network of buyers who ship their gold to me.
Flea Markets are a great, inexpensive place to do your buying. Besides buying there, you are also making people aware that you buy. Some Flea Markets have thousands of visitors a day. This is a great way to get the word out!
Another option is to rent an office to do your buying. I know several buyers who do just that. The seller sits across the desk from you as you view their items. It is a very professional atmosphere, but again it creates expenses.
Again, some of these ways create more expense, so you may want to just stick to buying from your home to keep the expenses at a minimum.
Buying Online
It’s no secret that the future of business is via the Internet. Buying gold is no different in some respects, but should not be an “online only” business.
The reason is, some of your best buys will be from sellers who have a sense of urgency to sell because they need cash immediately. They can’t wait out the period of time it takes from the day they send out their merchandise until they receive the money. They need the cash in hand immediately for that urgent reason which is forcing them to sell.
But, there is one good reason to have an Internet presence and that is to help get the word out about your gold buying operation.
In today’s society there is a large percentage of people who look online for businesses in their local area. “Paperless” no longer applies to bills and bank statements only, the online yellow pages are quickly making that big thick phone book obsolete.
You may want to place an ad in places like the yahoo local directory where people can see your name, phone number, etc. You can also place a link to your website in that format, if you do choose to set up a buying site.
As I stated earlier, having a website to give sellers the opportunity to ship their items to you is a bit tricky because those types of sellers usually don’t have that sense of urgency to sell. But, you do have to consider the number of people you can reach by having an online presence.
Setting up a website can be a pretty big task if you are not familiar with doing so. You could hire the services of a professional but that can be costly. I suggest if you have any website knowledge whatsoever, try to do it on your own.
