Side hustles have become an important income strategy for many families. It’s no longer as easy to make it on one income or even two moderate incomes. But even if you have everything you need, making money on the side for extra things like vacations or weddings can take away a lot of stress.
But what type of side hustle can you choose that makes good money without having to spend a ton of time doing it? Retail arbitrage, or flipping items you buy from retailers like Walmart, is one of the better options out there. With a few simple tips and tactics, you’ll have a great source of extra income (or even full-time income) in no time.
How to make money flipping items
There’s a lot of ways to manage a side business like this, and it can even involve your whole family when they’re ready. Just ask 28 year-old, Ryan Grant, who has made millions of dollars selling items he buys from Walmart on Amazon. The process is simple.
First, you need to find some items that you can purchase for less than you’ll sell them for. To do this, you can shop in local stores, online stores, liquidation auctions, or even thrift stores. You then find a platform to sell on such as Amazon or eBay. Amazon places restrictions on selling certain items, so you’ll need to read up on that before you start buying. It’s also good to start small and sell a few items before you jump in with both feet. That way you can figure out your system and make sure you’re doing it right.
Where can I get items to flip?
You can find items to flip almost anywhere. While starting out, you can check the sale aisle in local stores. Look the items up on your smartphone to see how much they’re selling for and decide if you can make a profit. Depending on the platform you choose to sell on, you need to take into account how much it will cost you to list it. For example, Amazon fees add up to an average of about 13 percent. So, to make a profit on an item, you need to sell it for more than 13 percent above what you paid for it.
One of the best ways to get quality products to flip is through liquidation sales, such as a Walmart auction. Once you’ve tested your platform and know where you want to sell, you can start buying pallets of brand new products to list and flip. You will just have to, obviously, make sure the items will sell for more than you buy them for.
Where can I flip items?
You also have a lot of options for where you’ll sell your items. Since most people choose to sell their merchandise on Amazon, let’s take a look at the benefits of their platform. First of all, Amazon has something they call an FBA program where sellers can set up accounts, list their items for sale, then ship them to an Amazon FBA warehouse where everything else is handled for you. There is a fee for these services, but when you consider the time and room it takes to store, package, and ship these items individually, it’s often worth it.
Aside from Amazon, there are auction sites such as eBay or Bonanza you can sell on. A lot of Amazon sellers use eBay in conjunction with their preferred platform to unload items that they’re not approved to sell on Amazon (or which simply sell better on eBay). You can also choose to flip your items on local platforms like garage sales, Facebook selling sites, flea markets, or even Craigslist.
With a business like flipping items, It’s wise to experiment with various methods and figure out what works best for you. You may even discover that you like to use several platforms for different types of products. What matters most is that you develop your own processes for doing things and stick to the rules of your selling platforms. Flipping for profit can make you a hefty income for years to come if it’s done right.
Md Rasel is a professional blogger.