What I have tried for Passive Income: Thrift Store Flipping

You have heard of property flipping or domain name flipping, but have you heard of thrift store flipping? Basically, thrift store flipping is buying an item at a thrift store and reselling them at market price at a marketplace for a profit. It is my first step into the world of e-commerce where I use Ebay or Carousell to sell products I bought from the thrift store. Now, some of you guys may ask,” Why doesn’t the buyer in the marketplace go to the thrift store directly to buy it instead through a middleman like me?” I don’t know. This phenomenon is what I call market inefficiency. For example, we all know that cooking your own food is the cheapest way to eat. But in many countries, we have supermarkets, coffee shops, food courts, cafe, restaurants all selling the same version of food at various prices. So why don’t people just go to supermarkets or coffee shops for their daily meals? Why do some are willing to splurge on high-end restaurants when you know you can get it at a cheaper price? Once again, I don’t know, but it’s what I call consumer irrationality. And we can take advantage of that to profit in the world of e-commerce.

If you are one of those readers that are planning to start a business on a shoe-string or on a tight budget, I recommend doing thrift store flipping as a starting point. Simply because many of the products are on throwaway prices. I did thrift flipping during 2016 and I have proof that it works:

Item: Fatal Frame (Microsoft Xbox, 2002); Bought at $5, Sold at $30 on Carousell

Item: Ultimate Forex Profits Live Trading Course; Bought at $6, Sold at about $71 on Ebay

Item: The Business of the 21st Century (Finance book); Bought at $1, Sold at $8 on Carousell

Item: SWAT 4 (PC Game); Bought at $0.50, Sold at $14 on Carousell

Item:Secrets of Property Millionaires (Finance book); Bought at $5.90, Sold at $18.40 on Carousell

Item: Tom Clancy’s HAWX 2 (PC Game); Bought at $1.67, Sold at $15 on Carousell

Item: The Complete Shoemoney System Version 2.0; Bought at $0.50, Sold at $39.46 on Ebay

Some of you guys might wonder out aloud,” If the profit margins are so good, why ain’t you still doing it?” Well, thrift flipping is a business and in every business, there are risks. I have many products that didn’t sell at all. And also, it takes a few months to get a buyer to meet up on Carousell and majority of them are cheapskates. (sorry to offend you if you are one of those bargain hunters). Well, what I mean was if the buyer is stingy, it is not good for your business, meaning you can’t sell your products at a mark-up price. I had to reject a significant number of my prospective buyers because they were always negotiating for a bargain deal. In my experience, only a minority of buyers would accept your prices without negotiating. These are the buyers that you want to deal with. Again, I have nothing against bargain hunters. It’s just that you are running a business and if you give in to them too much, you make a loss. And nobody wants to make a loss in a business deal.

Also, to say that thrift flipping is a scam or doesn’t work is not true. It has its pros and cons, just like everything in life. I recommend thrift store flipping to particularly people who don’t have much capital to start a part-time business as the cost of acquiring products from a thrift store is usually very cheap. I personally feel that it is good for a side-income business. If you want to learn more about E-commerce, I recommend reading Andrew Minalto ‘s blog articles and posts.

And for your info, I didn’t have anyone in my family who had started an online e-commerce business to teach me the ropes of thrift flipping. I learned it on my own through gurus online, their articles and videos and all. There are some things in life that can’t be learned through traditional schooling. Passive income business opportunities are one of them. You can learn it through Youtube or Google. Just google, ” How to make money through <insert your favourite passive income method>”. Of course, use discernment as you scroll through each gurus sale’s pitches. There is only so much I can teach from my personal experience. But overall, I say, if you do it correctly, it works.

I hope this experience of mine inspires you to take action to make your life better. Once again, share, like, comment or subscribe to this post if you feel it benefits you. Thanks!

 

One thought on “What I have tried for Passive Income: Thrift Store Flipping

  1. Pingback: Passive Income Ideas: Ways to grow your limited capital when you don’t have so much money – Ken's Passive Income Journey

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