Online gold coin and bar dealer

First-time and regular buyers of gold as a savings item, collectors and people giving gold as a gift.

The gap between what you pay your supplier and your selling price, plus the gap between your buy and sell prices on buy-backs. Margins per sale are thin, so volume and low costs matter.

• Comfortable with numbers and daily price changes
• Careful record keeping
• Building trust with customers online

• Check whether you need to register with HMRC for anti-money laundering supervision, for example if you accept large cash payments
• Check ID and source-of-funds procedures for larger purchases and for buy-backs
• Check VAT rules for investment gold versus other gold items before you set prices
• Stock insurance, safe storage and insured shipping, because theft and parcel loss are real risks
• Price swings between buying stock and selling it can wipe out your margin
• Check if running from home needs permission from your landlord or mortgage lender, and how your home insurance treats stock

Estimates suggest startup costs are typically around £3,000 to £15,000, depending on how much stock you buy and your insurance, storage and shipping arrangements. Check how your home insurance treats stock if you run the business from home.

Estimated monthly revenue is typically around £2,000 to £10,000, depending on stock levels and sales volume. Price swings between buying and selling stock can reduce your margin, so check your pricing carefully. Estimates suggest about 10 hours a week at minimum.

Check whether you need to register with HMRC for anti-money laundering supervision, and what ID and source-of-funds checks apply to larger purchases and buy-backs. Also check VAT rules for investment gold versus other gold items before you set prices.