Awesome Part 1: Explanation
To put it simply: I make over $2000 a month by flipping iPhones. Though this is seen as a side hustle, this is an extremely profitable business for anyone.
For anyone who has never heard of this, let me explain. I go find iphones for sale on apps like facebook marketplace, letgo, and craigslist. I then message sellers and negotiate prices, if I find a good deal. I go pick up the phone. I then bring the phone back to my place and repost it for sale with a mark up, usually about $100-$200 extra. I then sell the phone and keep the difference.
Lets talk a bit about the earnings, to put it into perspective, I used to work 16 hours a week at a local grocery store and make about $780 per month after taxes and other deductions. Now, even though I am working more hours, there are months that I have made $2400 while still being a full time student. The best part about all of this is I am learning a lot about running a small business with things like marketing, margins, and sales.
Part 2: Pros
Now that you understand the business model, let’s go over some of the pros and cons of this business. Some of the pros include: Low entry cost – can start with as low as $100, buy an iphone 6 and flip it.
Simple model – easy to understand, anyone can do it
Build quick capital for other businesses or investments – this model is great to make some quick cash to then invest into assets which will make you more money.
Scalability – if you decide you like this business and want to scale, you could always open a physical store and that way people will feel better about buying from you as long as you have a good reputation.
Low marketing costs – the marketing costs for this business are extremely low and I have had months where I have spent $0 on marketing. The only time you need to spend money on marketing is if you post an ad that explains that you buy iphones to attract sellers and give you the upper hand in negotiations.
Part 3: Cons
You now know the pros of this business, and like anything in life, there are pros and cons. So what isn’t so good about this business?
Safety – This is something that you have to be super mindful of as I have had a phone stolen right out of my hands and I lost about $800. Keep in mind this happened in public. If someone is acting shady or a deal seems to good to be true, it is.
Market Research – With new iPhones coming out all the time, the market (value of iphones) changes all the time. Make sure you know 100% that you are going to make a profit on the phone you buy. You can be sure of this by cross reference price checking which just means looking at sold listings of that particular phone on ebay, or looking at what other people are selling that phone for locally.
Boots on the ground – This business is extremely simple like I said, but do not think that it is passive at all. Where I live sometimes, I have to travel over an hour and a half each way just to pick up a phone because I do not own a car therefor I take public transportation. If you own a car/live in a smaller city, this can be a lot easier. However, where I live, car insurance is about $350+ per month so I would rather save the money and invest it.
Part 4: Conclusion, should you do it, how long will I do it, excuses, what I do with the profits.
Alright so know you know the business model, the pros, and the cons. So lets answer a few questions you may have.
1. Should you do it?
Yes you should definitely try this business if you have not already. Especially if you have a few hundred dollars extra just sitting in your checking account. You might as well take it out and grow it as much as possible. I started with a $250 investment!
2. How long will I do this business for?
I do not have an exact amount of time in mind yet as I am loving watching my money grow every single month. Doing this business earns the same amount as a full time minimum wage worker every month, and I get to be my own boss and work when I want.
3. What do I do with the profits?
What I do with the profits and what I recommend you should do, is to reinvest until you have about $3000 in capital that you will only use for buying phones and reselling them. This will allow you to buy a lot of phones at a time and keep growing that initial investment.
You also may want to use the profits to save and then invest in things like other businesses such as Ecommerce, Real estate, etc..
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