#1 – What To Look For…
Before going out on your first thrifting adventure, you need to know what to look for. One of the mistakes someone can make is setting out for one specific product (at least in the beginning). It is good to keep an open mind and go into the thrift store with the expectation of researching a variety of items. For instance, if you go with the mindset that you are only looking for antiques, you may miss out on other profitable items like certain electronics and appliances. So, on your first trip, go check out everything – in an upcoming blog post, we will give you some specific ideas!
#2 – When To Go…
Ever heard of the saying “the early bird gets the worm?” Well, it is very true when it comes to thrifting. Generally, when thrift stores open, there are a few customers and new inventory has been put out after the stores’ closing the previous day. The beginning or middle of the week is likely going to be the best time to go. If you cannot make it in the morning, then your best bet would be to go an hour or two before closing because there will be fewer customers, too.
Do not be afraid to ask an employee which days of the week or times throughout the day they put out new items… this will be knowledge that could pay off!
#3 – CDSP…
Umm… huh!? CDSP – that’s our acronym for Condition, Demand, Shipping and Profit. You need to inspect each item you are interested in for its condition. Is it working? Does it cosmetically look good? As for demand – research if the item will even sell. Is there a demand for it? Are consumers looking for that product?
Up next is shipping. What will it cost to ship? Do you have an idea of how much it weighs? Lastly, find out if the item is profitable after considering the C, D and S parts of the equation. If the P starts to sound like a “cha-ching!” go ahead and buy it!
#4 – Bring Another Set of Eyes…
Bringing someone along a thrifting adventure can help speed up the process. We find that it is helpful and useful to have someone come along to spot out potential profits, protect and secure merchandise, and research items. As a team, one of us rounds up potential items while the other does the research. This means killing two birds with one stone in half the time.
#5 – Patience…
Perhaps the most important thing to understand about thrifting is that it does takes time. Time spent, however, will gradually translate into cash in your pocket. The largest part of your thrifting journey will be devoted to researching items (CDSP). At the end of the day, the thrifters with the most patience will be the ones most rewarded.