Want to learn one principle that can radically change your business this year if implemented?
We go for a walk or run every morning and listen to a podcast or book. We recently listened to a podcast by Dr. Benjamin Hardy and Dan Sullivan talking about how it’s easier to 10X your profits rather than 2X. It’s a pretty cool principle that you can apply to your flipping business this year.
We’ve applied it in some areas and we want to work to apply in other areas. The message is that it’s easier to 10X your business than 2X. If you made $10,000 last year on eBay this year, you might think about going to $20,000. That is 2Xing what you’ve already done. But it’s actually easier to go from $10,000 to $100,000. That might sound impossible, but let’s break it down.
10X Requires Bigger Changes
The reason it’s easier to do that is because instead of doing the same steps you always do, you’re going to have to do something different. It’s not possible to do the same thing you’re doing if you want to get to 10X. You have to do things differently.
You might have to change some habits that you have. You might have to do stuff that you’re not doing in order to get to that 10x.
It doesn’t mean just working harder. Maybe you’re selling items that make $20 profit. You know that instead of doing that one $20 profit item, you have to now do two to jump you to that next level. And then it multiplies, to get to that $10,000 range. You have to do double what you’re already doing. And you might be like, “All right, I’m already capped. I’m already spending every waking moment that I have on this side hustle to make that $10,000. How is it easier to go from $10,000 to $100,000?”
That’s really where you get your mind thinking about different ways to do this flipping business because you don’t have enough hours in the day to flip double the number of $20 items. So instead you might start looking for higher profit items.
Work Smarter To Grow
We’ve gravitated towards higher value items. In 2023, we sold roughly 54 items to make just under $100,000 with the average sale price around $2,000 an item. A lot of those items were appliances. We have an appliance flipping workshop you can check out to learn more.
Those numbers didn’t happen overnight. We started with the lower stuff and now we’re picky about finding items that will make me 10x what I paid. $800 is my low point for the profit I’m looking to make on items. Or if something is free I might grab it because it doesn’t need to go to the trash and it’s fun to show flips from the trash. But I’m usually not out there looking for items that make $50-$100.
My goal is higher value items. I really want to make $1,000 to $5,000 on an item. That is the 10X principle. It is being picky with what you’re doing so you can work less and make more money. Our motto is work smarter, not harder.
We want to work less in our business, so we have more time to spend as a couple, with our kids, and that’s what we’ve honed in our flipping business.
Our Growth Goals
We are trying to grow our YouTube and podcast and 10X that growth, so now we’re talking about how to do that.
This year, we want to help a thousand people change the trajectory of their finances and really be able to make a significant income in this business.
And we can’t do that with what we already have. We have to go outside our normal skills and we have to be willing to invest in coaching ourselves. We can help more people by continuing to grow ourselves.
Do you want to grow your flipping business? Where do you want to see yourself at by the end of the year? What are you willing to change to grow your flipping business?
Show Notes
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You can find us at: https://fleamarketflipper.com/
FURTHER RESOURCES
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