Gold is a major valuable resource in the world and a generally acceptable means of exchange. There is a lot of money in Gold business both locally and internationally. It is really a lucrative business to venture into. As at today, an ounce of gold cost N485,260.38. Thats really worth looking into. To check the value of gold in Nigeria at anytime, please check here


In the past, elders especially women usually buy gold when they excess unused money at hand to keep the money. They usually sell the gold later when in need of money. This is because of the appreciating value of gold. Lots of people still use this strategy to keep their money today. More importantly in this piece, we shall take a look at how to set up a gold business. Below are steps to be taken in starting one:

Steps In Starting A Gold Business In Nigeria

  1. Get Acquitted With The Business

This is the first step in every business. You need to know about the business you want to go into. Know the variables that affect the business, the net profit not just gross profit, the business trends and what it will take to do it well. You may need to meet people, attend seminar, internet research, read books etc. Just get the information!


  1. Decide Your Niche

In gold business, there are a few number of niches from which you can participate in the business. You may be buying and reselling gold scrap, used or broken jewelry, gold coins, new jewelries etc. You may even be dealing with the raw gold or just be a marketer linking buyers with sellers and getting paid for it.


  1. Develop A Business Plan

Don’t go into business without having a business plan that clearly states your objectives, goal, scope of operation, marketing plan, management policies etc. You need to move with a guide and something to keep you focus.


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  1. Register Your Business

Endeavour to register your gold business. This is substance of international business recognition. Get all required documents that will formalise your business. This is very important!


  1. Identify Players In The Industry

This step is important. You need to know the big players in the industry and what make them big technically. Also, you need to identify sources to be buying from that will give you quality products and at a lucrative price for you. This depends on the niche you are operating on.


  1. Your Location And Service

Think about this two things very well. Depending on who your customers are and your  niche, decide whether your location will be closer to your intending customers, ordering place, complementary goods market or just in a popular known place. Your services to be rendered must be put into consideration as well in order to cut excessive expenses. Also consider the security of your location. Gold is too expensive to be losing it thieves.


  1. Advert, Promote And Network Your Business

This is where the bulk of your work lies when starting out. You need to make people know your business and services. Make use of the social media through paid and free platforms. You may use the mass media if your budget can carry that. Join associations that are necessary and important to get networked and promoted. Please ensure to render wonderful services, this is the best marketing instrument.


With these steps, your gold business will not only be lucrative but also be exciting to you. Wishing you the very best!


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