How to Make Money Flipping Thrift Store Finds
When you are selling or reselling any item, how much money you make comes down to your profit.
Did you cover your initial investment and how much money did you make after fees?
The first rule of flipping is to know how much you can sell an item for compared to how much you will pay for it.
Our motto is that we only buy and resell items that will produce a 1,000% profit margin.
For example, if I buy something for $1, then at minimum I plan to sell it for $10. Without taking into consideration selling fees, that is a 1,000% profit.
If I buy something for $10, then I plan to sell it for $100.
When you are out shopping and sourcing for your store, keep in mind the motto of a 1,000% profit. This will help guide your purchasing decisions as to whether an item is a good investment or not.
I recommend reading this post to learn the market value of an item. Research before buying is a great way to ensure your store is stocked with profitable items rather than duds and stay on top of changing trends. For example, ten years ago you could buy and sell J.Crew easily and at a nice profit. This is not the case anymore as secondhand prices have dropped dramatically on this brand and others in the βqualityβ circle.
One caveat to the motto of 1,000% are items that you know will sell with ease but might not bring the desired profit you would like. I recommend adding items to your stock that you will know buyers will gravitate towards even if the margin is smaller.
Sam Edelman is a brand that resells well and fairly quickly with an average market value of $25. I have bought and sold several pairs with the purchase price hovering around $6; while not the margin I prefer but still a margin nonetheless on an item that doesnβt sit too long in my store.
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Apple picking in the mountains!