Bailey Garbett, 24, has resigned from his position at a major Australian accounting firm, where he was on track to earn approximately $90,000 annually and was one term away from becoming a Chartered Accountant. He has instead committed to a full-time venture focused on acquiring, refurbishing, and reselling pre-owned couches.
Garbett's career pivot occurred in May, prompted by burnout from a demanding commute and the stress of his corporate role. He described the decision as a leap of faith, inspired by a Canadian creator he observed online.
Initially, couch flipping began as a casual weekend side project. Using his ute, his father's shed, and a $40 online course, Garbett started sourcing couches from Facebook Marketplace in September of the previous year. His parents expressed reservations about his career change, which Garbett addressed by presenting a detailed business plan, complete with financial projections, demonstrating the potential for the venture to replace his former salary.
His projections indicated that selling around 15 couches per month could match his previous income. The average profit per couch for Garbett is approximately $400, though some sales have yielded higher returns. One significant sale involved an L-shaped lounge that was quickly resold for a substantial profit after a cleaning and minor restoration.
While his business has seen success, Garbett has also encountered challenges, such as purchasing a heavily stained chaise lounge that required extensive cleaning and was ultimately sold at a loss. This experience, however, has informed his understanding of buyer preferences and market value.
He has learned that neutral-colored fabric couches tend to sell faster than leather ones, and that premium brands are often undervalued by sellers unaware of their worth.
Garbett's daily routine now involves sourcing, cleaning, photographing, and delivering couches across Melbourne. He finds that offering free delivery within a 30-minute radius of his home often secures sales, as many customers are reluctant to arrange their own transportation.
Garbett estimates his initial investment in the business, including a trailer, cleaning supplies, dollies, and storage solutions, was around $5,000. While acknowledging the inherent uncertainty compared to a salaried position, he expresses greater personal satisfaction as a business owner.
He still plans to complete his Chartered Accountant qualification eventually, but his immediate focus is on expanding his couch-flipping operation. The growing online following of his business journey suggests that his entrepreneurial gamble may prove to be a sound financial decision.