Guide and Tips To Run A Successful Phone Flipping Business

Jobs are a good option, and one must pursue one. Although in a severe economic crisis, it is always a good idea to have multiple sources of income. Or you can stick to one if you earn well from it.

Besides that, almost everyone will agree without giving it any thought that businesses are way better than jobs unless or until you are a CEO or something else of a company. Looking around you, you will see that every successful person with a wealthy status has some sort of business running. 

There are many business options for one to consider. However, doing business in those domains that are very close to people’s daily life. In the food and clothing industry, smartphones are the ones that almost everyone needs for several tasks. Phones have become an integral part of our lives.

You also might have noticed that spending even a single day without a phone is so difficult. That is where you can take this as an opportunity and do phone flipping business.

Flipping phones is an excellent business option, and if you are looking for how to make money flipping phones, then you are at the right place.

Before starting this business, let’s dive deep and learn what you need to know. 

A Word On Phone Flipping

Phone flipping business is a great business idea, and we are going to talk about it in great detail. But, for those who do not know what flipping phones means, let us make it super easy. It refers to buying a phone, obviously at cheaper rates, and then selling it at a higher price. It is a successful business, and despite many people into it, it still has the potential to grow.

All those phone-selling shops buy phones at lower prices and then sell at higher prices, and they have expanded their business all from the revenue they generated out of this business. 

Is Flipping Phones A Good Business?

How Much Can You Earn?

Well, that is entirely dependent on the currency value. Plus, quoting exact figures for any sort of business is impossible because of various factors. There might be boosted sales sometimes, and sometimes there might be no sales at all.

So, what we can do is estimate the earnings. If you plan to start a phone-flipping business, you can use your margin to estimate the earnings. For instance, the original price of a phone is $1000, and you bought it with a 10% discount.

Let’s say you bought 50 phones. After selling only 50 phones, you would have earned 10% of the total cost, which is $3500. Obviously, by buying in bulk, you can get even more discounts, and with a larger clientele, you can easily earn good figures. 

8 Tips For Flipping Phone Business

1. Search For Cheap Phones Smartly

To profit by flipping phones, you must buy phones at lower prices. Otherwise, you would be running into an entire loss. To buy phones at cheap rates, do not ever go to phone-selling shops.

The reason is that they have to keep profit margins for themselves too. How do you think they make a profit and pay electricity bills and rent? They will never give you significant discounts.

Instead, you should search online marketplaces. For instance, searching for phones on the Facebook marketplace is something most people do not know. At the Facebook marketplace, you can make good contacts and can make a deal with various suppliers for the long term.

This puts you in a position to negotiate prices. Another great platform is Craigslist. If you do a little search, you will even get more platforms. After that, you can sell them to retail shops and online platforms like Amazon, eBay, etc. 

2. Choose Wisely Between iPhones and Android

You need to pay good attention at this point before starting flipping phones. There are more than a dozen smartphone brands available in the market, but even kids know that two brands have always been at the top of the list.

Those are the iPhones and Android phones from Samsung. Now, which phone should you go for in bulk? For this answer, the best approach is to observe what brand people like the most in your country. 

If it is iPhones, you should have almost all models in your stock. But there is another crucial aspect that most people tend to forget: the financial status of the country or town in which you aim to sell.

Would you think that most people can afford the latest model of iPhone or Samsung in a poor country or town even though they love having one? Do not underestimate this factor. Thousands of people love to own a Ferrari, but their pocket does not allow them to have one. Do a little homework and observe what works in your target market. 

3. Be Friendly

This option matters a lot if you aim to open a shop for your flipping phone business. It has been observed that bad or rude behavior will fill your customer’s heart with hatred. And that is entirely natural. Even if you aim to sell phones online, you will not get good reviews and ratings if your behavior is harsh and rude.

There is no doubt that humble and friendly behavior will make your customer come back to you again and again despite having 100% satisfaction with your phone. No wonder he will recommend your shop or online business to others too.

So, if you do not know how to make money flipping phones, remember this point for increasing your clientele. 

