Flipping furniture is all about recognizing the value in furniture people are willing to dispose of cheaply when giving their houses a makeover, restoring it, and selling it to new owners glad to get lovely pieces of furniture in good condition affordably. The great thing is that many people want beautiful and functional furniture but cannot afford new furniture. If you have a keen eye for furniture, you can start a business restoring and selling used furniture. The great thing is that you don’t need a lot of capital to start because if you look around, you will discover many sources of cheap or even free furniture you can restore and flip for a handsome profit.
Find a Niche
You may find it convenient to pick up all types of furniture for flipping to increase your turnover. However, you may consider specializing in one or a few furniture types to make it easier to make your mark. For example, you may want to specialize in period furniture, outdoor furniture, or even furniture for nurseries and kids’ rooms. You can brand your business more distinctively by selecting wisely from Furniture Business Names more appropriate to your niche. However, if you would rather be a general furniture store, you can pick up all kinds of furniture as long as they are in reasonably good condition and restore them quickly and profitably.
Setting Up Your Used Furniture Business
It does not take much to kick off a used furniture business. You will need a well-equipped workshop to inspect and restore the furniture you buy from various sources and a warehouse where you can store them. Ask the local authorities for details of licensing and permits required for setting up and operating the business. It also helps to have a truck to pick up large pieces of furniture like dining sets, couches, beds, tables, recliners, dressers, cabinets, and more. Needless to say, you must be passionate about furniture restoration and know the tricks of the trade to stay on top of the game. According to Forbes, setting a fair price is critical for business success.
Good Places to Source Used Furniture
If you keep a sharp eye out, you will find countless opportunities to buy used furniture cheaply. Keep visiting flea markets, goodwill, thrift stores, and auction houses and develop a relationship with them to get news of the availability of good pieces and impending sales. Keeping an eye on online marketplaces like Facebook, Craig’s List, and social media groups can give you plenty of valuable leads.
Managing your business successfully involves keeping a close watch on your cash flows. You must find buyers for the furniture you have picked up and restored. While you can spread the word about your business and put up posters and banners, you should also market yourself online, through your website, optimized for local searches and social media platforms. As you expand, you can think of hiring additional hands for your workshop and even keep representatives to look out for furniture and find buyers, typically on a commission basis. Make sure you click plenty of photos from all possible angles before posting them online.