If your company is focused on buying and selling iPhones, it's important to understand that it can be difficult to make profits on this type of company unless you take the right steps. In the event that you do everything right, there's a good chance that flipping iPhones can be a highly lucrative business for you. Before you look to buy and sell iPhone models, it's recommended that you learn more about what it takes to flip phones for a profit. By avoiding mistakes in the early days of your business, you'll increase your chances of long-term success.
Create a Buyback Price List on Excel
The first thing that you should do when starting a reselling business is to create a buyback price list for iPhones on Excel, which is a powerful software program created by Microsoft that provides users with such features as pivot tables, graphing tools, and calculation. If you need to create a list of prices, Excel is almost certainly the best platform for this purpose. This price list is essential if you need to make regular purchases of iPhones for eventual resale. Whenever you go to purchase phones, the list can be addressed in seconds.
Once you have created a buyback list of the prices that you would like to buy each iPhone model at, it's important that you regularly update the list to make sure that the prices aren't out-of-date. Many businesses that want to buy and sell iPhones forget to place condition information in this list. Since you'll be selling used iPhone models, it's important that you choose a buyback price for each type of condition. While you can use a variety of "condition" categories, likely the best ones including New, Grade A, Grade B, Grade C and Damaged.
It's important that you have a price for each of these conditions to avoid buying a poor-quality phone at a much higher price than you'll be able to resell it for.
Buy From Repair Stores, Companies, & Consumers
If you want to be able to resell iPhone models for a profit, it's important that you purchase these phones from all different kinds of sources. Repair stores will typically offer iPhone models at a much cheaper price than you'll be able to sell them for. If these phones have been repaired and are in great condition, it's possible that you will be able to make a substantial amount of profit.
The same is true if you purchase these phones in bulk directly from various companies that offer them. Buying in bulk can help you obtain discounts on the phones, which may be enough for you to make a sizable profit when you eventually resell the phones.
You can also choose to buy used iPhones from consumers. While it's impossible to buy in bulk through this source, consumers will usually sell their used iPhones at a much cheaper price than you will be able to resell them for, which gives you the opportunity to make large profits. However, you should always verify the condition of the phone before purchasing it. If the iPhone is advertised as being in "like new" condition but doesn't actually work, you could lose a significant sum of money.
Test All Functions & ESN Numbers
The iPhone models that you purchase must be in the exact condition that they were advertised as being in if you want to make consistent profits after reselling the phones. To mitigate the possibility of fraud, it's highly recommended that you test all functions and ESN numbers. Before purchasing a phone, make sure that you turn it on and off, swipe the screen in all directions, use apps, test the camera, and use any other feature that's supposed to be included with the phone. If you don't take these steps, you can't be surprised when the phone isn't working as intended in some regard.
The ESN is the electronic serial number of the phone. You should always verify the authenticity of the ESN for each phone model before you make your purchase. In the event that the ESN is bad, the eventual buyer of the phone won't be able to effectively use it. There are a variety of reasons that an ESN can be bad, which include:
The phone being reported as lost or stolen
The previous owner having an outstanding balance on their account
The phone still being active on the account of the previous owner
There are typically several ways to identify if an ESN is bad, which can include entering several numbers on the phone or verifying it on a website.
Sell on eBay, Swappa, & BackMarket
If you want to be able to sell iPhone models at a good rate and at relatively high prices, it's important that you use resell platforms that are popular and are accessed by millions of users every day. On this front, you should sell your phones on Swappa, eBay, and BackMarket, all of which have proven to be highly popular resell platforms.
While eBay is the most widely used platform, Swappa and BackMarket are also very easy to use and can provide you with a powerful marketplace to sell iPhones. When you want to sell on any of these platforms, you will first need to make a seller account, which can take anywhere from a few hours to several days to verify.
Retarget All Your Customers
Running a successful business means that you will need to have loyal customers who consistently purchase from you. In order to obtain these customers, it's highly recommended that you send out digital ads in a retargeting campaign for every customer who purchases a product from you. By adding some simple HTML code to your website, people who visit or purchase on your website will view ads about your brand even after they leave your site.
These ads will typically show up on popular websites like Youtube, Google, and Facebook. When implemented correctly, retargeting provides you with a way to keep customers engaged even when they aren't currently viewing your website, which can be invaluable towards retaining customers.
With these guidelines in mind, you should have a good idea of what you should do to buy and sell iPhones for profit. iPhones continue to be in high demand all over the world, which is why now is a great time to start flipping phones in a part-time or full-time capacity.