If you’re looking for a fast-paced side hustle, “flipping for profit” could be just what you’re after. Used in the USA to describe purchasing an asset to resell it rapidly for a profit, flipping is becoming more and more popular here in the UK.
Up until recently, the term was mainly used to describe selling property for profit. Now, side hustlers from both sides of the Atlantic, flip a wide range of assets to make some extra cash.
What does ‘flipping’ mean?
Flipping is about buying and selling items as swiftly as possible. You won’t be holding on to stock, waiting for it to increase in value or become more popular. You’ll be doing your research and using your instincts to find out what is going to sell and whether you can buy it at a low enough price to make a profit out of it.
It’s also about staying within your budget. If you can afford to flip houses, great, go ahead. For most of us, this will be out of our price range. But that doesn’t mean that there’s not money to be made, if you know how.
We take a look at five flips that could result in rapid returns.
What is ‘dropshipping’?
If you don’t have the space to store stock, dropshipping is the solution. That’s because dropshippers don’t ever touch the stuff they’re selling.
As a dropshipper, you would set up an online shop for your product. Then you would purchase the item/s from a third party (usually a manufacturer or a wholesaler) and have it shipped directly to your customer.
As you don’t need storage space, this should significantly reduce your overheads. Plus, as you won’t need to purchase any products before you have a sale, you won’t need loads of start-up capital.
Where you are located shouldn’t matter either, as long as you have an internet connection and can communicate easily with suppliers and customers.
How much could you earn by dropshipping? One man claims to have gone from $0-$300k (around £225k) in sales in the first year with an online drop shipping shop.
Can I earn money by buying and selling items on Gumtree?
If you have an eye for a bargain, online classified website Gumtree is a great place to find items in your local area, that you could flip for financial gain.
Ever heard of the adage, “one man’s rubbish is another man’s treasure”? These websites work on the basis that what one person may want to just get rid of, another may be willing to pay good money for. If you can spot what’s priced well and can see a potential profit, you could give your bank balance a boost.
Looking for inspiration? Ryan Finlay tells Side Hustle Nation how he makes a full-time living from buying and selling on American classified website Craigslist.
Is there money to be made by flipping cars?
Have a bit more money to play with? Buying and selling cars could result in big returns per flip.
Do your research and make sure you know what price a second-hand car could sell for, before parting with your hard-earned cash. Take the time to understand how to spot any potential problems with a car and, if you still think you’ve got a bargain, how much it would cost to get them fixed.
To see the biggest profits, you’re likely to have to buy privately and at auctions, rather than through dealers.
If you’re tempted by the size of the potential gains, take a look at MoneySavingExpert’s top tips for buying a used car, to make sure that you’re not taken for a ride.
Can I make extra cash by flipping second-hand books?
More bookworm than petrolhead? You could make money by selling books online. Websites like webuybooks.co.uk will give you an instant cash offer for your book.
They also have a catalogue of specialist rare and unique books, so you can find out what to keep a lookout for online and in your local charity shops.
While this isn’t one of the most profitable side hustles out there, if you like spending your spare time scouting out second-hand book bargains, you could make some money out of your hobby.
Can I earn money by renting out my car?
If your car spends most of the week sitting in your driveway, why not put it to work to make you some extra cash?
According to this article in The Sun, you could make up to £300 per day.
Use websites like getaround or hiyacar to advertise your vehicle to potential renters. Peer-to-peer car rental websites should provide your car with insurance while it is being rented out to strangers.
Summary: Flipping for profit
From drop shipping to buying and selling second-hand books, flipping products for profit can result in quick returns.
Whether you have poor credit and need extra cash, or want to find a way to make money in your spare time, flipping could be just what you’ve been looking for.