Flipping furniture is so much fun. A hobby that can become a side hustle just like that!
It is something that started out of necessity for us but quickly turned into something that was paying bills, funding vacations, and covering “extra” things that came up. From there, I was able to turn it into a full-time business and now I get questions about flipping furniture every day from people who are trying to figure out how to make real money flipping furniture. They want to make a real profit but often find themselves just giving up out of sheer frustration. Or maybe they try to start a furniture flipping side hustle, but the whole process is so confusing that they get overwhelmed.
Analysis paralysis, anyone?
After seeing this happen time and time again, I knew I had to do something to stop it. And that’s why I developed a little strategy that I like to call the “Furniture Flipping Profit Formula” that will turn every flip into a profit, real money that you are proud of.
This formula is one that I have shared in my private furniture flipping group and my furniture flipping course. The formula itself looks simple, but each part has a little more to it than meets the eye. I am going to break the formula down in this post to help you understand why this formula works to get you the best profit.
My Furniture Flipping Profit Formula:
cost of piece + makeover cost – selling price = PROFIT you are happy with
It looks simple and straightforward, right? It is at face value, but unless you know what each part really means, you won’t take the appropriate steps to make every flip profitable.
Here’s how it works…
Part 1: Cost of Piece.
The very first part in the “Furniture Flipping Profit Formula” is the cost of the piece of furniture.
This isn’t just how much you pay for a piece. Sure, you want to get the piece at the lowest price you can but there are things you can do to ensure you are getting the piece at the right price. That’s what I want to emphasize in this part of the formula. There are some things you should be doing before you buy a piece of furniture to make sure you are getting pieces for the lowest price or even better…… FREE!
The initial cost of the piece you are going to flip has a lot to do with the profit you will make in the end. Many people think that you have to be “lucky” to find pieces at a great price, but there is more strategy behind it.
And all you have to do is research. Research your market. Where are people selling pieces? What is the going rate? Who can you tell that you are looking for pieces? Where are some different places to buy? To sell? The research will tell you everything you need to know about what to pay for a piece and it will open up doors to getting pieces for free. This part of the formula will also help you in the final step so keep your research close. Don’t get rid of it!
One word of warning: don’t overthink this step. Seems like many people start this step but they never get past it because of analysis paralysis or generally feeling overwhelmed. However, the beauty of my “Furniture Flipping Profit Formula” is that there is no thinking required. All you have to do is research before you buy to get the piece for the lowest amount possible.
Part 2: Makeover Cost.
This step is also fairly simple because my furniture flipping profit formula was designed to package the process in an easy way so you don’t have any more guesswork in your flips. So, in order to complete this part of the process, all you need to do is know what the project will entail before you buy it.
When people hear “cost of the makeover”, they think “paint”. There is so much more you need to think about in the “Furniture Flipping Profit Formula”. It is not just paint. It has a lot to do with function, repairs, wood filler, veneer damage, sanding, and so much more. If your makeover budget gets too high, you will make even a free piece not worth it in the end. You need to know everything you are getting into with the makeover before you pull the plug to buy the piece in the first place.
To make this part of the formula even easier on you, I have created an easy checklist for you to make sure you are thinking about everything for the makeover cost of your flip. Here is the checklist.
You can download and print this checklist by clicking the photo above or by going HERE.
Step 3: Selling Price.
Finally, the last step in carrying out the furniture flipping profit formula is simple – figuring out the selling price.
This is the fun part.
Where your flip comes together.
The reason you are doing the work!
Now, it is time to talk about profit!
Your research that you did in the first step will help you determine this last step. What did your research tell you about the prices of pieces like you are doing? Where should you sell to make the most profit? Your goal is to make a profit that will make you want to continue the process.
However, just remember that every piece is different and every piece will command a different sale price. And don’t worry about pieces not selling right away because spending all your time worrying about one piece will just bog you down and paralyze you from starting other projects and standing still in your flipping journey.
Once you put the “Furniture Flipping Profit Formula” to work for you, you’ll quickly start noticing that the entire flipping process becomes like second nature. You will be able to look at a piece of furniture and know right away what you can pay for it.
And even better than that, you’ll also know what your profit will be in the end. This is actually a 3-step strategy, but rest assured that it’s so simple that just about any furniture flipper can do it.
Really, it’s paint-by-numbers easy. So even if you’ve struggled with the flipping process in the past, you can succeed this time and every time after that. And even if you have never flipped a piece of furniture, no problem – because once you start using the “Furniture Flipping Profit Formula”, you’ll see that it really is quite easy to make real money doing it.
You heard it here first – the “Furniture Flipping Profit Formula” is the absolute best way to make real money flipping furniture.
But don’t take my word for it. Try it out for yourself and see what it can do for you. I think you’ll like your results!
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