Mastering the Art of Flipping: A Complete Guide to Making Money from Reselling Items in 2024

Flipping is a fantastic side business to think about for anyone with spare time, an interest in a new pastime, or a gap in their income. All you need is some time and a Facebook account; there are no restrictions on what you can create, and no sophisticated skills are required. For those who are unaware, flipping is the practice of purchasing an item at a specific price and then selling it for a higher price in order to profit, such as phone flipping.

Facebook Marketplace is a good location to start because of its large user base and inexpensive seller fees. In the US, Facebook had 223 million users at the start of 2020, according to statista.com. In 2020, eBay had 183 million users worldwide. There are no seller costs if you sell locally, but there is a 5% selling fee if you ship nationwide. Because so many people are looking at your product, it is likely to sell, and you will make more money because of the zero or cheap fee.

This post will give any beginner six pointers on how to launch and maintain a profitable side business from reselling your items in 2024. Although you can still learn a lot by reading this and choose to increase your listings in addition to what I provide here, this strategy does not require you to spend to do so.

1. Low-cost inventory that is likely to sell or source zero

The biggest advice I can provide newcomers is this: once you begin this process, maintaining a low cost not only boosts your profit margin but also reduces the likelihood of a loss when you experiment with selling different things. I advise spending no more than $5 on each item for the first three months unless you are certain it will sell.

Having inexpensive inventory also makes it easier to get rid of the item quickly because it puts you in a position to sell it for a low price if it’s sitting around. This way, you can still earn money and the buyer can receive a great deal. Consider gifts that are gathering dust around your home and that wouldn’t be controversial to part with if you desire zero dollar inventory, or things that you paid zero dollars for.

Free curbside goods can also be found by dumpster diving at nearby large box shops or apartment buildings, or by searching Facebook Marketplace or creating a search alert. Garage sales, thrift stores, and thrift outlets that sell goods by the pound could all have inexpensive inventory. At sites like Falling Prices, where Amazon returns are disposed of and prices drop every day of the week, you may also search for brand-new or open-box items. You will discover what works for you in the first few months. At your neighborhood Goodwill Outlet, where items in 2024 are sold by the pound, you can discover a decent rhythm. You should usually go there one or two times a week.

You can choose to concentrate on a single topic, one category of goods you buy and sell, a pricing range, or be open to a mix of products and price points. Although it’s acceptable to start with products that you would personally purchase, be conscious of your prejudice and open to learning about other brands or products that are popular when sourcing.

There are two methods I use to determine whether an item will sell if you’re ever unsure: 1) Examine completed items on eBay 2) Making mistakes. Even while you are not required to sell your goods on eBay, it can still be useful for evaluating their value and figuring out how marketable they are. Given that demand and prices differ across multiple platforms, this procedure is not ideal.

Although it’s a really solid starting point, what sells on eBay might not sell on Facebook. Open the eBay app, search for the item you’re interested in, and then select “completed listings” as a filter. Look for the number in green because the dollar amount in green indicates the sale price, which is more significant than the price people are asking. This can help you determine how much the item is worth and how many are being sold.

This is a decent starting point for your product; however, bear in mind that you may still put it on Facebook Marketplace for a price that is higher or lower than what your research indicates. You can choose whether you’re OK with the profit you’ll make after you know the item’s “worth.” You shouldn’t buy it to flip just because it’s selling. Profit is calculated as follows: sale price minus item cost minus fee minus shipping (if applicable).

Trial and error is the second approach. By taking a chance, you can observe how the thing performs if it is only costing you pennies or dollars. Pet steps and plant holders were among the products I discovered that were marketed through trial and error. I was beginning to purchase pet steps and plant holders when I found them at a low price since I receive a lot of messages about these items in 2024 and they sell out quickly.

Uncertain about what to look for? To begin your trip, go to Facebook Marketplace via the mobile app, click “Your Account” (the person icon) > “Insights,” and then select “See Popular Categories” if you require a category recommendation. That will display the most popular categories right now as well as the products that people are looking for. Keep checking back because these categories are subject to change.

2. Use keywords, groupings, and shipping to increase visibility

Keep exposure in mind whenever you list. The more exposure you get, the more likely it is that your item will sell (fast). To raise awareness and the number of views on your listing, provide shipping, share it with pertinent Facebook groups, and incorporate keywords into your titles, descriptions, and tags.

Your item can be shared on Facebook groups. Your community will often have its own marketplace. To find out which groups are in your area, search for ” sales.” For instance, you can post antiques and join antique clubs if you sell antiques.

