How to Become a Millionaire in 2023: Pawn Shop + Arbitrage

The new year comes with new plans, new goals, and new resolutions.

But do you have plans to make millions this year 2023?

If yes, then this article will give you some ideas.

In this article, I’ll be sharing a money-making idea that anyone anywhere could use to make loads of money this year.

As long as you’re willing to put in the hard work, then you should be able to make something out of it.

Let’s get right in.

Starting a Pawn Shop

Pawn shops aren’t quite popular in Nigeria, but they’re guaranteed money spinners.

The pawn shop business model is designed to buy items at ridiculously cheap prices and sell them for outrageous profits.

Most pawn shops buy from people who are cash-strapped, relocating, or looking to swap old items.

You don’t need to have a shop to start a pawn shop in Nigeria.

All you need is a secure parking space or yard for keeping your stock, and maybe an online platform for reaching customers.

You could easily find customers on platforms like Facebook and Jiji, and you’ll be making a lot of profit.

I remember when I was relocating from Lagos to another state.

I had a lot of properties that I didn’t want to travel with, because I enjoy traveling light.

I had to sell off most of my properties in Lagos before moving, and to be honest, I sold them at very low prices.

After the sale and doing my own calculations, I sold most of my items at a loss of at least 70%.

So, what does this mean?

The buyer or pawn shop were already up in profit by a whopping 70%!

Tell me a business currently in Nigeria that can give you a profit margin of 70%. 

I’ll wait.

Making Money with a Pawn Shop

The single best way I’ve discovered to make money quickly with a pawn shop is to resell depreciating items quickly and resell appreciating items slowly.

Wooden furniture and electronics need to be sold quickly, because they could easily go out of fashion.

And these items are some of the most popular items being sold in pawn shops today.

One way I’ve discovered to quickly sell items is by listing them on marketplaces like Jiji.

I’ve sold a lot of items quickly on Jiji, and I know how valuable that platform could be for making good money.

You could digitize your pawn shop by using a combination of Facebook and Jiji.

Facebook can be used to find customers looking to sell items, and Jiji can be used to sell those same items for profit.

It is a lethal combination for making money selling other people’s stuff.

Local Arbitraging

If you don’t have the parking space for items or you do not want to go through the stress of moving items here and there, then you can still make money via local arbitrage.

All you have to do is find someone looking to quickly sell off their household items or other stuff.

Then you take photos of the items and quickly advertise them on Jiji, Facebook, and Nairaland platform, at a higher price.

All you have to do is settle for a price with the buyer, then call the seller and tell them that you are coming with the buyer and that they have agreed for a certain price.

You simply take the buyer to the seller, complete the sale, and get paid the surplus.

There’s no limit to what you can sell doing this local arbitrage.

Making Millions Selling Other People’s Items

Let’s be honest.

Everything that you’ve ever bought was sold to you.

You make money to spend on things you need and want, and that is the same with other people.

To start making good money this year, you need to put your ears on the ground in search of buy and sell opportunities.

You don’t need to crack your brain about the viability of that opportunity. Just find something that someone is selling, and find a buyer for that item.

There’s a chance that if someone is selling something, then someone somewhere would be willing to buy that thing.

This is even more true for popular items such as furniture, electronics, and fashion.

These items always sell. All you have to do is find buyers who are willing to pay the price you put on the items.

Consistently find high-paying customers for items owned by other people, and you’ll be on your way to making millions in 2023.




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