Did you know that you can make money by flipping phones as a side hustle? Well, manufacturers such as Apple keep releasing new versions of iPhones. Therefore, their users are always looking for ways of discarding their old phones as they acquire new ones. If you want to venture into this business, here’s how to flip phones for a profit.
Buying The Phones
People who want to discard their phones mainly use online platforms such as Facebook Marketplace, Craigslist, OfferUp and eBay, among others. You can purchase cell phones from these online platforms and then re-sell them at a profit.
You can either purchase cheap phones or cracked phones. If you opt to purchase the cheap phones, you should go for the undervalued ones. Also, you can look for cell phones whose prices are negotiable, purchase them at a discount and then re-sell them on a different platform.
For instance, you can buy an undervalued iPhone on eBay and then resell it on another platform like Craigslist.
If you opt to purchase cracked phones, then you’ll need to have phone repair skills. If you buy a phone whose screen is cracked, you’ll have to replace that screen and then re-sell the phone at a profit.
The amount of money you can earn from this method will depend on the quality of the phone and the extent of the damage. When buying phones, ensure you avoid those with power issues, phones with broken buttons or those whose speakers are not working.
Also, you should never purchase locked phones, since you’ll not have access to some of their features. You also need to find out the cost of replacing the broken parts. And most importantly, make sure you calculate your profit before buying any phone.
Selling The Phones
When it comes to selling the phones you’ve purchased, you have two main options that you can explore. Buyback vendors and private markets. Private markets offer better returns on investment, compared to buyback vendors.
Unfortunately, the sale process can be quite long. Apart from that, the market is not always reliable. You might also incur some expenses if you opt for private markets such as listing costs, meeting potential clients or even deliveries.
Chances of getting scammed are also quite high if you’re selling in private markets. On the other hand, the buyback vendors option provides a guaranteed market and quick sales.
Shipping costs might also be catered for in some instances, thus minimizing your expenses. However, your phones might not fetch as much money as you would, if you were selling in private markets.
Final Thoughts On How To Flip Phones For Profit
Without a doubt, you can earn a lucrative side income flipping phones if you’re ready to put in the time and effort needed to build a sustainable business. And with time, you can even expand your business and make it a full-time one if you keep re-investing the profits you’ve earned.
But, just like other types of businesses, patience is key. Therefore, if you’re looking for a quick way of making money, then this might not be the right option for you.