Let’s Chat About Flipping!

Welcome dear reader to another adventure in Mandie-land. It’s time to take a ride on the flipping train and see where we end up!

In a nutshell, flipping is acquiring something at a low value and reselling it at a higher price point.  Reselling is also a term that can be interchangeable with flipping. For instance, one could buy a painting from a flea market for $5 and sell it on eBay for $10. The advantage of flipping is you can flip virtually anything.

I have seen flippers who resell houses, blogs, hosting, clothes, shoes, housewares, even game cards. Whatever you are passionate about, have a good working knowledge of, you can flip.

Sounds easy right?

The “but” to this is It’s much easier said than done. As the saying goes, if it was easy money, everyone would be doing it.

If you want to be successful, you will need to find a niche.

  • What product you want to focus on and resell.
  • Are you interested in high ticket items that reap higher profits or low ticket items that most people buy anyway?
  • What are your passions?
  • What types of products can you go on for days about?
  • Is there a big demand for this product?
Zone in on your target audience

A lot of folks get confused in this step. Just because most people use a product doesn’t mean they use that particular product.

As an example, as a woman, it is a pretty safe bet that I wear makeup, most women do right?  I’m a woman, I must wear makeup, so I am a target for those of you who are interested in flipping makeup. This is the normal thought process. It is however wrong.

What you need to understand is if I do indeed wear makeup, what type of makeup do I wear? How often do I wear it? Am I a good candidate to be considered a target customer? Why or Why not?

Once you can answer those types of questions about the people who would use your products, you have a good idea of who your target audience is. Don’t just assume that because you or your circle of friends like said product everyone will buy it. As in my makeup example, just because I am female doesn’t mean I wear makeup.

Work Work

Once you are past the initial planning of what your product will be and who you will sell it to, the real work begins. You now need to figure out how to acquire it, and how you will market it.

  • Will you use eBay or another auction site to sell?
  • Will you participate in flea markets or other community events?
  • What type of advertising budget will you need?
  • And perhaps the biggest question of all, will there be a profit at the end of the day or will you spend more on overhead than you made selling the product?

This is one of the reasons I do not support MLM, all too often people will get it in their heads that flipping or reselling a product will automatically qualify as profits. Not exactly, if you look at how much you purchased a product for and add in the cost of doing business, Is there an actual profit margin? If the answer to this is a resounding no, then go back to the beginning and find something that will garner a profit!

Whatever you do, don’t follow in the footsteps of this author and get super excited at a thrift store, only to wind up with an entire closet full of finds that you never got around to listing. I really should get on that-Someday.

If you’re brand new to flipping, I highly recommend you drop over to the subreddit flipping and read the newbie threads. There is a vast amount of information and flippers from all over can answer your questions and give you more ideas.

Are you a flipper? Tell us about your experiences in the comments!

 

 

 

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Most products here are of my own creation and on sale at my Etsy shop. However, in full disclosure as an Amazon Associate, I earn from qualifying purchases. This site contains affiliate links for Amazon products as well as products and services outside of the Amazon network.

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