7-figure buyback business.
How to Buy and Sell Devices for Cash, The Quick and Easy Way
I launched a buyback business with just $2,000 and grew it to over $400k revenue in the first year. Although my startup capital was small, I was determined to make a profit by providing a reliable way for local customers to trade their devices for immediate cash,
Pawnshops are everywhere, but regulations restrict their selling activities. These businesses often have to maintain a cooling-off period of at least 90 days, during which a device can't be resold.
In a market where new models are launched regularly, and devices depreciate very quickly, pawnshop must adjust offers downward. This is a huge disadvantage, which usually makes their prices the lowest, on average, in the market. That's why they've earned the dubious reputation of being low-ballers.
Buyback kiosks are popping up everywhere, but they are expensive to maintain. Despite them being a quick way to sell a device, their prices are too low for price-savvy consumers. Technology also limits the variety of items they accept.
3. Local cell phone shop
Local cell phone stores can be a good option, and many offer some form of a buyback service. However, because they don't usually have a buyback website, you would need to call or go to the store to get an offer, making this an inconvenient option.
Although marketplaces offer the best chances for selling a device for the highest price, they have two significant flaws. First, it could take days for a product to sell.
Secondly, many people have safety concerns because of negative news about encounters gone bad.
Finding the gaps
In a choc-a-block marketplace with flawed operators, I quickly found a gap left by the competition to grow my business. A buyback website was built to establish an online presence, and I was able to make my service more accessible to potential customers. When competitors' shops were closed, my buyback website was still confirming orders. I used free advertising such as social media posts, a Google Business account, and marketplace ads to advertise my site.
It was a success
I soon realized there was no shortage of people who wanted to sell their devices. And although there were many reasons people sold their possessions, there weren't many services for selling them for a fair price quickly or without hassle.
Customers appreciated the ability we gave them to confirm an offer on the buyback website and to sell their devices immediately.
I had found a simple solution to avoid the shortcomings of the competition.
It didn't take long for our online reputation to grow. Our popularity ultimately reached a point where our website was ranked number 1 for local Google searches for the keyword "sell my iPhone in Miami." Learn how we did it. We no longer relied on any other advertising and generated over a million dollars in revenue every year after our first.
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