Are you interested in selling online?
Several times a month I will receive a message that goes like this “I wish I how to spot the good stuff and how to make money”.
What is flipping?
Flip: to cause to turn. And this instance, a profit. Many individuals will flip real estate, buying low and selling higher than what they paid. The same concept can be applied to goods. You can flip sweaters, coffee mugs, ties, shoes, hats, etc. It becomes a flip when you are able to buy it for less than it is worth and then resell it for more than you paid.
How we got started flipping?
The year was 2006 and I had just graduated from college. I was purging my apartment and thought to myself, “why not recoup some of your money by selling these things.” I wasn’t interested in going through the motions of hosting a yard sale, so I decided to open an account on eBay and Craigslist. I snapped a few pictures with my digital camera and would upload listings periodically. A lot of stuff sold for less than $5 and too much stuff broke during shipment. I had no idea how to safely pack breakables. :P
Shortly after, I walked into a Goodwill for the first time and realized I could possibly sell some of those items for more than $4. I have sold many things from Goodwill but in those beginning years I also bought plenty of stuff that no one was interested in paying more than $4 for online, and thus lost some money too.
It was all part of the learning curve.
Where can you sell online?
The internet world has changed a lot since 2006. There are many avenues for you to resell nowadays. To name a few:
eBay
Poshmark
Etsy
Chairish
1stdibs
Facebook Marketplace
Instagram
Craigslist
There are more, but that more than covers plenty of territory!
What can you resell?
You can flip pretty much anything from clothes/shoes/accessories to vintage linens to household decor. The possibilities are endless. I prefer things that are easier to ship when getting started. And clothes are the some of the easiest things to pack and ship.
How can you identify what is a good deal?
Research items while shopping to determine if it is a good deal or not. I prefer to research through eBay, but you could also search Etsy and Facebook Marketplace which is a great place for larger items that you don’t want to pack and ship.
Our goal is to make 1,000% profit on each item that we source and buy for our online stores.
For example, if you buy an item for $1, then we would expect to sell it for $10 or more.
Where can you shop for good deals?
Thrift stores, estate sales, and yard sales are my go-to spots for hunting down bargains. You could also buy on Facebook Marketplace and resell it.
Case Study: Our February Online Sales
Our goal is $500 a month in online sales; during the month of February we brought in a little over a $1,000. Here is a graphic of how those sales were broken down by selling channel.
Stay Tuned
We have several resources coming for you if are you looking to start a resale business. :)
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