Untapped Business In Nigeria
- Gold Business
Gold Is One Of The Untapped Business In Nigeria.
Gold has been in high demand for thousands of years, the desired investment choice over other options, including currency. This is one of the untapped business in Nigeria.
Here’s what you may not have known, there is another way people are taking advantage of gold’s value besides using it as an investment which is selling gold and starting a precious metals business.
If you sell gold, along with silver, platinum, and even diamonds, you can increase your income. The best part? Unlike other businesses, it takes little upfront capital. So how can you sell gold? We’ll break it down in this article.
Starting a precious metals business and selling gold is the subject of a course by Matt Wallace, the President and founder of AURIC Enterprises, where he buys and sells over $150,000 of gold each month.
Buying (and selling) gold, silver and diamonds is a strategy for those looking to increase their income without needing a huge chunk of upfront capital.
Another plus is that acquiring the basic knowledge to buy and sell gold, silver, and diamonds doesn’t take as much time as other businesses.
Add some specialized equipment that doesn’t cost a fortune to the equation and you can start earning extra money quickly.
For those looking for passive investments — receiving returns without having to do much work you could use the profits from your precious metals business, to purchase high income-generating real estate property.
Wallace does this himself, taking a portion of the profits from his precious metals business and investing it in real estate.
If you buy gold and have it in your possession, you can be confident because gold’s value has never fallen to zero — and it likely won’t.
The great thing about learning to buy and sell gold and silver is that the practice is likely to be essentially the same 10, 20 or 30 years from now.
For instance, a large gold buyer Wallace used the “acid method” for testing gold all 60 years he was in business.
How To Test Gold Silver And Diamond.
Acid Testing
One major method used in testing gold and silver is acid testing.
Acid testing is one of the most accurate methods for testing gold because it enables you to do a “destructive” test to drill into the layers of a piece to ensure it is solid gold throughout.
The acid test has not changed significantly in many years and serves as a very affordable method of testing gold and silver.
Electronic Testing
Another method of testing precious metals is the electronic methods. The electronic testing approach can appeal to people who don’t want to deal with acids in the testing process.
XRF
The most advanced portable electronic gold tester is an XRF.
These battery-operated testers contain an x-ray tube and shoot a small x-ray beam at the piece being tested. The beam interacts with the elements in the piece and the machine reads the results. These very powerful testers — at a cost of around $17,000 — are most suitable for those who sell gold in high volumes. You don't have to use this if you're just starting out.
How To Buy And Sell Gold
Identify sources that you can buy gold from. To start a gold business, one needs to buy gold. Look at the people in your life who may have gold that you could buy for cash.
Identify sources that you can sell gold to. Before buying gold, one needs to figure out where one can sell it to make a profit. Ask local jewellery stores and rare coin stores what they pay for gold. Of course, you will have to pay your sources less to make a profit.
Your friends, acquaintances, and community need to know that you are buying gold at competitive prices. Market to them using traditional publications and the Internet.
TIP
When marketing, differentiate yourself from Internet cash for gold businesses by stressing the personal contact that the client will receive in working with you.
WARNING
When mailing gold, use insurance to avoid losses. Be careful when looking for Internet sources offering to pay cash for gold. They often pay below market and some even make their offers final.
Also register your business in Nigeria with Cooperate Affairs Commission (CAC)
With a small amount of capital and some minimal equipment, you can buy and sell gold and other precious metals to start generating extra funds.
The cash you earn from owning your own precious metals business can help get you closer to realizing your major financial goals. You can research about this untapped business in Nigeria if you want to know more about it.
Another Untapped Business In Nigeria Is;
2. Real Estate Business
Real estate is one of the purest forms of entrepreneurship that endures a series of risk-taking situations. It’s amongst the most exciting industries with a lot of potential but a hell of ups and downs.
If you’re planning to start your real estate business, then take every step cautiously. This blog offers you useful tips that will help you to overcome your future challenges easily.
Here Are The Top 21 Steps To Start Your Own Real Estate Business
01. Pick A Specific Real Estate Niche
First, choose your real estate business niche. This is a vast sector where plenty of businesses are active. You just cannot work in all of the niches as that is not viable and practical initially.
Here Is The List Of Main Real Estate Business Niches :
- Residential real estate
- Income properties, the ones that real estate investors buy to have income through leasing or rental.
- Commercially real estate properties
- Property management
- Rental Property
Choose A Legal Business Structure
When pondering on how to start a real estate business, pick the right legal business structure. By deciding on the structure, you will be able to meet all of your legal requirements to run your company.
While many types of legal structures are available, not all of them fit your type of business.
There are mainly four types of legal business structures: Sole Proprietorship, Partnership, Limited Liability Company (LLC), or A Corporation.
Sole Proprietorship – A sole proprietorship means that you are the sole owner of your real estate business. You are responsible for the profits, losses, and debts while running your company.
Partnership – Partnership means you will have one or more partners conducting the business. All the partners will be responsible for holding liability.
Limited Liability Company – Limited Liability Company [ LLC] implies that business owners can limit personal liability and Corporation – A corporation business structure allows the corporation to own property, pay taxes, and have contract deals. So, a corporation is legally separate from its owners.
So, if you want to operate your real estate business single-handedly, you should choose a sole proprietorship business structure.
Set Up Your Shop
Look around for a location where you can set up your real estate shop. But a vast majority of the startup business owners start from their own home.
At the initial stage, focus on choosing a target market rather than finding a location for your storefront.
Get Your Starting Finance
When starting a real estate business, only a small amount of money is usually enough. Many entrepreneurs started their real estate business N1,000,000. If that's too much for you, you can even start with buying just 1 plot of land, allow it to appreciate and then Sell at a higher price.
You can check out prices of different lands for sale here.
Have A Website For Your Business
When thinking about how to start your own real estate company, and how to give it a boost, make sure that it has a good presence on the web. Your potential clients make online searches to find out real estate products and services on offer.
Have Your Real Estate Business License
You simply cannot run your real estate business without having a license to work as a real estate company. After getting the licenses, you are legally allowed to sell residential and commercial real estate.
I hope I've been able to answer your question. If you still have more questions to ask me, drop it in the comment box and I'll answer you.
Investing into the real estate business requires knowledge and guidance. I've some PDF (eBooks) books on real estate. If you want them, you can click on the real estate eBook then I'll send them to you. This ebooks are worth $50 but I will give them to you for FREE today.
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