Now that we’re almost 4 months into the #2017flipchallenge, it’s a good time to step back, reflect and see what’s working– and what isn’t.
I’ve learned, lost and won over the past few months and I’m happy to share a few tips I’ve found that work for hitting that $20,0170 goal.
Check it out!
What to sell
• When selecting items to flip, consider one of the basic models of economics: supply and demand. High-supply, low-demand items will always perform the worst. Low-supply, high-demand items are money magnets.
• Build an inventory of easy to ship, lightweight objects. Sure, maybe that vintage lamp just sold on eBay for a good chunk of change– but if you’re spending big money on shipping you’ll eat away your margins.
• Sell what you know. I know about watches and cars– so that’s where my focus tends to be. It wouldn’t make sense in time or risk for me to branch out to, say, porcelain dolls or broken iPads. If a new item you’re not familiar with does strike a curiosity, go for it– but be sure to learn more before investing too much.
How to sell it
• Is an item not selling? Try offering free shipping and pad you price to compensate a bit. Sometimes that trick of psychology will make the sale for you.
• Is an item still not selling? Try bundling it with a similar item. This not only makes it look like a better deal, it also saves you time on listing multiple items.
• And if it’s still not selling, make sure your price is in line with similar items by checking “Sold” auctions on eBay. Ensure it’s posted on multiple auction or selling platforms. Play with copy and descriptions. Make an effort to sell the item in your listing; what problem will it solve for this person or what value will it add to their lives?
• Use every platform possible for selling; the more channels to sell through, the better. LetGo, OfferUp, eBay, Craigslist, Facebook Marketplace and Instagram are some of the best bets.
• But use the platform that makes sense. If an item is large or expensive to ship, Craigslist or LetGo might be best. If an item has specific appeal (clothing, hobbies, collectibles, etc.), eBay is you best for attracting buyers.
• If something has a very specific appeal, go straight to your target market on a forum. If you’re flipping a horse saddle you picked up on Craigslist for $20, find the most active farm or equestrian forum you can and post it in their classified section. Chances are if there are collectors, hobbyists, enthusiasts or otherwise there’s at least one active forum.
What to do after you’ve sold it
• Shipping books, DVDs or CDs? Use Media Mail through USPS to save on shipping costs.
• Buy shipping supplies in bulk. Tape, bubble wrap and envelopes can add up. By visiting a wholesale club or Amazon you can score huge quantities of supplies for much less.
• Stay organized by tracking your cost, selling price, shipping expenses and more. Check out the helpful spreadsheet at the end of this post I shared a few weeks ago.
• Remain positive. It’s easy to get disappointed when you’re having a slow sales week, but keep trying new strategies and keep a steady flow of inventory coming in. Use data and numbers to influence what you buy and sell, for how much and through which channel.
Keep on flipping
Flipping is one of the most enjoyable, easiest ways to try out entrepreneurship and the Flip Challenge is the perfect introduction.
What tips and tricks do you have for crushing Gary Vee’s 2017 Flip Challenge?