A side hustle can take your finances to the next level. But you might not want to spend extra time working outside of your home or tied to a computer. If that sounds like you, then flipping furniture could be the side hustle you are looking for.
Flipping furniture can be a profitable side hustle. Although it can become labor-intensive, it is possible to do it from your home without spending any more time in front of a computer screen.
Are you ready to learn more about how to flip furniture for profit? Let's dive in!
How to flip furniture
So you want to know how to flip furniture for profit? The good news is that it is absolutely possible. There is quite a bit of hard work involved, but it can pay off.
Here are some tips to help you take flipping furniture from an idea to a profitable side hustle.
Know what to look for before you start flipping furniture
Before buying your first potential flip, it's a good idea to know what you should look for. You want to find quality items that just need a bit of TLC. You don't want to buy a cheap piece of furniture that started its life as a cheap piece of furniture that is likely to fall apart at some point.
For example, the flimsy bookshelves that many of us have put together ourselves in one apartment or another are not a good choice for a flip. Anything that seems like it might fall to pieces in transit isn't going to be easy to flip. You might be able to buy it for cheap, but selling it for a profit might be difficult.
Another thing to consider is the material of the furniture. Particleboard is something to avoid due to its inferior quality. As you look for specific pieces, it is smart to start with dressers or other types of furniture with simple designs and clean lines. The simpler the piece, the better you can make it look with minimal experience.
Find a solid piece of furniture
Once you have an idea of what type of piece you want to flip, it is time to start looking for the item. Before you start searching, consider what will fit in your vehicle. You don't want to buy a piece only to find you have no way to get it home.
A few places to start looking for the right piece include Facebook Marketplace and Craigslist. You can also look for in-person finds at yard sales and thrift stores. You never know what you might find.
It is a good idea to approach this part of the flipping furniture process with a budget in mind. Don't spend more than you intend to on your first piece.
Reimagine the piece
Now it is time to take the piece from mediocre to fabulous. At this point, you might want to peruse Pinterest for some fresh ideas for your specific piece. The inspiration you are hoping for is out there!
But in most cases, you'll need to start with a fresh coat of paint. Chalk paint is a good option to help you achieve a clean look. Don't be afraid to use several coats of paints to create a sharp new look.
Some furniture flippers use a sander to create a distressed look. Since the shabby chic look is very popular, this could help to boost the value of your flip. Finally, updated hardware can elevate the new look. This is the time to get creative. But take care to ensure that your new piece will appeal to a buyer in your area.
List the piece for sale
After you've done the work of transforming the piece, it is time to sell it! It is important to take this step seriously. You'll need to take good pictures. Make sure the piece is well lit.
Consider staging the piece with cute touches like plants and picture frames so that the potential buyer can visualize what it would look like in their home.Take some time to add details to the description. Make sure buyers know that the piece is well made and ready for a new home.
When you pick the price point, it is a good idea to set it a little bit higher than you expect to get. Buyers in these online forums tend to want to negotiate for a better deal. With this, you can stay competitive without giving up the profit you expect.
Flipping furniture: Tips for success
The process of flipping furniture can be fun. But you'll need to treat this side hustle like the business as it is for financial success. Here are some points to keep in mind throughout the process.
Start with simple furniture
Simple furniture is a great place to get started. Clean lines are easier to paint, which is key for a beginner. As you build your skills, you can absolutely build into more ornate flips. But keeping things more manageable in the beginning is a good place to start.
Negotiate on both ends
When you are looking for a piece to flip, don't be afraid to negotiate. It never hurts to try to get the piece for a good price. It may help to go into these negotiations with a budget in mind and know when you might have to walk away from a potential item.
Negotiation doesn't end when you land the piece. You should also consider listing the flipped piece high so that you have room to negotiate with buyers.
Be patient
Flipping furniture is physical and time-consuming. If you are just starting out, it may take some time to build the skill set you need. As you learn the ropes, be patient with yourself. Do the best that you can. But remember that learning how to complete a flip is a process.
Pick a place to work
Before you bring your first piece home, choose a designated work area. Don't let the piece of furniture take over your house.
Find a spot that will allow for painting and sanding safely. Adequate ventilation is important. Additionally, you'll want to find a spot that isn't completely in the way.
Consider your mode of transportation when flipping furniture
Of course, having a truck is helpful when flipping furniture. But if you don't have access to a truck, that doesn't mean you can't pursue this side hustle.
Without a truck, you'll need to get creative to make the flip work. Consider building delivery fees into the cost. For example, you could pay more for the furniture to get it delivered or offer a discount for buyer pick up.
Track your furniture flipping expenses
Tracking expenses and being mindful of your costs is how to flip furniture successfully. At the end of the day, you'll want your flips to be profitable.The first step is to track your costs. If you don't know what you are spending, it can be challenging to ensure you are making money.
When looking for a piece, aim for items that need simple upgrades. Items that need more extensive fixes usually mean more costs as well.
Finally, it is critical to consider what you can sell the piece for before buying it. If you have an idea of what upgraded dressers are selling for in your area, then you can create a reasonable cap for buying to ensure that you don't overpay for any particular piece.
Flipping furniture can be a fun and lucrative side hustle!
Flipping furniture can be a successful side hustle. The work may be physical, but it can become a labor of love to restore pieces to see their full potential.Not sure that flipping furniture is the right side hustle for you?
Take a look at the Clever Girl Finance book, "The Side Hustle Guide: Build A Successful Side Hustle And Increase Your Income." You'll find practical advice for how to take your side hustle dreams to the next level!
Get started on your new side hustle with our completely free "Build your business" bundle! Be sure to tune in to the Clever Girls Know podcast and YouTube channel for the best business and financial tips to help you succeed!
