Could he create a second income restoring old furniture?
Starting a Furniture Restoration Business
by Gary Foreman
One Women's Trash
Water Stained Furniture
Savvy Business Start-Ups
I'm good with my hands and could use a second source of income. All the time I'm seeing people leave nice to not-so-nice to wrecked pieces of furniture out on their curbs for the bulk trash pickup, or sometimes with a sign that says "free" on it. How much does it take to pick up and fix up this old junky furniture and how can I sell it once I fix it/make it?
I like the way you think! Recycling furniture is the ultimate in frugal living. You're taking something that was headed for the landfill and giving it new life.
But, as you point out, it takes some effort and a few dollars to make it work. Let's see what it would take to get you a second income.
Your first task is to make sure you have the ability to transport a good piece that you've found. Do you have a large enough vehicle or trailer to bring it home? Borrowing your friend's pickup every time you want to go castoff hunting won't work.
And, once you've brought your find home, you'll need a space to do your repairs. It could be a garage or basement workshop or even a backyard shed. It should be space that's dedicated to this purpose since you'll be creating sawdust and fumes.
You'll need some tools, too. You'll probably want a workbench or sawhorses to raise your item to a more workable height. You'll also need some hand tools and woodworking clamps.
If you've been doing repairs, there's a good chance that you have most of the tools you'll need. Watch Craigslist, estate sales, and garage sales for any that you'd like to acquire.
Next you'll need supplies. You won't make much money if you have to go out to buy paint/stain for every project. Instead build up a stock of mistinted paints. You'll also want to begin collecting various hardware pieces, such as drawer pulls and hinges.
Assuming that you have the vehicle and place to work, none of the rest should be a deal breaker. There's a good chance that the only out-of-pocket expenses to start will be simple things like nails, screws, and paint brushes. You can build up your tools and the rest of your supplies over a number of months.
Now it's time to go shopping or, rather, collecting castaways. The first thing that you'll want to do is to check with your city/town and find out if there are any laws about picking up curbside items. It is illegal in some places. You wouldn't want to get picked up for picking up!
Assuming that it's legal, you'll want to plan your hunt. Often wealthier neighborhoods provide the best picking. That's no surprise. But, also watch for special situations like the end of semester near college campuses. Also you should watch yard and estate sales at the very end of the sale or neighborhood bulk pickup days.
Next you'll need to evaluate the piece. Not every item, even it's free, is worth your time and supplies. Avoid pressboard and other items that weren't that good even when they were new. Look for a piece was well constructed and will provide a good base for your efforts.
Be on the lookout for supplies, too. The chest you found might not be worth repairing, but you could remove the unique drawer pulls for another project.
Before you bring it home, have an idea in your mind of what you'll do with the piece. You can use Pinterest and other home decor sites to stir your creativity.
Some items you'll just want to repair and sell. After it's stripped, painted or stained, you'll have a restored piece ready for sale.
But, if a piece isn't a good candidate for refurbishing, consider repurposing it. Your goal isn't to restore its original beauty, but to create something new and unique. This is an opportunity to let your imagination rule. For instance, an old highchair might become a colorful entryway plant stand.
When you evaluate a piece, look closely at its condition. Some repairs are minor, but others require too much work and time. Don't even bring them home.
After you bring a castoff home begin the repair/redecoration process. Don't allow yourself to spend too much time with any one item. Time is your most valuable commodity. Your goal is to turn items as quickly as possible. Getting stuck on unworthy pieces is a good way to go out of business.
Resist the urge to buy paint or other hardware for your item. That's a good way to eat up your profit. Instead find a way to make what you have work. Creativity is a better tool than your credit card.
Finally, it's time to cash in. Advertise the item on Craigslist or other free local sites. Price your item based on other comparable items. Don't hang onto any item too long. If you can't sell it in a week or two, drop your price and try again. Your goal is to turn items quickly, not to build up a valuable inventory.
Since you have DIY skills, this project could be perfect for you. It's a way to create a business without requiring a lot of cash to get started. Hopefully you'll have a lot of success and create some great nearly new furniture!
Gary Foreman is a former financial planner and purchasing manager who founded The Dollar Stretcher.com website and newsletters in 1996. He's been featured in MSN Money, Yahoo Finance, Fox Business, The Nightly Business Report, US News Money and CreditCards.com. Gary shares his philosophy of money here. You can follow Gary on Twitter or visit Gary Foreman on Google+. Gary is also available for audio, video or print interviews. For more info see his media page.
Share your thoughts about this article with the editor.
Debt from my past is preventing me from saving for my future! Tell us: Yes, debt is hindering my ability to save! or No, debt is not a problem but I am trying to get ahead financially!
More Money Tips & Tools
- 10 places to look for $500 in savings
- 9 savvy strategies to save for a rainy-day fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- Don't get married without doing this paperwork
- The emotions behind buying stuff
- Are you responsible for your parents' debts after death?
- This week's Readers' Tips