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Last Updated on June 7, 2022 by Work In My Pajamas
The refurbished electronics business is a multi-billion one, and it offers so many opportunities. Whether you want to buy and resell items, find damaged or faulty items that have been returned and flip them, or get into the recycling business, there are plenty of ways to do business regarding electronics.
It’s also a business you can start on a shoestring from the comfort of your home! And, it’s also one that you can easily scale up as you start turning a profit. Here’s how you can get started.
Find Profitable Items
If you want to start with the least capital possible, recycling could be a good option. You could take old, trashed, out of style, or dead electronics and give them a second life. Sometimes, just making an upgrade or repair is enough to make an item desirable again.
However, know that you’ll often run into some rare components if you decide to go that route, so you’ll need to find good suppliers. Sites like Octopart will allow you to make a quick IC lookup and browse through their wide selection of integrated circuits they have on hand. You’ll then be able to compare prices from multiple suppliers and find the cheapest components for whatever you need.
Start Looking at Online Marketplaces
Selling online is the fastest and cheapest way to sell your items. Sites like eBay are usually a good place to start if you have items that are in high demand. Check what prices your competitors are charging, and see which listings are getting the most attention. This should give you some guidelines as to how much you can fetch. Amazon is also a possibility but harder to start, and the competition can make it very hard for you to turn a profit.
Another option you should consider is buyback sites. Services like Gazelle, TradeMore, and Decluttr allow you to list your item, state it’s condition, and get an instant valuation. All you’ll have to do next is ship the item. Services like Gazelle also allow you to drop off items in any ecoATM kiosks across the country.
Choose How You Will Sell
A lot of people will focus all of their efforts on their online shop when it comes to selling refurbished electronics, but you have to be more creative if you want to really make money.
One thing you could do in addition is look at local swap meets in your area. These will often have cheap booths that you can rent, and you can also use them to collect electronics from other people. You could also offer repair services and make money on the side. Another thing you could do is sell refurbished electronics wholesale to other people there or businesses who sell refurbished electronics in your area.
Selling refurbished items is one of the easiest and quickest ways to make money from home if you have expertise in electronics. Make sure to follow these few tips, and don’t be afraid to think outside of the box.
