One Simple Side Hustle Idea That Makes Monthly Income
Many people are familiar with Goodwill thrift stores and that you can often find some really good deals at their stores. I’ve been shopping at Goodwill for many years now and one of the best parts about Goodwill is the variety of different types of items that you can find shopping there and many people know that you can turn a profit from selling items that you buy at thrift stores. This post is one of our side hustle ideas that you can use to make yourself some extra monthly income.
Goodwill Thrift Store
At Goodwill, you can find clothing, household items, electronics, sports equipment, tools, furniture, toys, and other less common items.
Today I’d like to talk with you about how you can turn your love of shopping at Goodwill into a cool little side hustle that can help you make some extra cash.
Specifically, we’re going to discuss a recent item I bought at Goodwill that I flipped (retail arbitrage), and made a 757% profit on.
What’s really interesting is that this is a very simple product that many of you might not otherwise think you could make a lot of money on.
The Item I Flipped
A Simple Side Hustle Idea
The product that I flipped was a Sanus Advanced Tilt 42” – 90” Model BLT2-B1. This is an LCD television flip wall mount.
I almost passed on purchasing this item as I didn’t think it would sell but my wife said I should try it. Thankfully I did as this item sold within one day of purchase and listing it on the Facebook marketplace. It was insane to me that it sold so quickly.
I purchased this item for $7 and sold it for $60 cash, a net of $53! What’s even more amazing is that the total time invested in this process was less than a half-hour.
What Is Retail Arbitrage (Flipping)
Simply put it means you are able to purchase an item at a lower price and re-sell or flip that same item for a higher dollar amount.
Now I don’t mean that you’re going to try and sell it for a higher amount than it sells for new in the store because not many people will be willing to do that.
The Key
However, you purchase that item at a large discount and then sell it for less than people could get that same item in the store.
Now a couple of things to keep in mind when finding an item to flip.
- The item you’re trying to sell needs to be in new condition or used in like-new condition or in pretty good condition and contain all of the parts necessary for functioning correctly as though you purchased it new at the store.
- You also will need to make sure that the price you pay is significantly lower than what is new.
So you will more than likely need a smartphone that has internet access in order to price check items in the store to know what items will work.
I’m usually only going to buy items that I know I can make at least 100% profit from. If it doesn’t at least produce a 100% profit then I will pass on the item unless it’s small and can be sold easily.
Summary of Flipping Process
- Find an item at Goodwill and use a phone to look up what the item sells for new and used on Google, Amazon, Target, and Walmarts websites. I always check these locations as most people shop and make purchases from these online portals.
- I will then check the Facebook Marketplace to see if anyone in my area is trying to sell the item and for what price. If I believe I can make at least 100% profit from the item then I will purchase.
- Once I purchase the item I will check that all parts are included and that item is operational.
- I take pictures of the item and list it on Facebook Marketplace and OfferUp.
- When someone is interested in the item I schedule a meeting with them at a third party location in public to meet and exchange the item.
- I only will accept cash for the item. The total time on average spent doing this process is half-hour.
What About Those Naysayers That Don’t Think This Works
Now there will be those people who think this isn’t possible or they say you can’t do that in my area.
I would respond to that with a question of “Have you tried it yet?”
You won’t know unless you give it a try. I had to try it in order to figure out how this could work. It didn’t happen overnight but I’ve found that with a small amount of money you can repeat this process.
Another objection I’ve heard from people is that if it works so well then why isn’t everyone doing it?
To be honest, there are already a lot of people doing this full-time. They are making more money than they could have to work their jobs. I see the same people at Goodwill on an almost daily basis that do this all the time.
The thing that really gets me excited about flipping items is the low cost and low barrier of entry.
You could literally get started with less than $20, buy a few items, and flip them. You could then reinvest the profits into buying more items and do it again.
If you work a job that you don’t love or are only making minimum wage, I would encourage you to try this.
At the very least, it could help you make some extra cash that you can use to pay bills or save up for a small trip.
How about you? Do you currently flip items or resell items online? Write in the comments about your experiences!
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