Are you looking for another way to make some cash on the side? Flipping items may be worth considering. I find that this side hustle is more fun than most! It allows you to shop for things that interest you such as shoes, video games, comics, clothes, etc and then sell them for a profit. It is not hard to get started by any means. Below I have outlined some of the steps you can take to becoming a flipper in your free time!
Save up some cash to start
If you start doing this with some cash, it will be much easier to get started. Now you can start flipping items without any money. You may be wondering how that is even possible. There is a free section on Craigslist that has a load of items that you can potentially flip. I still recommend starting with some cash though. I believe $300-$500 is enough to really get started in flipping items that cost between $1-$150.
Pick your niche
This is a very important step. You need to pick a niche that is profitable. I also recommend picking one that you enjoy. In the past I focused on flipping retro video games, electronics, and comic books. These were all niches that I enjoy. Luckily, they were also fairly profitable. Some niches require you to have more knowledge about the items than others. For example, if you are going to flip shoes you should know something about shoes. I don’t know squat about them, so I avoid that niche.
Pick your selling medium
You need to choose a medium that you are comfortable with, and you need to select one that won’t suck away your profits. I use Mercari to flip items. It makes the entire process very simple by providing you with shipping labels after you sell an item. It also only takes 10% of the money made from the sale. In comparison, if you use Ebay and paypal you are losing 12.5% of the sale. Ebay takes 10% and PayPal takes another 2.5%.
Analyze the medium to see how your products will do on it
You should always see how other sellers in your potential niche are doing on your chosen medium before you get started. If prices are seriously low due to competition, then you may want to avoid selling on that medium. Making $1 or $2 of profit is not worth it if you need to spend time posting the item and then shipping it.
Find out where to get your items at a discounted price
It can take awhile to find a way to obtain your chosen item at a discounted price. This depends entirely on the type of item you have chosen though. There are a couple sites where you can source items to flip. Here are the ones that I recommend: shopgoodwill.com, ebay.com (ironic, I know), and propertyroom.com. You can also source items locally from Offer up, Let go, and yard sales.
Set days to ship items
If you decide to ship items every day you are going to get burned out on flipping. You need to set 1 or 2 days a week where you go to the post office to ship items. Going to the post office can be a time consuming task. Honestly, it is my least favorite part of this process. I tend to ship items on Tuesdays and Fridays. This allows me to ship items sold over the weekend and during the week. Make sure your customers know your shipping days. Some people want their items quickly, and you need to lay down the law.
Here are a couple additional tips if you are going to get started in flipping:
- Avoid large items. This will keep you from looking like a hoarder and it will keep your home clean. If you decide to flip furniture, find a space for it. You could even try renting a storage unit, but I do not recommend doing so unless you know you can profit from your flip.
- Analyze your medium to get an idea of the best time to post items.
- Communicate with your customers. No one wants to buy something from a seller that does not communicate.
- Never sell an item below what you paid for it. You should always be able to sell at cost even if it takes more time.
I hope you have found this article useful! Flipping is one of my favorite side hustles, and you really should give it a go. Are you now considering flipping on the side? Have you already tried it? Comment below and share your thoughts and stories! If you would like, subscribe to my email list to receive additional tips and even item recommendations!