Pallet flipping can be a great side hustle that will provide additional income. Pallet flipping can be a side-hustle that requires little time and money. If you feel it is a good income stream, you can start with smaller pallets at a lower price. Then, you can move on to more expensive pallets.
What is a Pallet and how do you Flip Pallets?
What is a pallet?
The pallets are not to be confused with wooden ones. They are a collection from a retailer. These pallets are sold to consumers as they can’t sell the products they contain.
Customers have returned items from the pallets. The contents of the pallets are no longer being sold in the current market. Items may have been damaged in shipping and cannot be sold to customers.
UK retailers lose around PS60bn each year due to product returns. It makes sense to sell palettes to offset some of these losses. Although palettes often include a range of products, you can also get palettes that contain just clothing, stationary, or electronics.
What is Pallet Flipping?
Pallet flipping simply means buying pallets of unopened or returned goods from retailers and then selling them on for profit. Many pallets can contain thousands of pounds of products at a fraction of the original cost. These palettes can be dangerous and you may not know what they contain. It’s better to purchase from retriable sources. You could still end up with a pallet that is full of unwanted returns. However, some palettes will contain perfect products that aren’t selling.
How to Locate a Pallet
Pallets can cost a lot upfront so make sure you do your research before buying one. Below is a list of places to find palettes.
Liquidation Websites
Liquidation sites are similar to wholesalers of pallets. They buy large quantities of pallets and then break them down into smaller pallets that they can sell to their customers. There are many liquidation websites in the UK, but this is a list that I know of the most popular.
Marthill International
Marthill sell-off catalog and excess stock on high-streets, clearance stock, as well as customer returns. You can categorize pallets into different categories such as electronics, bathroom stationery, and mixed pallets. Marthill has one advantage: they list every item on the pallet so that you can see what it contains and what the original retail price was.
Merkandi
Merkandi, another online wholesaler, sells excess stock and returns, but also undelivered packages via eBay, UPS, and other sources. Undeliverable packages are those with unlisted contents. Think of it as an adult luck dip. This could be the right site if you are looking to be amazed by the contents and not only sell one thing.
UK Stock Supplies LTD
UK Stock Supplies sells individual items, unlike other sites. There are universal bath legs and 600 mixed doors. This is a great site if you own a shop that sells goods.
Online auction sites
Although eBay sells mystery packages, as well as pallets on occasion, they can be risky. Some listings are for stock clearance websites while others are just for informational purposes. Many mystery packages can seem too good to true, which is probably because they are. Avoid sites such as eBay and Facebook marketplace if you are looking for pallets. Instead, look into online auction houses.
William George Auctions
William George stocks John Lewis fashion, appliances, and other products. Pallets are customer returns. However, pallets can be good value for money. Prices start at PS5 per pallet. As with any auction, prices can rise due to bidding wars. It is best to set a limit and stick to it. Remember that after the purchase there will be additional fees so make sure to add these costs into your budget.
How to Flip Pallets for Money
You must put in the effort and understand that pallet flipping is not a quick business. These are the steps to success in pallet flipping.
Research is key to buying wisely. Keep track of products. Know your selling platforms. You’ll need to do some research.
Be wise
Pallet buying isn’t as straightforward as selling stock immediately. There are also some risks involved. Stick to what you know when buying pallets. If you are a keen gardener, buying a pallet of gardening tools would be logical. You can save time by buying items you are familiar with.
It’s unlikely that all of your items will sell overnight. While no one would like to purchase grass seed in winter, someone might be interested in the leaf blower in the same pallet.
Research
When it comes to flipping pallets, research is your best friend. It’s great to have a list of all the pallets you are interested in before purchasing. You can research the products online and find out the retail price as well as the selling prices on other sites. You can use this information to help you decide whether you want to purchase a pallet.
Keep track of all products
You need to keep track of the products in your pallets. It’s a smart idea to keep track.
Name and brand of the itemDescription of the item for resale websitesItem conditionRRP price and resale valueWhether the item has been listed and on what site?If it is soldAmount of product sold
These will help you keep track and make it easier for you to calculate your return on investment.
Know your selling platforms
Although eBay and Facebook weren’t your friends when you bought your pallet, they can be used for reselling.
eBay
eBay is the most popular online auction site. You can reach potential customers all over the globe from the comfort of your own home. You’ll sell your item quickly if you give it a detailed description and are honest about its condition.
Facebook Marketplace
If you are looking to sell locally, the Facebook marketplace is a great option. If you have large items, this allows you to list them for sale and offer buyers the chance of picking them up. You just need to give a detailed description and your items will be snapped-up, much like eBay.
You’ll need to do some legwork
Now that you have your inventory and are listing your items on resale, what do you do? If you offer delivery, we’ll ask you to research this. Which is the cheapest? Which is the most cost-effective way to ship your items? There are many options when it comes to shipping.
The Post Office – Small parcel prices start at PS3.20, 2nd Class Postage with Online Delivery Confirmation. For medium-sized parcels, the cost of 2nd class postage starts at PS5.30. You can send your parcels from your home to your destination by UPS. Shipping is costly so ask them to charge you for shipping.Hermes – Next day delivery starts at PS3.55 at Hermes for small packages if dropped off at ParcelShop or locker drop-off. This is a great option to ship next day, but make sure you know where you can drop off your package.
Now that you have done all the research and planning, what is the next step? Now you wait to see if the investment has paid off. You should set a goal when pallet flipping. You should aim to make the same amount as you paid back plus an additional 100-200% profit. Let’s say that your pallet cost PS100. You want to get the money back, and then add another PS100 to make a total profit of 100%.
It is worth it if you have the time and desire to flip pallets. Although it requires effort, you can see a huge return on your investment.
MoneyMagpie: How to flip a pallet for money
