A New Side Hustle Business Strategy

[7digits]

Here is an overview of a side hustle I just started last week.

The usual buy/sell plan is to go out and search for a marketable items to buy under market value. You manually search Craigslist, contact sellers, negotiate and buy. You then turn around and offer it for sale adding value with better advertising, accessories, cleaning, or fixing.

I just hate waiting for things to sell, so now I am doing things a little differently.

I went to EBay and searched for many items that were selling well. I picked an item that had good margins and was being resold both used and new. I contacted multiple wholesalers to find out at what price they would buy the item if it was in almost new condition. I found three who I can work with and I have their specs and buying price lists.

I have started advertising today offering to buy the item on Craigslist and one classified newspaper. I will also place flyers as I can over time.

Having the wholesaler’s price lists, I am now in a position to know exactly what to offer my sellers so I can have a locked in profit if and when I buy.

This is a reverse of what normally happens. I have reduced the risk, less time and have more control.

I know it's not really a complete Fastlane project because I still have to physically drive out and meet with the sellers, evaluate items, handle phone calls and ship to my wholesale buyers. But it doesn't really take a lot of time and I can arrange the buy meetings to fit my schedule as needed.

The best part is the wholesalers are set up to pay within 24 hours via PayPal invoice after the shipment arrives. The margin should be between 15% to 35% on capital after my expenses per deal. The limiting factors are finding more deals via advertising and the travel area.

I am starting with $500 in capital, business cards and a receipt book.

I know this is probably nothing new, but I have seen plenty of classified want to buy ads before and now I have figured out a way to make it work.

I hope this inspires a few to think backwards.

All wholesale sellers are buyers. You just have to find a way to get a supply to them below their costs.

It is not easy to find a way, but I know it is possible.

I am going to be there to step in front of people's parade of life with a plan to help them wit divorce, job loss, moving etc.

I will give updates when I get some deals done.

 

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