People are making astronomical amounts of money flipping shoes like Air Jordans, Yeezy and more. Here is how to become a sneaker reseller and boost your income through a side hustle.
How to Become a Sneaker Reseller: Make Money Flipping Sneakers
I continue to wear my shoes with holes in them. I can’t remember the last time I paid over $100 for a pair of shoes. However, in today’s day in age, there are hundreds (if not thousands) of people paying top dollar for pairs of shoes. I’m a fan of taking advantage of opportunities when they become available and there’s no better place than flipping sneakers at the moment. In order to invest at a faster rate, I need to continually find ways to increase my income and cash flow.
Flipping sneakers is one of the most lucrative ventures today. If you land the right sneakers and resell a pair of them, you can make tons of money. This article is your ultimate guide on how to become a sneaker reseller and make money flipping sneakers. You can buy certain sneakers are retail price and sell them on a secondary market for sometimes 2-3x retail price.
Opportunity is key. One key thing that millionaires have in common. They take advantage of opportunities when they present themselves. The time is now for hustling sneakers.
Here are several other money management tips that you should learn to increase your income.
Market Overview for Reselling Sneakers
Some people are selling sneakers for a living. The fantastic thing about selling sneakers is that it is unbelievably scalable. Whatever your goal is, whether you want to make a part-time income, a side hustle or to scale to six-figure levels, it is possible to achieve it reselling sneakers. There exist a tremendous opportunity and a significant enough market that you can always find your place in it.
The sneaker resale market is bubbling and presents a tremendous untapped opportunity. The sneakerheads market has been estimated to be worth a $1 billion while sneakers are about $55 billion global industry.
The secondary market for rare and limited-release sneakers is estimated to be worth over $1 billion according to sneakerhead data website StockX. It’s important to note that the $1 billion accounts for every pair of shoes sold on the secondary market anywhere.
Your level of dedication though is what determines the result or the outcome of your work. Flipping sneakers is a true meritocracy, and so you’ll likely achieve what you’re worth as long as you’re right to yourself about what you’re willing to put into it. If you want to make huge of profits, you’ll have to find the best ways to flip sneakers.
I used side hustles to increase my income and focus on repaying debt. I improved my credit score on Credit Sesame to nearly 822 by focusing on income.
So want to know how you can join the industry and become a sneaker reseller.
Tips to Become a Sneaker Reseller
There are several ways to make a living as a sneaker reseller, but only a few tips have a high chance of success. See what works for you and improve over time. Here are tips on how to become a sneaker reseller:
Conduct extensive research
If you want to build your brand as a sneaker reseller, you need to have a solid knowledge base to know the kind of shoes to buy and resell. As much as new models emerge every other day, old classics still hold an important part in history. The older models present highly lucrative options for pre-owned or even unworn older models that are unique and that collectors covet. Researching on how to start the venture can help you to make the right choices and identify opportunities that can help you avoid flops.
If you do research, you will be able to know the kind of opportunities to seize to make a lucrative deal. Do a thorough analysis and try the business with one pair of shoes and sell on one platform. It doesn’t matter if it is a new release or a used one although you need to be careful so as not to get the fakes. Start with something and continue to make it a habit and you’ll organically grow.
Choose the right sneakers for reselling
If you want to benefit from the flipping sneakers business truly, you need to purchase shoes that are sold cheaply but have a lasting value in the long run. One way to do so is to buy the sneakers on release day at retail prices, which is where they are at their most affordable.
Then, instead of lining up in the store for hours to buy them, you can quickly place your orders on Frenzy, a Shopify-owned app. The app will notify you of the release dates of the latest sneakers from the biggest brands. Then, you can place your orders in bulk. To make money flipping the new sneakers, you need to find pairs sold under reseller price so you can profit off them.
Choose the right platform to sell your sneakers
There are numerous places to resell your sneakers. Sneakers reselling can be compared to the stock market. Some pairs of shoes don’t start out too hot, but they eventually accumulate value later on. Conversely, other sneakers can generate lots of buzzes only to fizzle out as time pass by.
It’s crucial to have seller accounts on all or different platforms, so you can profit from selling across every single platform and knowing the best one to sell on. However, you need to weigh a number of factors such as the fees, How long will it can take to sell the sneakers or to get paid, How you will get paid, the amount of effort that you need to put in on your end, can anyone save you if you get scammed among others factors.
If you amass a collection, you can always start a blog that includes your sneakers for sale directly. There is no better time to start a blog than now. It is easier and more straightforward than ever before.
However, flipping sneakers is all about collecting your margin quickly. For me, I don’t want to hold onto a lot of shoes at one time. You never know when the market can turn on you. You have to make hay when the sun is shining.
Platforms to Flip Sneakers
There are several platforms to consider to flip sneakers for a profit. A platform is key to success. Just like investing, you want liquidity also known as a highly active market to ensure you are getting market price for your sneakers. Here are some of the best platforms to use to sell your shoes:
StockX is usually based on a bid/ask price. You can place your shoes for whatever price and the buyers can choose whether to accept it or not. Buyers can as well list their costs, and if the seller is comfortable selling the sneakers at a price, they close the deal. StockX has some of the best data, including present and historical prices and thus it’s a great tool to help you become an informed shoe seller.
