There are three reasons why your flipping side hustle is not profitable and we’re going to tackle them today so you can get started making more money with reselling.
We recently polled listeners and asked about biggest obstacles and one of the common themes that popped up was about why a flipping business isn’t profitable.
Reason #1 – You Haven’t Started Yet
You can’t make money if you haven’t started yet. Analysis paralysis is a real thing and we’ve all faced it from time to time. You might be worried about all the things that could go wrong and you just won’t take the first step.
You’re not the only one. You’re not alone. I have been there. Melissa has been there. Everybody has been there, but you are in analysis paralysis right now and you cannot make money in your flipping business until you overcome that and you step into it and then you start making money.
We’ve heard our student say it took them a while to get started, but once they did it they wondered why they waited so long.
Start off with small steps. Start with small actionable goals and get some results this week.
Flipping can give you time freedom, you can do it when it’s convenient, and no two days are the same.
Reason #2 – You’re Scared Of Losing Money On Shipping
Shipping is such a monster to tackle and it scares a lot of people into thinking that they’re going to sell something, ship it, and lose money in shipping. Or they just think they can’t do that. They have the mind block of how am I going to get this thing shipped? Am I going to do it the right way? Is it going to get damaged in shipping? What’s going to happen? Shipping is one of the biggest obstacles holding people back from getting started.
Back in the day I bought a table, chairs, and hutch at an auction for $350 and I had it listed on Marketplace for $750 but nobody wanted it. I looked on eBay and eventually said if it sold I’d figure out how to ship it. Well, it sold for $2,200 plus $500 for shipping, and we got it shipped out for $400. If I had kept the limiting belief of being scared of shipping, I would have lost almost $2,000 of profit.
Reason #3 – You’re Spending Too Much On Inventory
Your flipping side hustle can’t be profitable if you’re spending too much on inventory. The money is made in the buy, so you have to know how to determine if an item is worth buying. We’ll talk more about this in our next series. We’ll teach you how to get your inventory for free to start making money today. That’s the goal of flipping. Check back soon for our next podcast and blog to learn more. In the meantime, comment below and let us know what you’re struggling with in your flipping business.
Show Notes
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FURTHER RESOURCES
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