Flipping isn't just for houses anymore. House flipping sure got all the attention, but flipping opportunities are endless. Fifteen years ago, I went to California to visit an old college buddy. His apartment was full of hockey jerseys and boxes. He found them at local discount stores and sold them on eBay at a big markup. His ability to be a successful flipper helped him pay for medical school!
So what are the things to know before you get started?
Be An Expert
Whatever it is your flipping, you want to make sure you know the ins and outs. Whether it's houses or hockey jerseys or even shoes, know your product. Know what sells and what doesn't. Know what's in demand. Not only that, but know whether there's opportunity for high demand product.
If you're in it just for the money, you might do OK. But if you really have a passion for what you're doing, you'll have a better shot to hit it big. Many of the biggest real estate flippers found success because they already loved real estate. Love what you do is a common workplace phrase. It stands to reason that it applies in flipping.
Know Where The Deals Are
The deals aren't going to come to you. You'll have to know where to look for them. Also, you'll want to know where the best chances are to find deals. If you're flipping shoes, for example, you won't find deals at the high end mall. The prices will already be too high and your margins won't work. Knowing where the deals are will help reduce the time spent building inventory.
Know What Sells
My buddy that sold hockey jerseys could spot deals not just on price, but on product. He'd pay higher for some team jerseys because he knew they were more popular. Some team jerseys he would avoid altogether because he knew they wouldn't sell.
Build A Good Reputation
Once you start selling, word will get out about you as a seller. Whether you're flipping houses or selling something online, build a good reputation. Follow up with customers. Be prompt on delivery. Verify your orders to make sure they're correct. These will encourage high ratings and even potential repeat business.
Look For Opportunities
If you develop a niche, you might find other opportunities fall into your lap. If customers buying Product A keep asking if you sell Product B, take notice. There might be an untapped opportunity to expand your business or develop a referral partnership.
Flipping items for profit can be a lucrative way to make extra money. Some people even make a living full time. In order to become successful, make sure you do it right.
Readers, have you ever tried to flip something for a profit? How did it go? Any experiences or tips would be appreciated in the comments below. Thanks for reading.