# Newbies most common mistakes when starting up



## Noxx (Sep 2, 2009)

Ok, let's do this simple.

More experienced members should share their experience when it comes to start up your own business. I'll sticky that thread, I think it will help beginners in the field, or even me lol 

-*Use your money wisely.* Don't buy anything unless you absolutely need it. Ask yourself each time: Do I REALLY need this ? Most of the time, the answer will be no... Build it yourself if possible or look for second hand. You need every penny as purchase capital. The more gold you buy, the more profits.

-*Make sure you can produce pure gold each time, every time.* The last thing you want is to receive negative feedback from your customers/clients. If it happens at the beginning, your company name will be ''blacklisted'' and you'll have a lot of trouble finding new customers. 

-*If it sounds too good to be true, it is !* I'd say 99.9% it is. And no, you're not the 0.1%  If it comes from Africa, be VERY careful. Always ask for a sample first and pay after reception of the material and assay on your end.

-*Test all the gold you get before purchase.* You don't want to find out later that you bought gold plated lead. Acid test kits are cheap and reliable. Learn how to use them before buying gold !

-*Starting up in business is not an easy task.* ''Surviving'' the first year is quite often the hardest part. Don't quit your current job until your company is standing strong. It may not be before a few years.

I think my part is done now... If you have anything to add, feel free to do it.

Finally, never forget to enjoy what you do ! P


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## markqf1 (Sep 2, 2009)

Testing, testing , testing.
Your initial tests will be the defining factor of whether or not you make money.
Without this testing, there's no way to know what you are dealing with.
Good post Noxx!
Just my two cents worth.

Mark


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## Fournines (Sep 2, 2009)

- *Under promise - Over deliver*
Better to tell a customer that a job might take 4 weeks and deliver sooner than doing the reverse. Don't take on a project you can't handle, and always be honest with your customers. Put yourself in their shoes.

- *Transparency and Communication*
Be willing to share as much of the process as you can with a customer. It will create a stronger relationship of trust and confidence.


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## Noxx (Sep 2, 2009)

Indeed !


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## Buzz (Sep 3, 2009)

Going back to testing.

I know the acid test kits are quite cheap to buy and easy to use.
I was also looking at one of the electronic testers (Mizar).

I am in the process of trying to set up a few Gold buying parties
with friends (think tupperware type parties).

One of my concerns is that folks will be watching me scratch their
Gold items and use acids in their homes.

I know the Mizar is more expensive but it would be cleaner and no scatching/scuffing needed.
How accurate are these things though?

Regards
Buzz


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## qst42know (Sep 3, 2009)

Buzz said:


> Going back to testing.
> One of my concerns is that folks will be watching me scratch their
> Gold items and use acids in their homes.
> Regards
> Buzz



If they are looking to sell it won't be some piece they still care about. If they seem to still care for something ask them not to sell it. Explain the test and inform them what needs done and then ask if they want you to proceed. A small piece of leather impregnated with polishing compound can remove some of the testing marks on rejected or returned items. The amount of acid to test is small but don't set up for testing on any fine furniture and work over a blotter or pad. Practice your testing if necessary so you look professional as you work.

Just my opinion.


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## 4metals (Sep 3, 2009)

Make sure you have a market for your fine gold and silver. You can have the best technique in the business and produce a high quality product but if you can't sell it at a price that allows you to continue on you will run out of working capital. I have found this to be the biggest downfall for startup refineries.


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## Irons (Sep 26, 2009)

ALWAYS deal with customers in a professional and confidential manner. If people find out you discuss customer business with others, you will be shunned like the plague.


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## Lou (Sep 27, 2009)

And if you do discuss such business with others, you better be married to her or trust him like your brother!


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## Harold_V (Sep 28, 2009)

Lou said:


> And if you do discuss such business with others, you better be married to her or trust him like your brother!


You, apparently, never met my brother. 

Harold


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## Irons (Sep 28, 2009)

Lou said:


> And if you do discuss such business with others, you better be married to her or trust him like your brother!



My wife was complaining lasr night that I wasn't telling her everything.

Hey, Harold. I bet you didn't tell your wife where the Gold was buried, either. 8)


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## Harold_V (Sep 28, 2009)

Irons said:


> Lou said:
> 
> 
> > And if you do discuss such business with others, you better be married to her or trust him like your brother!
> ...


I'm a lucky guy! I can trust Susan, and she knows all my secrets. We've been married for more than 32 years now. 
You can't trust my brother to give you the correct time of day. For some reason, for him, telling the truth appears to be something beyond his ability. Anything (and everything) he says is suspect.

Harold


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## Irons (Sep 28, 2009)

Harold_V said:


> Irons said:
> 
> 
> > Lou said:
> ...



You truly are a lucky Man. A real Treasure.


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## Lou (Oct 5, 2009)

Harold_V said:


> Lou said:
> 
> 
> > And if you do discuss such business with others, you better be married to her or trust him like your brother!
> ...




Thankfully not! Interesting indeed how one in the family can be of good repute, and the other not!


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## Anonymous (Oct 30, 2009)

I do gold parties,i use a tester,not dead on some of the time,but close ,plated material will fool it so you will still have to scratch the gold,I use a dremel tool with a rubber wheel and polishing wheel to clean up the scratches,the tester is worth the money :lol:


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## Anonymous (Feb 19, 2010)

hi I will like to know if anybody know a place to sell partty gold in Utah or near by, drive distance,
or if any member will teach 1 on 1?


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## nickvc (Feb 20, 2010)

As an ex full time refiner my view is first identify your end user,is it worth the time money and effort to actually refine or just to recover and trade metals recovered.The cost of refining is widely discussed on the forum as the cost of acids,nitric in particular is high,will you get a better % for fine metals to make the refining worth while? Will your business still be viable if the metal prices crash,i expect to see a move in % payments if it does from the big boys.Here in the UK you dont get a better % for fine so melting and assaying is the only way to go,this might be different elsewhere but i doubt it. Many of the members here work on e scrap where many of the products are near fine gold plated,if you are in the game to make money why do more than melt the foils once recovered? I think testing of solutions is still vital to ensure no values are discarded,remember this is about money,yours,so do as little and spend as little as needed.


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## Anonymous (Mar 24, 2010)

i'm in ca. and wanted to start melting the gold from a few friends and maybe get into purify the end. two question.

1. how do i start and where do i buy the stuff?


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## jimdoc (Mar 24, 2010)

Start by reading on here.
Buy it from wherever you can, for the
right price. You have to figure that out
for yourself. Everybody has a different
right price depending on competition.

Don't melt your gold before you refine it,
then you have a melted blob of unknown
quality rather than a marked piece.

Jim


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## Harold_V (Mar 24, 2010)

obert101 said:


> i'm in ca. and wanted to start melting the gold from a few friends and maybe get into purify the end. two question.
> 
> 1. how do i start and where do i buy the stuff?


Read Hoke. One does not run before he is able to walk. 

Harold


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## Noxx (Mar 25, 2010)

obert101 said:


> i'm in ca. and wanted to start melting the gold from a few friends and maybe get into purify the end. two question.
> 
> 1. how do i start and where do i buy the stuff?



Well, that's only one question


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