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You can make money flipping phones for a profit. However, you need to have a sound strategy that includes certain product types like iPhones or Androids.
How to Make Money Flipping Phones for Profit
Making an extra coin is always welcome to a majority of people due to the ever-rising cost of living. If you are looking for a profitable side hustle, then you can start flipping phones for a profit. We’ve already written about the following reselling guides to help you increase your side hustle income:
- Best products to flip for a profit
- How to sell on eBay full-time
- How to become a sneaker reseller
- How to resell tickets as a side hustle
I take all of my side hustle income and dump it into an investment portfolio that generates additional income. My dividend investing portfolio.
I created a dividend investing book to help you get started investing for financial freedom. The book is titled Dividend Investing Your Way to Financial Freedom.
You can download a sample of the book here:
In this flipping cell phones guide, you will learn how to start flipping iPhones, Androids, old cell phones and more. You won’t need to buy a phone flipping course in order to get started. With this guide, you will be able to start making money right now.
I’ve been increasing my net worth by tracking it for free using Personal Capital. This free tool has helped me increase my net worth from the negatives to nearly $500,000 in 5 years. I’m obsessed with using it and linking all my investment and side hustle accounts.
Why flip cell phones for a profit?
Cell phones are one of the most used items in today’s world. It’s now an essential commodity in every household. You will find that every person in nearly every family across the globe has a phone. Cell phones are also necessary in the business world since collaboration is vital to surviving in business.
The use of phones keeps going up since it makes communication in every area of our lives easier. It’s no wonder cell phones are now high demand products. With an increase in demand for phones, it then means phone business is an ever growing industry.
Technology is dynamic, and so phone manufacturers also keep changing the phone specs also to meet the changing needs of their customers. Some brands like iPhones, in particular, are released almost yearly around September. It is possible today to make profits reselling cell phones. In this guide, we will look at how to buy and sell iPhones and other products to make profits.
Some people think that you need to flip only the highest selling cell phones to earn a profit. Actually, it sometimes is the opposite. Older phones people will literally pay you to take them in bulk. If you have the ability to strip down the cell phones, you can actually sell the components and make money simply by taking in the phones. That is just one way to earn profit from cell phone reselling.
Three Easy Steps to Start Flipping Phones for Profit
Flipping phones for a profit is a very daunting task. However, you can make good money flipping phones if you are persistent. So here we will explore how to make money selling iPhones and how to become a cell phone reseller.
Let’s look at the three main steps that are vital in the phone flipping business:
How to buy phones
Individuals who want to sell their cell phones usually use online markets to look for buyers. You can find numerous places to purchase iPhones from online sources including Craigslist, Facebook Marketplace, eBay, and OfferUp, among other places.
You can make a profit if you resell cell phones that you have bought from these websites. When you want to flip phones for a profit, there are two options to choose from which include:
Search for cheap phones
If you opt to go with this option, you can search for the undervalued phones in a different site. Then by comparing the price quotes of similar phones in those sites, pick the cheaper ones.
Also, you can look for phones whose prices are negotiable and make a great deal with the seller and then buy and sell phones for a profit. For instance, you can search for cheap iPhones on eBay and resell them using a different site like Craiglist.
Search for cracked phones
It is another alternative to the buying and selling of cheap phones option. In this case, you can opt to buy phones with cracked screens then you can fix them and sell them at a profit. It is easier to get a better deal for a phone with a broken LCD. You can make a huge profit if you buy, fix them and sell them at a higher price of course at a margin.
There are certain vital aspects that you need to be keen on before you buy a phone. Here are essential elements to look out for when searching for cell phones to buy:
- Avoid phones whose speakers don’t work, the ones do not power on and where buttons are broken.
- In addition, avoid phones that are locked out for example, with an iTunes password.
- Do not buy a phone listed with a BAD ESN or CDMA phones also avoid BAD IMEI or GSM phones since it means that the phone cannot be used on some specific carrier.
- Ensure that you read the phone titles correctly.
- Find out the cost of replacing the LCD screen or learn how to replace them
- Calculate your profit before you purchase the phone
How to sell phones
The other step that is very important is to know how to sell the phones that you have purchased or that you’ve already repaired and are ready for sale. There are two types of places to choose from where you can sell your phones for a profit including the private market and the buyback vendors.
In the private markets, you can sell the phones at a better price compared to selling them to the buyback vendors. It is not a guaranteed market, and the sale process can delay. The seller might also incur some expenses for listing, time-consuming negotiations, delivery, and even meet-ups. It also involves a higher likelihood of getting scammed.
If you opt to go with the buyback vendors’ option, on the other hand, the sale is guaranteed, sales and payments are quick, and the shipping may also be catered for. With this option, however, the vendors don’t pay as much money as the ones in a private market.
If you sign up and hire someone on Freelancer using my link, you will get $20 free to use.
How to calculate the profit that can you make flipping phones
Another important aspect when flipping phones for a profit are to figure out how much money you will make from each sale. It involves knowing the core specs of each phone, the time it has been in the market, the amount of time you spent selling it, the amount of money you bought it for, all the fees that you have incurred and also know the market that you have chosen to use.
The selling price that you quote should be able to repay you back and still help you make a profit from the sale. The income you can earn also depends on the number of phones that you can flip in every sale and your average profit margin.
Keeps a record of all the phone sales that you have made and try to experiment the business using different strategies. It will reveal to you how you can streamline your phone flipping business and the best tactics to stick to that brings you more profit.
If you find a reliable supplier or a website where you can expect to get cheaper phones, then you can manage to make your phone flipping business a full-time job with steady income streams. It is vital to know that you will need to have the right amount of money to help you start the business.
You can start with around ten phones in a week and grow your stock gradually. If you can manage to sell at least two phones per day and make an average of $50 profit, then you can make an average $500 a week. If you double or triple that, then you will be able to make good money from this business. It’s up to you if you want to make this into a full-time business or make a quick $500.
Conclusion on Flipping Phones for a Living
You can make a living flipping phones for a profit if you put in the necessary work and efforts required to build the business. You can expand your business exponentially if you grow your supply chain and if you keep reinvesting the profits from each sale. Everyone should know that passive income is a grind. It isn’t always a perfect fit for you. Here are some of the downsides of passive income.
Here are some key takeaways from becoming a cell phone reseller:
- Test a niche of products to resell
- If it works, scale it.
- Automate your process by hiring freelancers on Freelancer or Fiverr, this can help streamline your business.
- Don’t be afraid to take risks.
Are you going to try to become a cell phone reseller? Please let us know in the comments below. We’d love to hear from you.
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