The method of reselling involves the legitimate purchase of an item, increasing the price due to demand, and then selling the item for a profit. It’s a popular side hustle.
The items you chose to resell vary greatly. One of the more profitable methods is to try and purchase something that is going to be up for limited retail sale, one of the more prominent examples being sneakers. Oftentimes, when a popular sneaker first goes on sale, there are limited amounts that are sold by the original manufacturer, for example around $200. Many people go on a website or wait outside an in-person store in anticipation for the release, hoping to get their hands on the new shoes. Thus, the shoes sell like quickfire and sell out almost instantly, especially on the websites! At this point, a decent amount of the buyers will keep the shoe for themselves, content with the decent price they paid. On the other hand, many others will decide to take up the method of reselling. When the shoe is especially popular, people will want to get their hands on that shoe! Instead of waiting in lines, many will want to buy from a reseller out of convenience! Resellers can now turn a profit, and can decide to double, triple, quadruple, and even quintuple the original retail price depending on the market.
An example of this is the shoe collaboration with Jordan and famous rapper Travis Scott, which was an Air Jordan 1 shoe model that sold at retail price for $175. After the shoe’s release, the resale value became $800-$1200! Those that got their hands on the shoe for the original price certainly gained a profit!
Now, it is important to note that not all sneakers will have a tremendous resale value as the Travis Scott shoes. The “hype,” or large amount of desire and anticipation for a shoe is crucial in determining the resale price. Basically, the larger the hype, the higher the resale value will be on the market. It all depends on what people want. Sites like Hypebeast and Highsnobiety can be useful, and it is always helpful to do research! Following “hype” accounts on Instagram, Reddit, and many other platforms can be useful. Immersing yourself in the community will certainly lead you down the right path.
What many people strive to do is obtain multiple of the shoes once it releases, especially at the most popular sizes of above 13 for men’s and above 10 for women’s. The higher demanded sizes will sell quickly and at a higher demand, so this is important to note.
Buying and Selling:
So, now that you’re interested, how exactly do you go about buying and selling these shoes. It can be done right on your phone/computer! Some sites allow you to both buy and (re)sell, which is extremely convenient. Some of the most popular sites to buy/sell are StockX, GOAT, and Flight Club. Nike’s SNKRS is also great for the hottest new releases. Remember, you can use these sites on your computer, or download the app version on your phone for convenience. Each app has its own methods of purchasing and selling, so it would be better to do your own research into how it works on each app.
Sneaker reselling is by no means a guaranteed or secure market. There is a lot of risk involved, spanning from a shoe model being unpopular, loss of demand, and no guarantee that you are even going to secure a pair of new shoes at release. However, with proper research and methods, shoe reselling can certainly be established as a side hustle and could go beyond that at times! Several have made 6 and even 7 figures doing so, even teens! “Hyped” sneakers are especially targeted for a teen age group, which is why many teens would have an interest and knowledge in using the market to their advantage.
While this passage is nothing more than somewhat of an introduction to the business of sneaker reselling, if it is something that truly interests you, go out and try it! First and foremost, it is always crucial that you obtain a strong basis of background knowledge and research before you go into any financial venture, and sneaker reselling especially requires its research. As said earlier, it may be beneficial to reach out to the reselling community, and Discord group chats can be quite helpful.
Reselling is not only limited to sneakers as well; different articles of clothing, old clothing, thrift shop clothing, and other items are frequently resold as well! It is up to you to be creative and smart with your business. Now, get out there, explore the financial world, and be your own Teen Trillionaire!
Written by Brian Caballo