Hi friends, trust you all are good and doing well.
Today, I am going to discuss an intriguing topic is how to make money Reselling or Flipping.
Anyone can start this thing in their free time or as a part-time job and can earn a good amount of money for their lifestyle.
I used to prefer doing this on the weekends.
Reselling or Flipping in the USA is also known as the garage system.
If you are a follower of Gary V, then you must know that he used to do this every weekend.
He usually buys different things and then, sell them in different ways.
what is basically a Reselling or Flipping business?
and how to make money Reselling or Flipping?
Reselling or Flipping business is something where you usually buy a used item or a unique item and then, you need to sell it on the platform higher than the price which you bought. Then you will get a profit from it.
This is the main concept of Reselling or Flipping.
The concept is very simple and facile.
You need to purchase some products with a lesser amount of money and need to sell them in such a way that you can get some profit.
Every city has some local markets and these markets usually open on every Sundays when all the stores come together like a kind of fair.
You can visit these places and check what kind of products they are selling.
Most of the products are second-hand products.
So, you need to find a unique product which you can resell it at a good price.
Most products are not costlier as the manufactures list and sell the products directly.
Indiamart also provides the same kind of services where you can order one or two or more unique products as per your need.
But this business works great in the local markets where you can find many unique products under one roof.
Basically, the sellers used to collect these products from different places (including the houses) where there is very less use of these products.
Moreover, every city has a place or a hub where you can get second-hand books.
So, this can be your venture or one of your part-time jobs.
Apart from these places, there are some fairs, events, or garage sales where many stores used to come together.
Here, we will get different hand-crafted or hand-made products (handbags, shawls, slippers, etc.) from different places.
While buying these kinds of products, you need to remember that you should purchase them at minimal cost so that you can make some money through selling these things.
Many people often purchase second-hand cars and after that, they invest some money to renovate it.
Now, they are going to sell these cars at least 30% higher from their purchased price.
This business is very simple. You can buy anything second-hand and then, sell them.
You can even buy second-hand or used phones, laptops, etc. and then, fix them and once they are fixed, you can sell them at a good price.
For safety and security purpose, you can do this business in the malls and collect some cash.
You can also get paid through online transactions.
These are some things that I have done in my life and I am pretty experienced in this business.
So, this is the basic concept of Reselling or Flipping business.
What Are The Things That You Should Look While Selecting Products?
The product should be unique on its own.
Always purchase a branded product so that when you are going to sell it, people can buy it quickly.
3.A less defect product:
Always purchase a product which has fewer defects.
So, these are the things that you should consider while purchasing a product.
What would be the charges or prices that you should set for your products?
This is another question that should dawdling in your mind when you are planning to plunge into this business.
For pricing, always do market research.
If your kind of product is already listed on Olx and Quikr, then take look at the prices that are set by the other people.
You can use this information while quoting the price of your products. But always try to make a profit margin of 30-40% so that you can utilize this money in other things like marketing, advertising, and so on.
How do you starting marketing for this business?
1. Choose a specific niche:
It’s not necessary that you need to sell everything on your store, you can select a particular niche.
If you comfortably sell second-hand books or antique pieces, you can go for that.
If you think you are more comfortable with mobile phones, then you can sell second-hand phones.
So, choose a niche as per your interest and comfort.
2. Purchase at a low price:
The next thing is that you need to purchase your products as much as a lower price so that you can sell them easily at a good rate.
3. Web presence:
The third important thing is that you should have a web presence if you want to escalate your business.
For this, you need to create a website so that people can know about you and your business.
Because this is a long-term business opportunity, so may not get any business in some months or may get a good volume of business in the other months.
If you want to learn the technical skills of this business, then WordPress would be the best choice.
But if you don’t want to enhance your technical knowledge, then Shopify is the best option for you.
- Focus on the quality of the products: Though you are selling the second-hand or used products, still, don’t compromise with the quality of the products. You can go for a professional photo shoot which gives a clear idea about the quality of your products. Your products should look attractive and compelling so that you can easily convince your customers.
Once you have fixed the price of your products, then you need to focus on advertising.
How could you generate sales through these advertisements?
You can easily go and place these things in the marketplace.
A marketplace is a good place where you can advertise these kinds of products.
There are also some other sites like eBay and Amazon where you can place ads of your products.
Amazon has some restrictions for selling second-hand products, but eBay doesn’t have any specific rule of these kinds of products.
But eBay is not very popular in India.
If you are dealing with hand-made products, then Etsy could be a great choice for you.
But this is also a USA based company.
In India, the best places are Olx, Quikr, and FB marketplace where you can list your products directly and start selling from these sites.
Now, before entering this business, you should have a clear customer policy so that there will be no grievance from any side.
You should make a clear idea of whether you are going to add the shipping charges to your products or not.
If you include the shipping charges, the price will increase, and your customers may not buy or purchase.
On the other hand, if you exclude the shipping charge, your customers may think that they need to pay the extra amount at the time of delivery.
So, whatever you choose, make a clear customer policy to run a hassle-free business.
This is another thing that you should focus on.
If your product is not accepted by the customers, then how do they return it to you.
Make a customer policy in such a way where everything is mentioned very clearly.
That’s it for today.
Hope this article gave you a clear idea of how to make money Reselling or Flipping business more valuable and reliable.
I am also doing a webinar every Tuesday at 7 p.m on MSI.
There, I will teach you how can you build your multiple sources of income by working 1-2 extra hrs every day without quitting your job.
In this, you understood about make money reselling or flipping?
If you are interested just visit askvipin.com and type “MSI”, you will get the invitation link.
You can also visit vipinnayar.com and fill the form there.
This way, you will be notified about my webinar session.
I am ending how to make money Reselling or Flipping for today and waiting for your valuable comments.
Stay tuned for next MSI ecosystem.
Thanks for your patience and keep reading.