When you are running your business, your goal should be to maximize profit whenever you can do so without sacrificing the quality of the experience for the consumer. Here are a few quick tips to get some extra profit while you are buying your products to sell.
1) Use a rewards credit card. If you are buying and selling items frequently, that is a lot of traffic on your account. Translate that traffic to a 1-5% bonus by using a rewards credit card for every transaction. Not only do you get bonus cash for using the card, having a designated account for all of your business expenses makes it much easier to track come tax time. You can also go through the preferred shopping networks on several cards, and save an even higher percentage.
2) Member cards. Most retail stores have some kind of membership program. Signing up for these programs can give you special access to sales, discounts on merchandise, and exclusive coupons. I recommend setting up a separate email account for these types of offers exclusively, then searching that inbox just prior to a trip to the store.
3) If you frequently shop at the same stores, consider looking into PlasticJungle.com. Plastic Jungle buys and sells used gift cards, often at a discount. For example, when I floored my entire house, I bought over 5,000 in gift cards from there for Lowes. At a savings of 5-7%, that saved me about $300. If you already know that you will be spending money at a specific location, take a few minutes to see if they have cards that can benefit you.
4) If online shopping is your go-to method, then always make sure to check out retailmenot.com. Although their interface has changed lately and in my opinion not for the better, they still remain an awesome place to check for discount codes for most online retailers. A few other sites to check would be slickdeals.net and fatwallet.com.
5) Keep an eye on your local newspaper. Many manufacturer’s still have sales fliers, discounts, and coupons that you can stack to receive significant savings. Especially useful are the offers for XX% off entire store! Unless specified on the coupon, these are good for clearance items also.
6) If you are doing garage sales and estate sales, always bundle your purchases for a better price. Emphasizing the amount of work they would have to do to handle the inventory at the end of the sale is a good way to buy the lot of it at a discount. I bought an entire garage worth of items for $50 because the seller told me she didn’t want to deal with the clutter. The first item we found was a complete set of 9 seasons of Star Trek, which we sold for 75. Every other item in the garage was pure profit.
Remember, that selling is a percentage game. If you can add 1% profit here, a 2% discount there, and then get rewards on top of that, you can significantly improve your bottom line.