Easiest way to increase your income? Flip your money.
It’s a simple concept. Buy something at a lower value than it’s worth, quickly sell it for profit. The best part about this method, anyone can do it with any budget! Let’s go more in depth ⬇️
The most common flip you’ve probably heard of or seen on tv is house flipping. It’s when people buy a home at a lower price than it’s worth, fix it up, and sell it for profit. This idea is great, but not ideal if you have little to no money. It requires a lot of money for contractors, plumbing and electrical fixes. It also requires a shit ton of knowledge about the real estate market. I’m not trying to discourage you so if this is something you want to get into, GO FOR IT. I just want you to know that if you don’t have thousands of dollars to start then consider flipping other things like like cars, furniture, art, etc to start.
Two years ago, my boyfriend (now husband) and I used to flip furniture together. We bought side tables, dressers, coffee tables, etc at garage sales or flea markets for less than $10. Then clean it up, paint if needed, and sell it for 5x the price on apps like Offer Up and LetGo. The first time we started, we took $25 to the flea market and flipped it into $225 in three days. No joke! We only started for fun and as a hobby, but this quickly turned into a lucrative business. Why? Because the art of flipping is that you buy an item, sell it for more, then reinvest the profits back into inventory.
Unlike a traditional e-commerce business or brick and mortar store, flipping doesn’t require a large initial investment because you only buy more inventory, after you sell the first one. So you’re never sitting on product, hoping you can sell it. The idea of flipping isn’t anything new. I have a friend that’s been buying used cars, and selling it for 3-5x the price. This is his only job and he makes a decent living. Here’s how you can get started:
Knowledge - have a specialized knowledge in the field you’re looking to flip in. If you want to flip cars, you have to know about cars, parts, and their value. If you want to sell furniture, you have to know what pieces are profitable and why. If you want to sell clothes, you have to understand fashion and consumer trends. Lucky for you, if you already have something you’re passion about, you can focus on that because you can literally flip anything! Ive seen it all from kids toys and sports equipment to art and kitchen appliances.
Learn where to find your items for a low price - before starting, you obviously need to be able to find your item for the lowest price. When it comes to flipping, chose resources that are easily accessible to you but not your customer. For example, you can buy resale items from the flea market, Dollar store, LetGo, OfferUp, and Craigslist. These are places that your ideal consumer wouldn’t look because it seems sketchy and requires you to do research or look for a long time. Avoid shopping at places like AliExpress. AliExpress is great if you’re looking to start a legit business, but not good for flipping due to the shipping costs and long wait time it takes to receive an order. You should be able to easily access your inventory so that once you sell, you can reup as soon as possible. Keep in mind, if you want to flip items high in value like art, iPhones, limited edition shoes, and cars then stay away from sketchy websites and sellers. Always look for authentication badges and do a lot of research before spending money or going to pick up an item. The more high value an item is, the harder it is to come by but the profits are well worth the effort.
Know your buyers - before getting into any business, the most important person is the one buying from you. If you have no buyers, you have no money. It’s important when doing research, you know how people will find and buy from you. Weather you plan on using flea markets, Facebook Market place, or Facebook groups, know how you’re going to sell before buying the item. This is so important because the last thing you want to do when flipping is sit on inventory. The fun part about flipping is that it’s lucrative and fast, but if you have no way of reaching potential buyers then you’re shit out of luck. Another good thing about flipping is you don’t need a fancy website. You can simply sell to your buyers wherever they are. If you plan on flipping cars, join “cars for sell” Facebook groups. If you plan on flipping clothes, join Poshmark.
Understanding money - flipping helps you understand money & business. If you’re someone who is new to business or maybe had a business previously, but it wasn’t successful, flipping is one of the greatest teachers. You learn about consumer trends, profit & loss, and the basic concepts of selling.
One tip I want to leave you all with is always reinvest the profits back into the business. This is how you begin to scale and grow. If your goal is to turn $50 into $500, then you need to reinvest your profits back into the business in order for that to happen. Let’s say you flip shoes, and buy a pair of limited edition sneakers for $150, then sell it online for $350. Just know that you did not make $350!!! You only made $200. Income ($350) - expenses ($150) = profit ($200). Mistaking your income for profit is one of the easiest ways to fail at flipping. Instead of stopping after you made your first profit, take the $200 profit and buy another pair of sneakers, then sell that for double.
Another tip, as your money grows, buy items that are better in value and higher quality. It’s easy to get comfortable selling the same item, but if you want to scale, invest into items that are higher in quality so that when you flip it, the profits are higher. This doesn’t mean you have to change your niche. For instance, if you sell cars, buy your first car for $2000 then eventually work your way up to buying a high quality $10,000 SUV that you can flip. Why? Because the profit you’ll make from selling a $10k suv will be way more than the profit you made from the $2k car because your customers will pay more for better quality.
Last tip is never tie all of your money up at once. For the sneaker example I gave you (tip #1), did you notice I only told you to reinvest the profit ($200) and not all the money you had ($350) into buying more shoes? You never want all your money tied up. If something was to happen like the shoes were lost in the mail or you had to pay unexpected costs, you wouldn’t be able to because you spent all your money. Always have just enough money to spend on inventory, and keep extra on the side for unexpected costs or if the item doesn’t sell. These are just basic concepts in business that flipping could teach you.
If you decide to do this, let me know! I’d be interested in hearing what you decided to flip. Flipping is such a fun experience and I had a blast flipping furniture. I really enjoyed understanding consumers, what made people want to buy, and what interior design trends influenced people’s decisions. Find a niche you’re passionate about, and give it a try. If you enjoy my blog and finance tips, check out my business. I run a bookkeeping and accounting firm for bad ass, empowered women 😜✨. We offer bookkeeping, accounting and financial advice.
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