If you are a skilled bargain hunter you may be interested in learning that this skill can create a business…
The ability to find bargains is an art; a true skill that few people possess. Bargain hunters have to be tenacious, willing to go the extra mile to shave a few cents off the purchase price, and highly committed to achieving their goals.
If you are a skilled bargain hunter in your personal life, you may be interested to know that this skill can transfer into your business life, too. Below, we’ve put together a list of three types of businesses that are the perfect choice for those who are adept at finding bargains, starting with…
#1 – Retail or online arbitrage
The term “arbitrage” might sound a little off-putting and alien, but the concept is incredibly simple. Essentially, you buy a product from a retailer who is running a discount or sale. If you buy offline, it’s retail arbitrage, and if you bought the stock online, it’s online arbitrage. You then sell that same product – usually online – for a profit. That’s really all there is to it.
The key to retail or online arbitrage is the willingness to track down great deals and buy them before stock runs out. This is a task that most bargain hunters should find simple, if not outright enjoyable.
If you want to give it a try for yourself, the best way to do so is to purchase products to sell via Amazon. By selling on Amazon, you have access to the customer base of the biggest ecommerce store online; there are a variety of online courses from the likes of that can help to introduce you to do this world. When you have a working knowledge of the basics, you can begin to source your first bargain products and build from there.
#2 – Start a deals blog
Deals blogs are incredibly popular, acting as a resource for all the latest deals and offers available online. You could start a blog yourself. Publishing the offers you have found and advising readers on how to get the most from them.
When you have built up a readership, you can then monetize the blog with the help of the tips available on https://www.entrepreneur.com/. You may also want to consider joining affiliate programs, which allow you to receive a commission for any purchases made after a reader clicks through to the merchant via a link on your blog.
#3 – Antique flipping
You’ve likely heard of house flipping, which involves buying a rundown house, improving it, and selling for profit; antique flipping works in much the same way. You purchase items at a discount price then sell them online for a profit.
In some ways, antique flipping is similar to retail arbitrage, but antique flipping done well tends to involve an extra step: restoration. With retail arbitrage, you’re buying items as-new, in a saleable condition; with antique flipping, you’re looking for items that are in poor condition, and are heavily reduced as a result. You can then improve their condition and sell them on.
The one downside of antique flipping is that there’s no guarantee you’ll find a buyer. You’ll have to ensure you always pay the absolute lowest price for the items you buy to improve. However, if you’re great at spotting a good deal then antique flipping could work well for you.
If you have a knack for hunting for bargains then the ideas above are a great way to translate that skill into a business. Good luck!