One of the first ways big worka-holics and self-made business moguls start out in the world of personal finance is by something called flipping. To put it short and sweet, flipping is the art of taking low-price, sometimes discount or used, products and reselling them for a price markup.
For example if I go to eBay and get a shirt for a dollar, and then resell it for 10, that’s flipping. It can also get a little more complex, but ludicrous, if you take old items, restore them, and resell them. Sounds easy, right?
Well, it actually is. Of course there are some simple guidelines everyone needs to follow to get started in the world of flipping however once they do it can become a great side hustle. It’s so easy to get started in, and if you do it properly and consistently, you can find it becoming a genuine full-time income.
So let’s do some flipping!
Step 1: See what you already have and can sell
For most people the best place to begin flipping is at home. See what you have, don’t want, and can sell online and sell it!
For one, this allows you to clean up your space at home, and staying organized is always a good thing. Having a messy home has been tied to stress-related problems like hormonal imbalances and low productivity, so whatever you really have don’t want or need, consider selling it. It’ll turn something idle into profits.
The other nice aspect of this step is the fact that you can easily get started on your flipping ventures without having to pay any money. All you need is a camera and an eBay account.
The first step in selling what you already own is to have an account to sell on in the first place. Ebay is the most recommended option out there for people flipping items, whether experienced or not. It’s the most active used-goods site and will always have new selling opportunities.
Begin to go around your house, room to room, and look for items you really don’t want. Doing one room at a time might work best for this.
Maybe you’ve found a few shirts you’ll never wear, or a chandelier still sitting in its box. Regardless of what it is as long as it hasn’t been affected in any way (tears, cracks, dents, etc) it’s good to be flipped!
Step 2: Post your items on eBay
Now that you’ve got an eBay account and items to sell, it’s time to actually put them up for sale. Putting products up for sale on eBay is actually really simple. In fact, all you need is a camera and a product to sell.
The first thing you need to do is take a picture of your product of choice. You can take this anywhere, just make sure the image isn’t too sloppy. Of course, you definitely don’t need professional-level pictures, just something simple that shows off the product with no disturbance in the way (fancy background, messy carpet, messy room, etc)
You might need to edit the image slightly, but you should only edit the brightness ever-so-slightly. You need to show the product as much as possible and as naturally as possible, which means showcasing it from all sides and angles. You don’t want bad ratings!
Of course, you need to do your research. You should look at the market you’re selling in and see what other sellers list as their prices for each product. You shouldn’t overcharge, but undercharging as arguably worse.
Step 3: Start selling
Now that you’ve got a fully-fledged online storefront, the final step to turn flipping into a genuine stream of income is to actually sell the products.
It gets a little more complicated here as once you begin to make actual sales. Unless the buyer is someone local to your area (chances are if you’re using Facebook marketplace or Craiggslist this will be the case) you’ll have to actually ship it to them via mail.
Shipping may seem complex at first, but it’s not as difficult as people make it out to be. If you’re using eBay, you can simplify the whole process by using their shopping calculation tool, and by inputting the dimensions and weight of the box the platform can charge the customer the right shipping price. Now that’s cool!
However, if you don’t want to do this, you can easily charge a flat rate which might be easier depending on where you live.
And that’s it! All you need to do now is sell, sell, sell. You can charge markups of up to $100+ per product, and make thousands per month.
So now that you know how to flip and sell, it’s time to get started!
