So you want to get started thrift store flipping? As a reseller myself, I think you’re making a great decision and one that could profit you a lot of money if you put time into it. There are resellers that have made 6-figures simply shopping and listing items!
What is thrift store flipping or reselling? Simply put, i’s when you purchase items at thrift stores for an extremely low price and resell them for more money online.
1.Come up with a shop name
You may not see the need for it now since you’re just starting out, but put some thought into your shop name. Make sure it’s something that speaks to the type of clothing you decide to sell so that buyers know what to expect.
2. Get the socials
Even if you decide not to use them now, get the social websites for your name if they are available. This is because down the line you may want to use them as selling on social media can also prove to be extremely popular. If you want to learn more about how to sell on Instagram click here. If you’re thinking about making this into a full time job, I would even consider purchasing domain names so that you have them incase you want to move off of the reselling platforms.
3. Master a Platform
Choose a platform and master it. Once you know the in’s and out’s (which honestly shouldn’t take too long), decide if you want to add a second and third platform to list on. You can cross-list many of your items and this means more eyes on your things which will hopefully lead to more sells!
4. Learn how to price your items
If you want to make sells, then you must have your items priced properly. If you want to learn more about how to price items for resell, then read here.
5. Buy low
When I first started out shopping to resell, I purchased things at any price, as long as I liked them. But that wasn’t the smartest thing to do. If you are thrifting, find a shop that has great deals like 0.99 cents days and only go on those days so you won’t be tempted. The more money you spend, the less profits you will see.
6. Create a process
Before you even get started, take some time to determine how you will list your items. Will you bulk list everything at once or do one per day? What is your listing goal? Knowing these things ahead of time will help keep you on track. You will probably have to modify your process as time goes on, but at least you have something to start with.
7. Don’t over buy
Most seasoned resellers will tell you that overbuying is just as much a problem as over spending! Even if you purchase a ton of items at a great price, if you know you will get overwhelmed having to list them all it’s just not a deal. If you overbuy and create a ‘death pile’, those clothes may very well end up right back at the thrift store because you were tired of looking at them
8. Do plenty of research
Read blog articles, find YouTubers you like to watch and research everything you need to know about the platform you chose to sell on. You can also get a copy of our book below, which has inventory tracker sheets and other worksheets to help get you started.
9. Start with what you have
Even before you head out the door to thrift shop, give some thought to listing what you have in your own closet to get your feet wet. This way you can have the reselling experience and learn the platform you chose without spending any money. An added plus is that you can take the money you’ve earned from selling those items to purchase more.
10. Stay business minded
Since you will be doing this for business purposes, make sure you set everything up as a business, this includes opening a bank account, getting an LLC (at some point), and researching your target profit goals. You should also create spreadsheet so you can keep track of your sales. Most people aim for at least a 200-300% profit margin.
11. Find great stores
While thrift stores are everywhere, you should find a couple that you really enjoy going to and get to know the type of inventory they usually put out and the people that work there. Many times if you form good, genuine relationships with the people that work at the stores they will put items aside for you that they think you will like. If you’re at a loss of where to start looking to find great thrift stores you can research your area in the Thrift Store Directory
If you find that you purchased some items that just won’t sell or aren’t even worth you listing them after fee’s are taken out, just pack them all up and consign them. You can consign online or at a brick and mortar. A great place to start with consigning is ThredUp. I send things to them fairly often and you can use that money on the website to shop or have it deposited into your account.