Instead of keeping your leftover funds in the bank where they make a profit of just 5% to 6% per year, you can choose to invest that same money in used furniture and get a return of 200% or even more on every sale.
If this business idea is already capturing your interest, I advise you to read on to learn all the basic things you need to know about it.
Before venturing into the furniture recycling business, you should consider the following:
• This business is not a get-rich-quick adventure. So don’t despair for riches overnight. Rather, start by making the business enjoyable and educational. Although you will make a profit early on, it will flow endlessly over time.
• Like any other business, this business involves some risk. Therefore, do not invest money that you cannot afford to lose. In other words, don’t buy furniture with funds going toward monthly bills.
Although you are not likely to lose sales, it may take longer than expected before selling a part.
• Honesty is what makes businesses prosper. So, be honest with yourself and with everyone you deal with.
This business is so lucrative that you don’t have to cheat or mislead customers before you can make a fortune. ( Of course, honesty here doesn’t mean you have to reveal all your trade secrets to every customer who crosses your path. No, just play with the dictates of common sense and your conscience .)
With the above in mind, let’s now look at other important details about this business.
Simple steps to make money buying and selling used furniture
Where to find and buy good used furniture
Auctions are one of the best places to find used antiques and furniture. You can find auctions around you in the classified section of your local newspaper under the ” antiques ” or ” household items ” section.
When choosing auctions to attend, stick to ones located away from the nearest big city. These sales are usually attended by poor local people who cannot afford the huge prices that are common at city auctions.
Also, bad weather is your friend when you find auctions to buy. few people show up to buy at auctions during rain or snow; so there is less competition and cheaper prices.
(2. sale of goods
Property sales are becoming more and more popular as many property owners for reasons like debt, divorce, etc. sell some of their properties that are not bolted into their homes. most of the time, professional asset appraisers would value your assets to the owners; And for this reason, goods sold in goods sales are often expensive.
However, for the best deals on real estate sales, look for the small advertised deals available in small local towns.
What type of furniture is the most profitable to sell ?
When looking for used furniture to buy, stick with hardwoods like mahogany, oak, walnut, teak, maple, ash , etc. ( If you can’t identify the type of wood from its texture, check the weight of the piece, hardwood is usually heavy for its size.)
Furthermore, you should only buy built furniture. that is, parts that are professionally glued or screwed; it is not held together with just nails. In general, pieces that feature pressed wood designs, turned or carved legs, or other elegant pieces sell very well.
Pricing of your goods
After purchasing your parts, find out their market prices to find out how much to sell for them. You can check the prices on the websites of furniture manufacturers and sellers, estimate the used value of each piece and establish its selling price.
Transporting your goods
You can use any type of vehicle or truck, but a pickup is better. If you don’t have a vehicle, you can rent one when you need it.
Whatever form of transportation you use, buy only the amount of goods that you can transport home in a single trip. This is because property purchased at most property auctions and sales must be recalled immediately.
4 tips on how to sell your furniture
There are several ways to sell your furniture:
• Offer your furniture to consignment stores that accept furniture in good condition. some stores will pay you in advance, while others will not pay you until the item is sold.
• Ask furniture dealers for offers . A dealer who buys and sells high-end furniture can come to your home and make an offer if he or she wants to buy.
• Run ads in your local newspaper . Most local newspapers have a classified section where you can advertise your furniture and get lots of bargains for your desired price.
• Sell your furniture online . You can place an ad on a classified ad website or use google adwords to market your pieces. However, keep in mind that you will only be able to sell to local buyers because long-distance transportation would come with huge costs.