Flipping is a serious business. It is not simply buying items and closing deals. You also have to make sure you get the best out of every bargain. So, how can you make a profit out of flipping? And where do you start?
Find Worth in Everything
From your grandfather’s dusty pile of vinyl in the attic to your 15-year-old stroller, you must be able to find value in almost everything.
And if you want to take on the job of a part-time flipper, you must see opportunities in all the corners of your house and the World Wide Web.
Of course, your home is a great place to start finding items to flip. Think of it as a real-life treasure hunting quest. You’re bound to find a great steal inside your kitchen drawers or under your grandma’s bed frame. If you can find something in your house and put a hefty price tag on it, then you’ll make a big profit from all that afternoon house-hunting.
Meanwhile, surfing the deep webs of the internet is also a convenient way to find a good prospect. You can scour through Amazon and eBay to look for something you can flip. If you have your ear to the ground, it would be easier for you to determine what would be a fruitless purchase and a futile venture.
Choose the Right Time
Having predatory instincts would do you well in the business of flipping. If an opportunity to buy a promising item at half the price presents itself, you better be ready to take it.
If you get your hands on products that are on sale or discount, you can easily sell them at a higher rate, especially if their market value increases.
However, you better know the best time to swoop in and the best time to sprint away. Make sure that what you’re eyeing on will have potential value in the future, or else, you would just be blowing your money. With the unpredictability of the market, timing is everything in this art of flipping.
Find a Partner
Collaboration is key to increasing sales. In this day and age, you can easily tap on another individual to help you sell your product or service in exchange for a commission.
Of course, they get a portion of the sale, depending on the terms agreed upon, but having an associate doubling your sales and doing almost all the dirty for you is already a win-win situation.
Many budding entrepreneurs make use of this peer-to-peer strategy to reach more potential consumers. So, if you’re trying to take this flipping job seriously, it wouldn’t hurt to call up a colleague. If he lives in a different city from you, it would be advantageous to your business since he can easily market to a different demographic. And of course, the social media marketing force is stronger with an ally or two.
Stitch It Up
Not everything you find profitable is in tiptop shape, but it doesn’t mean you have to throw it in the garbage bin. The power of a flipper lies in his ability to turn a broken item into a useful product.
Don’t let the fear of repair costs keep you from picking up a sellable product. The amount you spend fixing its issues is no match to the actual price tag of the product once it’s up and running. Gadgets and appliances are great investments. It only takes a few trips to the repairman, but when you find a buyer badly in need of these second-hand wonders, you’ll be raking in more money than what you spent.
Exhaust All Channels
If you’re an enthusiastic product-finder, you must also be an aggressive seller. You don’t have to be a pushy salesperson to be good at your job. You just have to know the proper way to market your products.
If you want a cross-cutting sales strategy, employing different marketing channels is the way to go. Instagram has over 1 billion monthly active users, as of June 2018, while Facebook has over 2.7 billion monthly active users, as of August 2020.
If you properly maximize these powerhouse applications, it’s impossible not to make a sale. These platforms already have business features that allow you to put up your products and services with no hassle. Facebook and Instagram also provide insights into your market. Plus, you can use their paid advertising schemes to reach a broader audience.
From homemade bakes to tree care solutions, the internet is teeming with products and services. It’s just a matter of how well you market and make use of your available resources.
If you’re pursuing flipping as a part-time job or a hobby, this guide can help you make better decisions that could reduce your costs, maximize your profit, and eventually expand your gig into a bigger venture.