With the cost of living steadily increasing, the daily hustle to make ends meet has increased along with it. Sometimes the means of making money can come in slightly unconventional ways. More and more people are finding alternatives to corporate jobs and they are discovering solutions to put more food on the table for their families.
In almost any major city you visit, you are bound to find a dozen or more thrift or second-hand stores.
Goodwill alone operates in over 17 countries and in the year 2014 they generated a total revenue of $5.59 billion! With the rise of eBay, Craigslist and LetGo, the everyday person has seen the opportunity in flipping used products. There are certain tips and techniques you can use to help you turn a larger profit. If you shop smart, your return can be extremely fruitful.
The first and most important tip is to always shop with your smartphone or tablet. This will allow you to surf the internet on websites like eBay and Craigslist to see if there is a market for the product you are thinking of flipping. You can get an idea of the popularity, going price and the rarity of a specific item. Having access to the internet will also give you the advantage of knowing if the condition of the product you are thinking of buying will alter your profits.
Knowledge is power.
The second tip is to try to shop on discount days. Most thrift stores receive so many donations that they are constantly rotating items. As a result of this influx of product, a large number of thrift stores have discount days where you can see as much as a 50% discount off the entire store. This will obviously allow you to pay less, which means a larger profit on any item you plan on reselling. You have to remember that you are selling used items and you might not always get the profit you are hoping for. By keeping your investment costs down, you are much more likely to see a higher return.
A tip that often goes over-looked is the location of the thrift store you are shopping at. It comes to no surprise that thrift stores in higher-end or more expensive neighborhoods will often have more name-brand products and higher quality items available. This is not to say that you will not find gems in lower income neighborhoods, but you are more likely to find products of the neighborhood that you are shopping in.
One of the most important tips when flipping a thrift store item is to carefully inspecting the product. If you are buying electronics, make sure to plug them in and test the functionality. Something as small as a burnt out power light or damaged LCD screen can drastically reduce your profits. If you are buying clothes, make sure to thoroughly inspect the items for missing buttons or zippers, stains or tears and loose threads. An extra minute inspection of your items can end up saving you down the road.
Once you have purchased the items you have carefully inspected and researched, you have to find a way to sell them. There are numerous different platforms to make this happen. The most popular are websites like eBay, Craigslist and LetGo. One thing to keep in mind is the cost of shipping. If possible, always try to sell your products locally. Craigslist and LetGo are great ways to sell your products without having to endure additional shipping costs, packaging and insurance. Since you have already done your research and you acquired solid products, most of the hard work is already done. Experiment with different websites to see which yields the best results. You can always post your product on several different websites to increase your odds. Once you find a reselling platform that works, stick with it. If you go the eBay route, you can set-up a store and increase your ratings to attract more buyers. Find what works best for you.
Now that you have a basic foundation of reselling thrift store items, go out there and make it happen! Consistency is key, so make it a habit to check your local thrift stores on a regular basis as items are constantly being rotated. Time to put on your entrepreneurial hat and make some extra cash!