4. Broken Phones Can Help

If you are thinking about flipping phones for profit, then buying a small percentage of broken phones might also help. Now how is that you may ask? From those broken phones, you can use their parts, like the screen, speakers, camera, and buttons, for other phones.

For instance, you get a chance to buy an iPhone 8 at a very low price, but its screen is broken. If you have a damaged phone already with an untouched screen, you can replace it and then sell the broken phone. 

These small tips can make a big difference. And that does not stop here yet. You have now used the screen of the damaged phone, but its camera, speakers, and even battery might be fine, which can be used later.

So, those who are wondering about how to make money flipping phones and want to start a phone flipping business, then adopt these tiny tricks to maximize earnings.

5. Maintain An Online Presence

You have to go with normalcy to fit in with the trends to increase your clientele as much as possible. For that, you should maintain an online presence. This means you should have a presence on Facebook, Whatsapp, Instagram, and other popular social media platforms.

If you are maintaining a presence on Facebook, provide your contact number and links to other social media platforms. Maybe someone buys a phone from your Facebook marketplace and then refers your shop or business to others and gives them your Whatsapp number.

So, it is crucial that you maintain an online presence and provide your contact number along with links to other social media platforms. 

6. Think How People Think

You can benefit the most when you get boosted sales, and your phones are getting sold in large quantities. Flipping phones for profit needs good research on dos and don’ts.

Now ask yourself, what would you look for if you were to buy a new phone first? That will directly help to answer what people think when they buy a new phone and will be extremely useful for your flipping phones business. Have you noticed that people are more conscious about buying phones with higher megapixels? 

Even though the megapixel is just a marketing stunt and does not have as much impact on photo quality as the lens size, people still focus on the megapixel instead of the lens size.

This should give you a hint that phones with good megapixel numbers will have a high chance of getting sold. What else do you think is there? Well, RAM is another factor. No one uses his phone for heavy-duty stuff, but they still look for phones with higher RAMs. These are just psychological facts you can learn from and devise a strategy accordingly. Considering all these little things will make your flipping phone business more beneficial. 

7. Provide Small Services With Phones

Now we are talking about a fundamental aspect of human nature. Would you prefer to go to a shop again from where you had bought a phone, and he unlocked your other phone at a 50% discount? You will say absolutely yes because no one will give you a 50% discount on unlocking a locked phone.

To have a successful flipping phone business, you should provide some small-scale services for free. For instance, a customer comes into your shop and buys a phone. If you get a chance to pick up his old phone, try cleaning the screen before handing it over to him. This gesture will show him that you care about your customers, which is the trick. 

Cleaning his screen with a few drops of cleaning agent won’t cost you anything significant, but you can earn a lot of respect and attraction through this little gesture. You can try many such tricks too.

How about resting a locked phone for free if he buys an expensive one from you? We know that resetting a locked Android phone does not even require a computer. You just have to press buttons in a special sequence, and you can get the phone factory reset. You can use these tricks because people generally do not know about them. 

8. Do Not Limit Yourself To Just Flipping Phones

If you are ready for flipping phones for profit, then you should take one step further, and that is to increase the scope of your service. Do you not think that you can maximize your earnings with a phone repair service?

Not everyone visits a shop to buy a phone. Sometimes they visit to get their phones repaired. Now you do not have to be an electronic guru who is an expert on PCBs and circuit boards. You can instead hire some professionals to do this work. 

Now, what else do you think is related to smartphones that you should have? Do screen protectors, and phone cases ring any bells? These products are sold by people quite a lot. You might not see anyone who does not have a phone case and a screen protector on his phone.

The point is that just flipping phones are a good option, but increasing your scope of business would be even more fruitful in the long run. So, if you can go with extra services, then go for it.  

Conclusion

Smartphones have become an integral part of our lives. Whatever your profession is, you cannot think of spending even a single day with a smartphone. Starting a phone flipping business is an extremely good idea because this industry has shown a good growth rate in the previous years.

You can expect it to even grow more in the upcoming years. If you are thinking about how to make money flipping phones, then you will learn quite a lot in this article. Go through the tips mentioned to ensure that you can increase your clientele. With those little tips, you can make a considerable fan base of happy customers, which is what every business wishes for.