How to Start a Flipping Business

The Kaizen Sundays - The flip method is as simple as it sounds: buying something for a certain price and selling it for more than you bought it for, but... It doesn’t just stop there. Flipping things is an art form that requires expertise, strategy, and execution, and we are going to go through how you can start from flipping shoes to flipping luxury cars.

Author

Callum Carver
April 07, 2024

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THE FLIP METHOD

653 Words | 2 Min 35 Sec Read

The flip method is as simple as it sounds: buying something for a certain price and selling it for more than you bought it for, but... It doesn’t just stop there.

Flipping things is an art form that requires expertise, strategy, and execution, and we are going to go through how you can start from flipping shoes to flipping luxury cars.

The skills involved in flipping are simple: analyzing, buying, and selling.

This is analyzing the market that you are in, knowing how to buy at a good price; as they say, money is made when you buy, and knowing how to sell at your own desired price to make however much money you please.

Analyzing is step 1 and arguably the most important because without understanding your market and knowing what the trends are, what is selling, and who is selling, you’re as good as a level 1 salesman.

Analyzing is where your knowledge comes into play. It involves understanding the space that you are in and being smart enough to understand what moves to make.

Buying is step 2, and the reason it is more important than selling is because buying is where the money is made.

If you can perfect the timing and price of the purchase of the thing that you’re going to flip, then you will make more money than the guy who focuses on selling it for a high price, and this is where negotiation skills come in.

Selling is step 3 (and also pretty self-explanatory). The ability to sell when flipping an item is important because if you can't, then you just become a broke hoarder.

The reason flipping is such a lucrative business model is because of the freedom that comes with it and the potential to scale.

Anything can be flipped, from couches to tech to website domains, watches, cars, houses, and the list goes on and on.

So, how can you get started yourself?

Firstly, you need to pick your space and to do this, you need to use your unfair advantage.

A lot of flippers get started in the shoe market, for example, because it’s a space that they understand, and they then work themselves up into the watch market, the car market, and so on.

But you need to start somewhere and to have a successful start, you need to pick a space that you have some kind of understanding of, or a space that interests you and that you’re willing to learn in.

From here, you need to spend all of your time learning as much as you possibly can about the niche that you’ve chosen. 

What buys, what sells, who buys them, and who sells them?

Let's say, for example, that you start off in the furniture market and your strategy is to find furniture that people are giving away for free or at a cheap price. You buy it, fix it up, and flip it for a profit.

That’s a fantastic way to start because you're gaining experience as you go, and at the same time, you’re learning about the market, the buyers, and the sellers.

From here, as you grow, you need to start looking at spaces that give you a better return on investment (ROI).

For example, sofas are great, but the time and energy that you invest compared to the money that you get back is minuscule as per to a higher-ticket market like tech or watches.

There are thousands of different creators out there that excel in their respective niches for example to list a few:

GET STARTED

Getting started yourself is pretty straightforward:

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