If you have a talent for discovering best deals at thrift stores and consignment shops, you can make a decent side revenue by selling those products for profit.
The wonderful world of thrift store flipping permits quite a few people to supplement (or even replace) their full-time revenue simply by finding the best things to buy and sell for profit.
Once you understand what to look for at the thrift store, you can better seek out the buys with the most upside. Then, simply do a little maintenance and recover if necessary, clean them up, and resell them. It’s impossible to guarantee a profit, but understand what to go for can help improve your chances of making a buck or 2 from your hard work.
Here are some tips on how to make sure you turn a profit from your thrift store finds:
- Check for Markings. Not sure if that pottery is worth anything? Check for stamping somewhere on the piece, look up the stamp online, and see how that corresponds to resale value. Kovels is just one of many sites with a great directory of pottery stamps organized by shape and letter. If you have a piece of jewelry, you can normally discover a stamp on the clasp or on the back of a pendant. Check jewelry marks towards the ones on display at Lang Antiques.
- Clean It Up. Always ensure a product can be cleaned before it’s sold. Delicate clothing with dry cleaning tags might not be a wise choice — unless it’s a high-end designer product, you’re unlikely to recoup its original expenses, plus laundering. Check for smells and stains first, and turn away from any garments that require more than laundering or the application of a lint roller. When it comes to housewares, look for things that indicate little signs of wear, don’t forget that certain materials, such as ceramic, glass, and silver, might need a little polishing before selling. Again, always compare your finds to similar products online, since certain materials sell better without polishing.
- Always Check Online First. Your mobile phone is your best tool when thrifting for a profit. Just ensure you have a reliable connection when you’re out shopping, because the great way to make sure a profit is to perform a fast search on eBay, before you purchase an item. It acts as a pretty reliable barometer for an eventual selling price, and can give you a baseline to work from. If you’re not sure whether a certain product is collectible, see how many are on eBay, the average current bid, and any available past sales information. Just keep in mind that condition can make a big difference, so base your research on products in similar condition.
- Use Discount Days. Thrift stores constantly require to rotate their inventory because of donations. Therefore, many stores have a day or two each month where products are deeply discounted to make room for the next batch. For example, my local thrift store has 50%-off days for a month. The less cash you pay, the higher your profit after flipping.
- Be Mindful of Shipping. Shipping can be a make-it-or-break-it expense for a flipping business. The larger and heavier the product, the more it will cost to ship. Comparing your choices will permit you to find the most cost-effective and convenient shipping ways for your business.
