What To Do If You’ve Struck Gold – Literally
We’re all used to conventional startup ideas, like running an SEO agency or launching a tech company. But as the recent disruptions in supply chains have shown, the world is still utterly dependent on the economy that extracts resources from the Earth.
In light of this, many more entrepreneurs are rethinking their strategies. Instead of building digital platforms on top of digital platforms, they’re wondering whether the real-world has something to offer financially, after all.
In recent months, the price of gold has shot way up. Investors are worried about all sorts of things, from inflation to the war in Ukraine. They’re looking for safe havens to park their assets while the storm blows over.
For that reason, a lot of people are putting their money into gold, and miners are making a killing. The more the global gold price goes up, the more money they get paid for each unit of gold they sell.
Therefore, if you’ve struck gold, now might be a great time to get into the mining industry. Capital is cheap, and the market for primary commodities is exploding. Thanks to inflation, everyone in the sector is making a fortune. Money is flowing to them first before everyone else.
Of course, you don’t have to go directly into the mining business itself if the idea of raising millions of dollars worth of capital scares you. You could offer brokerage services, temp workers, financial consulting machine sales or even mining core trays. Companies in the industry will gladly pay for your services.
However, if you want to control your vertical, then conducting mining operations directly is essential. So long as you can sell below the world price, you’ll make money on each piece of gold (or whatever else) you dig out of the ground.
Do Your Research
The first step is to research the industry. If you think you’ve found gold (proverbial or otherwise), you’ll want to know how to get set up and running. Make sure that you understand the local licences and permits for your region, as well as the skills you need to perform the extraction.
Gather Mining Equipment
You don’t need to pay for mining equipment outright. In fact, most companies let you lease it. Gather all the tools you need and transport them to the dig site to begin work.
Hire Skilled Employees
Miners are difficult to find these days. Many countries don’t have them, thanks to pit closures.
Hire as many skilled employees as you can find. Look for people with experience in the industry or that you can train when necessary. Consider employing older people who may have worked in mines during their youths. Rely on their experience to provide you with support on the ground.
Take Health And Safety Seriously
Lastly, you’ll want to do everything you can to prevent your new operation turning into a 19th-century death trap. Consider all the applicable health and safety laws in your region and make sure that you’re compliant. The better the working conditions, the more likely skilled employees are to stick around.
Categories: Outside Contributors