Offer shipping if you have an item that qualifies, even though not everything can be sent. You have two options: include the cost of delivery in the pricing and offer “free shipping,” or simply let the customer pay for postage (which is how I suggest it should start). A printer is required in order to print if you intend to ship from home, you will need boxes or mailers in addition to labels and scales. If not, you can personally deliver your item to the post office. Once you are certain that this is a side business you wish to continue, I strongly advise working from home.

Additionally, you might start with local pick-up only and focus your exposure mostly on Facebook groups and relevant keywords. Which keywords ought to be used? Consider the search terms that someone would use to find your product. To find out what actual terms people are using, visit Facebook Marketplace’s insights area and check what keywords people are searching for in a variety of popular categories.

I’ll mention that you have the option to “boost” your item for a variety of money to expand your reach and transform your listing into an advertisement. I individually decide to increase my profit margin; I don’t pay for a boost, and I’ve been turning a profit of $500 to $1,000 every month without one.

3. Examine the seated inventory again

“What do you do with items that are sitting for a while?” is the question that arises since certain items will wind up sitting. Lowering your pricing can draw in customers who have already viewed or saved your item, in addition to allowing you to renew it exactly as is. Check your things’ views and shares to see if there are any saves; if so, they are excellent items to reduce if you’re seeking for a quick flip.

When the price drops, the user will be informed. You can reduce the cost to your bottom figure by listing your item for 20–30% more than you are willing to receive for it. If you wish the listing to be removed once it has been saved, you can either wait a week or renew the following day.

Items that are sitting shouldn’t be boosted, in my opinion. It most likely won’t sell with a boost if they didn’t sell it promptly by utilizing the proper keywords, providing shipping, and promoting to groups.

4. Pay attention to other resellers

You can normalize this line of business by following other resellers. It may feel odd at first if you’re new to flipping, such as car flipping, and don’t know anyone who does it. It truly gives you the confidence you need as a beginning to witness people from all walks of life doing this across the nation and the globe.

They will not only support you, but you can also observe what products are selling well for them and keep an eye out for them. To view a range of resellers, follow the #resellercommunity hashtag on Instagram.

5. Take into account the eight-part listing rule

You are just halfway to the sale if you have the correct item. You get to the finish line by listing your stuff. One of the most popular goods that I priced up and subsequently sold to a buyer who made an offer is seen below. Reaching each of these eight goals will raise your chances of your item appearing when someone searches for it.

What then did I do? Let’s examine this listing’s structure:

Photograph the object multiple times. You could see the item’s scale and it was displayed well. Photograph it from every angle. The listing’s most crucial element is the photo. People sometimes make visual purchases without even reading the item’s title or description. Select a beautiful cover photo after taking a lot of clear pictures.
The title is the following section. Why should you even bother thinking about it when some people don’t read it? When someone searches for your listing, the keywords still aid in its retrieval. Add the item title, brand name, and what you believe a potential searcher could look for.
To allow for deals and price reductions, price the item higher than you would like to purchase it.
Even though the buyer might not read it, filling out the information area will help make the listing more relevant to their search.
Provide shipping to broaden your audience. Recall that the US has 223 million users!
Copy and paste the title into your description, then include a comment describing the item’s condition and how the buyer can buy it.
Another technique to make sure the proper person sees your listed item is by using tags.
Add your product to groups for local marketplaces to increase your audience! Because you can avoid paying the seller’s fee associated with selling shipping orders, selling locally is fantastic.

6. Get Started Now

Since all newbies require motivation, I advise you to begin by listing items that are currently in your house. Look for something you no longer truly need or that costs nothing. Take a good photo of it, offer it for 20% more than you want to pay, include keywords in the title, and explain the item’s condition and how to get it. Use the money you make after selling it to buy more goods for shipment or inventory.

Tools like Swoopa can help you keep ahead of the competition by providing real-time alerts for postings on marketplaces like eBay, Craigslist, OfferUp, and Facebook Marketplace. You’ll be the first to message sellers and close lucrative deals before your rivals even notice them thanks to quicker alerts. Have fun flipping furniture and more!

If you choose to follow it and ship from home, you will ultimately require these tools.

Use priority boxes and priority labels.
Purchase shipping tape and mailers
Purchase a scale if you intend to ship.
Get a thermal printer if you want to move on from your printer. Another option is to search for a secondhand one on Facebook Marketplace or eBay.

Mastering the Art of Flipping: A Complete Guide to Making Money from Reselling Items in 2024

1. Low-cost inventory that is likely to sell or source zero