Have you looked around your house for a valuable asset? You’ve probably got your eyes on that antique vase or out-of-print book that might bring in some fast cash. But, have you checked your closet to see if you’ve got any valuable sneakers? Sneaker collecting is a multi-billion dollar industry! You might have a few sneakers that you can resell for a great profit. If you don’t, have you considered reselling or flipping sneakers to make a lucrative income? Keep reading to learn more about why you should start reselling your sneakers.
1. A Great Side Hustle
If you’re serious about making money or having a financial safety net, you know that you can’t just depend on one source of income.
You have to look for a side hustle that can bring you at least $1,000 per month. You want to also have a side hustle that might replace your main source of income.
Flipping sneakers is a great way to earn at least $1K per month. The most successful sneaker flippers can do it as a full-time job! So if you haven’t had luck with your current side hustles, you should consider moving into reselling sneakers.
2. It’s Got a Low Barrier to Entry
You might think you’ll have to get your hands on a pair of Yeezy’s or Betsy Ross Nike Sneakers to make a great profit. These are rare sneakers that might rake in a great profit.
But you can even make a great profit if you sell Air Forces, which are some of the most popular sneakers available today!
As such, you’ve got a low barrier to entry with reselling sneakers. You can start with buying cheap sneakers from outlets or department stores and then flipping them at higher prices.
At a later stage, you can start investing in rare sneakers to sell for higher prices. But the best thing about reselling sneakers is that it’s easy for anyone to get into with minimal effort.
Every single person in your network needs sneakers. Even if they aren’t sneaker collectors or fashion enthusiasts, you can expect them to take interest in buying sneakers from you.
Because there’s a high demand for sneakers, this is a business that’s great for anyone to jump into.
3. A Great Community
If you start reselling sneakers, you’ll soon become a part of a community of sneaker collectors and fashion enthusiasts.
You’ll soon find that there’s a huge community of “sneakerheads.” You can interact with these sneakerheads on a variety of social media platforms. While they might be your competition, they’ll also advise you on how to resell sneakers and make maximum profit.
You’ll also connect with fashion enthusiasts who are always on the lookout for buying new sneakers. You have access to a customer base that’s always growing and that’s fiercely loyal!
You can also expect to become quite popular in your social circle. Reselling sneakers is one of the coolest entrepreneurial ventures so you can expect to become a hit at parties! Who doesn’t want that?
You might find that when you meet new people, you’ll spark their interest when you mention that you resell sneakers. You can expect them to ask for your online store so that they can buy from your collection.
4. You Can Make a Great Profit
As we mentioned previously, you can expect to make at least $1K per month once you start reselling sneakers.
The expenses for reselling sneakers are rather low. You’ll likely have to pay the following expenses:
- A commission fee to the selling platform
- A commission fee to the payment authorization service
- Cost of a storage facility for your sneakers
- Shipping, delivery, or transportation costs
- Income tax
- You might also have to charge sales tax depending on your jurisdiction
You should always consult an accountant and lawyer to see how you can legally reduce your costs when selling sneakers.
But there are ways that you can reduce or eliminate some costs. This makes reselling sneakers a great way to make maximum profits.
For example, you can promote your sneakers through free social media platforms such as Facebook and Instagram. This way, you won’t have to pay commission fees to an online retail platform.
You can also collect payments without using a service that takes a commission.
In most cases, you can use Venmo, Zelle, or CashApp without having to pay commission fees. You can also receive payments via cash if your customers are in your locale.
Even if you have to pay commission fees, you can shop around for payment processors that charge low fees. You might find that Stripe has lower commission fees than PayPal.
You might prefer receiving your payments through a cryptocurrency that has low fees. You can also use an escrow service that charges low fees.
You can also choose shipping services that charge low fees. You can consult a lawyer on how to set up a business structure and on tips for reselling sneakers to reduce your tax burden.
5. Business Skills
You’ll learn business skills that you can apply to other side hustles or entrepreneurial ventures. As simple as reselling sneakers might seem, it’s a great way to learn challenging business skills.
You’ll first learn how to research valuable products. You’ll look at popular shoe brands and what their most prominent models are. You’ll be able to assess which are the best models to rake in the best profits.
You’ll also learn how to manage your inventory. As you start, you’ll keep your sneakers in your closet. As your collection grows, you’ll research which is the best storage facility to keep your sneakers.
You’ll also learn how to manage your money and maximize your profits. This will help you in future business ventures.
Ready to Start Flipping Sneakers?
Now you’re ready to start flipping sneakers and making a lucrative income through this great side hustle.
You’ll find that this is one of the best ways to create a new stream of income. You’ll become part of a great community of entrepreneurs, collectors, and fashion enthusiasts.
You’ll also find that it’s a great way to develop business skills and succeed in your future entrepreneurial pursuits. Find more great business tips on our website!