Transitioning from a Phone Flipping Side Hustle to a Business
Objective: To provide a structured approach to help individuals transition their phone flipping or buyback business from a side hustle to a full-fledged business, maximizing profits and efficiency. CORE FOUR FOR SIDE HUSTLE 1. Reach Outs: - Action: Send out at least 20 offers daily. - Script: "Hey, I run a business that buys phones, MacBooks, iPads, Smartwatches, cameras, and other electronics. If I could pay you cash today, would you be willing to go any lower on the price?" - Platforms: Use Facebook Marketplace, OfferUp, and similar platforms. 2. Ads: - Platforms: Focus on Facebook and Google Ads. Consider Instagram ads as well. - Objective: Generate inbound leads where potential sellers come to you. 3. Diversity: - Items: Focus on top 10 electronics including iPhones, Samsung phones, MacBooks, Smartwatches, cameras, iPads, PlayStations, and game consoles. - Goal: Gain knowledge and skill in buying and selling a variety of electronics to attract repeat customers. 4. Negotiation: - Focus: Master negotiation to improve conversion rates and profit margins. - Tip: Avoid asking too many questions before making an offer. Make the offer quickly and confidently. Expected Outcome: Following the Core Four for side hustles should yield an annual profit of $30K to $50K. TRANSITION TO BUSINESS 1. Google My Business Profile: - Action: Create and optimize a Google My Business profile to collect reviews and improve local search visibility. - Importance: Establishes credibility and differentiates from competitors who lack formal business setups. 2. Store Partnerships: - Targets: Establish connections with pawn shops, repair shops, and other resellers. - Approach: Use reach outs to contact stores and propose bulk buying deals. - Script: "Hey, I run a company that buys used and damaged iPhones, MacBooks, iPads, Smartwatches, Game Consoles, VR systems and more. I was wondering if you guys had any extra damaged stock you might be looking to sell?"