Rather than savings in the bank where they draw meager earnings of only 5% to 6% per year, invest that same money in buying and selling used furniture.
Used furniture can earn a return of 200% or even more on each sale.
If this business idea sounds attractive, then I advise you to read on to learn all the basic things you need to know about it.
However, before you venture into the furniture recycling business, you need to bear these few points in mind.
Don’t be desperate for get-rich-quick business schemes.
Instead, start a small homebased business that’s pleasurable and profitable.
Although you will earn profits from the start, they will flow in endlessly with time.
I know because this is still one of my favorite businesses!
Auctions are one of the best places where you can find antiques and used furniture.
You can find auctions around you in your local paper’s classified section under the “antiques” or “household goods” section.
When you are choosing auctions to attend, stick to the ones located far from the nearest large city.
These sales are usually attended by poor local people who cannot afford to pay the huge prices that are common at city auctions.
Also, bad weather is your friend when finding auctions to buy from.
Few people show up to buy at auctions during rain or snow; so there’s less competition and cheaper prices.
Estate sales are becoming more and more popular because many property owners; for reasons such as debt, divorce, pandemic, unemployment, etc. are selling everything in their homes that’s not bolted down.
Most of the time, property owners would have their wares valued by professional appraisers; and for this reason, goods sold at estate sales are often pricey.
To get the best deals on estate sales, however, go for those little advertised offers available in small, local towns.
If you’re on a budget, thrift stores like Goodwill and Value Village are excellent places to source good, used furniture.
From my observation, Value Village prices are lower than Goodwill and they have a much better selection.
Also, I have noticed that Goodwill has stopped selling jewelry in store, but is selling it online (bummer).
Rural Money Tip: Hang out browsing to wait for new stock to come on the showroom floor, and be the first to grab nice furniture.
Vintage collectibles are always good sellers.
When you are looking for used furniture to buy, stick with pieces made of hardwoods such as 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).
Also, only buy well-constructed furniture.
That is, pieces that are professionally glued or screwed together; not held together with just nails.
Generally, pieces that feature inlaid wood designs, turned or carved legs, and other fancy parts sell very well.
After buying your pieces, find out their market prices to know how much to sell them for.
You can check the prices on websites of furniture makers and sellers.
Estimate the used value of each piece, and set your selling price.
You can use any type of vehicle or truck, but a pickup or van is best.
If you don’t have a vehicle, you can hire one whenever you need it.
Whatever form of transportation you use, buy only as much goods as you can haul home in one trip.
This is because goods bought at most auctions and estate sales must be removed immediately.
Used appliances are always good sellers.
Photo By James De Mers