The Million-Dollar Business You Can Build From Your Living Room
What you need to know:
- In 2017, global revenue for used smartphone sales was close to $20B. It’s expected to hit $44B by 2025.
- The used smartphone market is expected to grow 4-5x faster than the overall smartphone market, with an anticipated 50% YoY growth in units sold.
- As of 2016, analysts predicted about 50% of old smartphones were traded in for new smartphone credits with manufacturers or carriers, while the remainder were sold to retail shops, second-hand device specialists, or online.
How you can capitalize:
- For sellers: A phone retailing at $880 new can fetch as much as $440 in a secondary sale — particularly on newly-mobile overseas markets in India and China.
- For builders: Fixing and flipping newer phone models can generate 54%+ profit margins per unit. To make $1k a month, you’d need to fix and flip about 25 cracked iPhones (a little over eight hours of labor).
- For investors: The market is still highly fragmented. There’s plenty of room at the top for brands that can win buyer/seller trust and own the end-to-end repair and resale process.
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