We have heard so many misperceptions about flipping over the years. Are they true or false?
We wanted to debunk some of the myths surrounding reselling.
The dictionary says that a myth is a widely held but false belief or idea.
We hear lots of stories of people getting shamed or questioned by friends and family about reselling.
We have had a few of our own situations where people don’t understand how we can make a living flipping used items.
So, we wanted to address the most common myths about reselling that we hear.
Reselling is not profitable
I have proof that this is not true. We also have tons of successful students who also have proof this is not true.
Now, it is not magic. It is like any job, you have to learn, and put the work in to make money.
Can you just take an old item that has been in your closet for years, and expect to make tons of money?
The answer is no. However, you can dig out those old items from your closet, your shed, or your garage. You can clean them up, research retail price (we will tell you why in a minute), take pictures, list locally or on eBay, and make some money.
The reason you research retail price is because used price is usually about half of retail price. Of course there are always exceptions.
Reselling is so profitable that I will be rich tomorrow
There are no magical ways to get rich tomorrow, and flipping is no exception.
Flipping used items is a journey. Each success brings confidence, and the more you learn the better off you are.
We have found over the years that making goals is crucial to the reselling business.
We have also found that consistency brings results.
What does that mean? Well, if we only source new items and never list them, we won’t make money.
If we only think about all the things we have to sell, we won’t make money.
But, if we source items either that we already have, free items we find, items we buy at yard sales, thrift stores, flea markets, or on local apps, then clean them up, research pricing, take good pictures, price fairly, and list items consistently, sales are much more likely to happen.
Put the work in, and the potential is endless.
Reselling is not a business
I have been reselling since I was a teenager, and my family has resold items since I was a young kid.
Webster’s dictionary says that a business is “the practice of making one’s living by engaging in commerce”.
Reselling used items absolutely fits the definition of business whether you are doing it part-time or full-time.
The reselling business requires hard work in order to provide good items that people want or need, for good prices.
It is not fair to sell something you get for free
Why? I may get something for free, but I spend time finding items, then fix them if necessary, and then I clean them up, take pictures, list them, and then package them up when they sell.
I am taking items that may end up in the landfill and providing them to someone else that needs that item for way less than retail price.
It takes a lot of money to start flipping
This is absolutely not true! You can start today with no money out of your pocket!
We all have items that we don’t use anymore right?
Well, go find some of those items, and you can get started.
Once you sell the items you don’t use anymore, you can search for free items in your area.
Finding free items in your area, will again cost you nothing out of your pocket.
You would not believe how many free items are out there that are worth good money.
Once you start making money, you can start buying low priced items to sell.
There are so many treasures out there.
eBay fees are too much to make it worth it
eBAY fees can seem like a lot, but they are more fair than you realize.
Where else can your items be in front of millions and millions of eyes?
How many people use eBay? There are 183 million users on eBay.
No other reselling platform can say that. Local platforms are great, but they have thousands of users, and eBay has multi-millions of users.
People come to eBay to find items they cannot find in their area.
They also come to eBay to get a better price than they can get other places.
Reselling items is not a real job
Really? Are you saying that I don’t have a job? Reselling items is absolutely a real job.
Resellers work incredibly hard.
We support our family of 5 by reselling used items. After years and years of doing it, I am now able to teach others how to successfully resell used items.
Okay, I don’t punch a time clock, and I don’t report to a boss, but I am accountable to myself.
I am a harder boss to myself than many bosses I have had in the past. If I don’t put the work in and sell items, we can’t support our family. That certainly sounds like a job to me.
Well, I hope I was able to debunk some of the most common reselling myths for you.
If you are interested in starting your flipping side hustle, please see some of the blogs and opportunities below.