Facebook and Instagram
Another platform to sell the sneakers through is the social media accounts. You can join your local Facebook “buy and sell” sneakers group. The different groups have their own rules, including listing a firm price or not being allowed to charge a crazy markup on the shoes. Someone will see your post if they want to buy your shoes and the group moderator deals with any issues that arise.
You can also post the sneakers in your accounts and hope that people see it and that you will find a good buyer. Post in your Instagram personal account too where buyers are searching for different sneaker related hashtags and users who buy and sell shoes. You should also set up a sneaker Instagram account.
There are no fees incurred, and the payment process is as agreed upon by the buyer and the seller. You can sell new and used sneakers and sneakers that wouldn’t be taken on consignment by bigger resale shops. Social media has no regulation, and there is no way to protect you from getting scammed.
Another platform is the Flight Club. You can drop or ship the sneakers to one of the Flight Club locations. You then work with the staff to find an agreed upon price based on the stores selling history of the particular sneaker. The shoe will be displayed in their store and also listed on their website.
Once it’s sold, you can then pick up a check from them or have your money deposited into your account. There is an 80/20 split, and the payment process is you can have your money paid out into your online account and had the money transferred to the bank, or you can pick up a check at one of their physical locations. The store holds the rights to refuse any sneaker.
You can also use eBay. You need to take images of your sneakers and create a listing. People can instantly buy at the asking price or you can either have people bid on your sneakers. Once a buyer is found, the seller comes in contact with the buyer and payment is made.
You ship the sneakers, so you need to add the shipping into the overall cost. eBay offers you 50 free listings per month. Beyond that, it’s 30 cents per listing. According to eBay, the selling fee is 10 per cent or lower, and the buyer can pay either with PayPal, credit, or debit. Buyers are sometimes wary about getting sneakers on there because sometimes there are fakes as well. Here are a few tips on how to sell on eBay full-time.
Stadium Goods opened in 2015 and has quickly become one of the biggest and most important secondary marketplaces for sneakers. You either ship the sneakers to the store or drop off your shoes at the store’s physical location in New York City. You set the prices with the store’s staff based on market values. Once your sneakers get a buyer, you get your payment. The store does a weekly payout and has an 80/20 split.
You can personally pick up the check or receive a wired ACH payment. Stadium Goods occasionally runs sales offers on their site, which is uncommon in the sneakers reselling industry. It doesn’t reduce your profit s though but only ensures that the product will move faster.
A disadvantage is that there’s no way to collect your money online apparently and there is no way of changing the prices of the sneakers you have listed online. Stadium goods pay once a week, rather than when the shoe is sold.
As a bonus, consider a number of different Facebook groups. There are thousands for each city. Join one and start interacting with potential buyers and sellers.
Next Steps for Reselling Your Sneakers
Now that you know how to flip sneakers and where to flip them. Here are some next steps once you begin reselling sneakers for a living or side hustle.
Setting the right prices
So, how can you know how much a pair of sneakers cost? Setting prices for the sneakers can be a bit tricky for a beginner especially to ask for a higher price way above the store price. You need to avoid the underpriced live markets as it can ruin the sneakers resale aftermarket even if it’s temporarily. Don’t under quote your sneakers also if markets are selling at low prices. You can hire someone on Fiverr to create awesome product images, so you sell your sneakers for the right price.
Just like investing, you need to be able to set the right price when you buy AND when you sell. If you receive a check, here are instant online check cashing options. Or if you want to do it in person, here are places to cash checks.
Preparing for shipping
So, you’re probably wondering, how will I do the shipping, and what are the overall costs? Before you start shipping, you can try to create an account with USPS because they give you a 20% discount on your labels for having an account with them. Never go into the post office to pay there. Not only will you save the period of waiting in line when there’s a drop box, but you’ll save a few bucks.
The next thing you need to know is how to do the packaging. You’ll be packing and labeling up tons of shoes, so it is incredibly helpful to have a streamlined process so you won’t have to deal with the hassle that comes with scrambling for the proper materials.
It’ll affect your business and customer satisfaction directly because the longer it takes you to prepare the item to be shipped, the more likely you’ll be late on shipping. When you have a streamlined process, you’ll be able to send them to the buyer very same business day or in such a manner that you will win your customers over and gain a network of regular customers.
Conclusion on Becoming a Sneaker Reseller
Flipping sneakers is a lucrative business since shoes make a fashion statement. People are concerned with the kind of shoes they wear, and sneakers are most people’s preference.
If you are looking for another source of income, maybe it’s time, and this definitive guide on how to become a sneaker reseller has come at the right time. You need to join the flipping sneakers industry and become a sneaker reseller. If flipping sneakers is not your thing, try these other best items to flip for a profit.
- Guide to flipping phones for profit
- How to increase your income
- Guide to reselling tickets for profit
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