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Flipping furniture has enabled me to make a great income while being able to stay home with my three girls! Whether you live in a busy city or out in the country (like me!) you can have a very successful business doing what you love from home!
Our business really took off after we took the Flipping Furniture For Profit 12 Step Course. It’s an in-depth course covering every aspect of how to price, stage, photograph, market and run your Furniture business!
We more than doubled our profits after implementing the strategies in the course. It’s awesome and worth every penny! * Although the course is currently closed until January, if you follow the link through my blog, you get access to the course right away!*
Let me just say that this post is specifically for furniture flippers who want to have a profitable business that can provide a full-time or part-time income, if you only do this as a hobby this post may be too much to digest!
Alright, so one of the biggest questions asked by Furniture Flippers is how much to charge for a piece of furniture and still make a profit. Getting a clear answer can be tough because “profit” means different things to different people.
Some people think, well, I bought this dresser for 20$ at a yard sale so if I sell it for 80$ that’s 60 bucks profit, YAY! Awesome!! Does that sound like you? That was me a year or two back so I get it, but it’s why you’re barely making any money and why you really need to read this!
*This post may contain affiliate links, you can read my full disclosure right here*
Here are some things for you to think about as we dive into this:
- Do you have a business page or website? If not, that’s the first step. (see my post on How to start a Facebook Business Page)
- What are your financial goals this year?
- Are there any marketing strategies you could start implementing to gain new customers ( see my posts on How to easily grow your Facebook Business page and How joining Pinterest group boards can drive huge traffic to your page for some marketing ideas)
- Set a feasible goal to finish a set amount of pieces each week, having a variety of inventory available is always a good idea.
- Do you plan on offering delivery (if you don’t, you definitely should consider it!)
Having a profitable business is more than just how much to charge on a piece of furniture, although, that’s definitely important! If you don’t set goals and make a plan on how to achieve them, you may make a little money on the side but it certainly won’t ever be enough to live on!
The fact that you live in a rural area, or your area is over saturated with flippers giving their stuff away matters exactly ZERO percent. You’re right, there are a huge amount of flippers out there, but only a small percentage of them are running their business like a business.
Buyers are looking for high quality, professional, trendy businesses to buy from. Oh sure, those other guys may sell a piece or two, but the people buying from them are NOT your target audience… let me just say that again in different words… YOU DO NOT WANT BUYERS LOOKING TO PAY PENNIES FOR YOUR HARD WORK! Let those guys keep their customers, you are targeting quality buyers willing to pay good money for quality re-finished furniture.
As I mentioned earlier, it wasn’t until a year and a half ago that I changed my business and pricing mentality and I credit that to this Flipping Furniture For Profit 12 Step Course created by Rebecca Hansen Groskreutz. I can’t recommend it enough! She created the course to help Furniture Flippers correct common staging and pricing mistakes to maximize their profits.
Once my sister and I started implementing here staging and pricing we couldn’t believe our business growth and how much money we could actually make on our furniture! For those of you on a tight budget or not interested in taking a course here is a basic guide of how I price my furniture (P.S. I actually price on the lower end of what the 12 Step Course recommends, just in case you’re balking at my pricing suggestions!)
Basic Furniture Pricing Guide
|Cost to buy (each)||Selling price ( depending on the finish)( each)|
|End Tables/ Night Stands (no drawers or storage)||15$-30$||80$-110$|
|End Tables/Night Stands ( With drawers or Storage)||20$-40$||95$-150$|
|Coffee Table (no storage)||30$-40$||150$-225$|
|Coffee Table (with storage)||50$-60$||175$-350$|
|Vanity (without mirror)||80$-100$||325$-375$|
|Vanity (with mirror)||100$-125$||375$-500$|
|Dresser (under 5 drawers)||50$-75$||275$-325$|
|Dresser (over 5 drawers)||100$||375$-500$|
|Dining Table (no chairs)||75$-100$||300$-400$|
|Chairs (add extra for upholstering)||15$-25$||60$-80$|
There are a lot of variables in pricing, as you can see. I always price higher for special finishes like distressing, layering, two-toned, aging with dark wax or glaze products, stenciling ect. That’s where I’d lean towards the higher end of my selling price guide. Also, there are some pieces that are just so desirable to buyers that you can price them higher and they won’t bat an eye.
There are some things that only experience can teach when it comes to pricing, but you can use this chart as a guide and learn as you go! Don’t be afraid of these numbers, we have never had a problem selling our furniture for these prices, and I can’t remember the last time someone tried to negotiate the price down! P.S. I live on the outskirts of a village 30 minutes outside of Toledo Ohio (which, let’s just say, isn’t exactly a booming metropolis!) Location can present some obstacles, but don’t let that hold you back.
The way you price your furniture has a psychological effect on buyers. When a buyer is browsing on your local selling sites and they come across a poorly staged, re-finished dresser with a one line description and a price of 80$ they will either scroll right past or they will offer 40$. They will undervalue your work because you undervalue your work.
On the flip side, a buyer scrolls and see’s a gorgeously staged dresser with clear pictures from different strategic angles and a detailed description along with a link to your business page and a price of 375$. Their automatic thought is that you are a quality business, your price reflects your confidence, your pictures and description reflect your professionalism. They are very likely to “like” your page and become a repeat customer.
The moral of the story is that under pricing is only hurting you and your business. I’ve heard people say that they feel bad charging any more than they do, but why? Have you been to the big box furniture stores lately and seen the prices that they are charging people for furniture that’s half plastic, half recycled garbage and looks like 80 million other pieces just like it? What you sell is not only good quality, it’s unique, it’s created with passion, you pour your energy and time into making it perfect. You’ve earned every penny you price it for.
Set your business goals high and make plans on how to achieve them. That’s the key to growing a profitable business, not a sheet of paper with a list of prices on it.
Check out my post on How To Ship Your Furniture Like A Pro if you’ve been wanting to offer shipping but don’t know where to start!
I’d love to hear from you! What have been your biggest challenges when it comes to selling your furniture?