Mikes Metals LLC | Application Preview
Mikes Metals LLC is seeking government grants to support its growth strategy. The company plans to allocate funding as follows:
1. **Advertising**: $50,000 for internet and local radio ads to increase brand awareness through WPDE/WMBF Broadcasting.
2. **Website Upgrade**: $7,500 to enhance the existing website.
3. **Inventory Purchase**: Funding of $144,120 to acquire additional physical inventory, including 50 ounces of gold at $89,300 and 2,000 ounces of silver at $54,820, based on current market prices.
4. **Recurring Bills**: $48,380 for expenses such as leasing space, utility costs, safety deposit boxes, business licensing, fuel, maintenance, insurance, and security.
The business plan centers on using bulk purchases of gold and silver to capitalize on current lower prices while living off grant funds. Mikes Metals also aims to expand by launching a local cash-for-gold outlet offering pick-up services.
Mikes Metals cites nearly 30 years of experience in direct sales and corporate environments, establishing a strong client base that positions the business for success.
In terms of competition, Mikes Metals identifies three key competitors: JM Bullion, which operates online; Atlantic Gold and Silver Buyers LLC, a local store; and Shirley's Jewelers, a local jeweler without an online presence.
Mikes Metals' competitive edge lies in its personalized pick-up and delivery service, addressing customer concerns about online purchases and counterfeit products. This approach allows clients to inspect items in the comfort of their own homes, enhancing trust and safety in the transaction process.
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General Information
Business Registration Number: 85-2427926
Location: Conway, SC, United States
Length of Operation: .5
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
1.Advertising. $50,000 for internet and local radio Advertising. (WPDE/WMBF Broadcasting) 2. Upgrade to existing Website $7500 3.Purchase of additional physical inventory. Gold currently $1786/OZ .9999. 50 x $1786= $89,300 (Ave client will purchase 5 OZ at 1 time). Silver currently $27.41/OZ .9999 2000 x $27.41= $54,820 (Ave client will purchase 50 OZ at 1 time) 4. Incidental and recurring bills to include. $48,380 Lease space, Safety deposit boxes, Utilities, business licensing, auto fuel and maintenance, insurance, security. etc.
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Business Plan
By bulk purchasing Physical gold and silver with ALL my profits and living off other grants. This will allow me to surge buy large quantities of metals at today's lower prices and expand well into the future. I also intend on adding a cash for gold outlet with pick up service locally. I have been in direct sales and in a corporate environment for nearly 30 years. I have thousands of existing clients due to my previous years experience selling high end merchandise. I have the necessary drive and determination to make this and any other business a success, as proven by my multiple existing businesses.
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Self Identified Competition
1. JM Bullion Good internet based company that sells physical precious metals at a nominal margin over spot (Ave price). Has Minimum order of $299 and charges shipping. 2. Atlantic Gold and Silver Buyers LLC Local Myrtle Beach SC brick and mortar store. Similar to Pawn Shop buying and selling everything from watches to coins. 3. Shirley's Jewelers Local Conway SC Jeweler. Search comes up as physical dealer but no website, just a local phone number. My business model is for personalized pick up and delivery of precious metals. People are apprehensive purchasing Gold and Silver online due to counterfeiting. I allow the client to see and touch what they are buying in the comfort of their own home, if they choose. This is the safest method for the client.
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Contact Applicant
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