Here’s how that works. Items are typically cheaper in thrift stores and flea markets than they are online. That means there’s potential to make a handsome profit if you buy something at a thrift store and then sell it on a digital marketplace.
Let’s look at an example…
You notice an item at your local thrift store that you’re certain sells online for about $60. You check the price tag—it’s only $5. You buy it and make a listing on your favorite digital marketplace. It sells! Let’s say shipping costs and selling fees are also $5 each. Your net profit is $45. You’ve made back triple the cost of your initial investment and business expenses.
It’s a simple, elegant, and fun business model that can potentially generate extra cash flow.
If you decide to start a thrifting business, consider these tips to maximize your profits!
Start at home. Before you send something to a landfill or thrift store, search for it on an online marketplace. You might be surprised how much of your “trash” is actually treasure! Make no mistake—some items aren’t worth your time salvaging and selling. But if you have clothes, toys, and books that are in good condition, consider listing them online and see what happens!
Scout out the right locations. Whenever possible, shop at thrift stores in wealthier neighborhoods. They’ll typically have higher-end products that fetch better prices. Also, consider using an app like Nextdoor to monitor local garage and estate sales—those are where you’ll find the real treasures at potentially deep discounts.
Prioritize the right items. Not all resale items are created equal. Books, textbooks, picture frames, and designer clothes tend to have strong returns. But always check the price of an item on eBay or another online marketplace before you buy it.
Buff up what you buy. Before you buy anything from a second-hand vendor, check it for damage or blemishes, but don’t be put off by surface-level issues. You might be surprised at how many items are simple to repair, fix, or clean. Putting in a little elbow grease may substantially boost the selling price.
Remember to have fun while you’re thrifting. The beauty of the reselling business is that it allows you to make money and enjoy a hobby at the same time. It’s perfectly fine if you don’t walk out with an incredible find. Embrace the process, see what’s out there, and make some extra cash while you’re at it!
For instance, you can increase the shelf life of cottage cheese if you store it upside down.¹ That’s a great hack if you like saving money every few weeks or eating cottage cheese. But today we’re looking at high return tricks that will impact your wallet every time you check out. Let’s start simple!
DO NOT BUY BOTTLED WATER
Maybe you just get your water out of the tap, but if you’re in the habit of purchasing fancy bottled water, STOP. If you must indulge in decedent H2O, do the cost-effective thing and buy a reusable bottle with a filter. Use the $100 that most Americans spend on water annually for savings or donating to cause you care about.² At the very least, use it to buy something that doesn’t have a free alternative!
Wait until evening to hit up your farmers market
Local vendors usually don’t want to lug their unsold goods back home with them. That’s why they’ll often start discounting their produce as the day drags on. Hit them right at the end of the day to get the best deals. And don’t be afraid to ask them for items that aren’t visually perfect but are still usable.
Always. Make. A. List.
Stores are designed as mazes. You’re meant to wander around and notice as many products as possible. Afterall, you might just see something you “need” but didn’t plan on getting!
That’s why you must bring a list with you when you go shopping. You’re far less likely to explore your options and stay on track if you have a few written objectives.
While you’re at it, try to stick to the perimeter of the store. That’s where the essential items you’ll need are often stocked!
Saving money on food is a long game. If you’re preparing your own meals instead of going out, you’re already well ahead of the curve. Try out these tips to take your frugality game to the next level!
¹ “How to Store Dairy Products to Keep Them Good As Long As Possible,” Margaret Eby, Food and Wine, Apr 3, 2020, https://www.foodandwine.com/how/how-to-store-dairy-products
² “The Money Spent Can Be Used Better Elsewhere,” The Water Project, https://thewaterproject.org/bottled-water/bottled_water_resources