In 2020, Yahoo News reported that the global sneaker market could reach $30 billion by 2030.
You don’t have to be Jeff Bezos to see that with those numbers, buying and reselling shoes has serious moneymaking potential. If you’re reading this, you may be wondering how to start reselling shoes.
Don’t worry. We’ve got you covered. Here are five of our best sneaker reselling tips.
Tip #1: Be Careful With Your Money
When you’re just learning how to resell shoes, keeping a handle on your finances isn’t always easy.
If you have a pair that doesn’t sell for as much or if it takes a few more weeks to sell than you expected, suddenly you’re short on cash right when those new Yeezy’s are getting ready to hit the shelf.
It takes time to find the best shoes to resell and it takes time to learn how to make money reselling shoes. That’s why it’s important to be careful, frugal, and willing to start small.
Tip #2: Stay On Top Of New Releases
The first rule of reselling shoes is knowing when all the upcoming sales and releases are. On a common-sense level, you can’t buy low if you have no idea when the next hot release is coming.
In order to get the inside scoop, you’ll want to have a solid mix of sites and apps. To that end, sites like KicksCrew can be a valuable source of information and well-priced shoe pairs.
Tip #3: Buy Popular Sizes
When you’re reselling sneakers, there is such a thing as going too far in your search for a collectible. As such, a pair of shoes that would fit perfectly on Goliath may be a bit harder to sell than a standard US men’s size 9.
This isn’t to say that you can’t experiment if you can afford to. But if you want your shoes to sell quickly, you can’t go wrong purchasing tried-and-true, regular sizes.
Tip #4 Look Out for Fakes
Any time you’re looking at a multibillion-dollar industry, you’re probably going to find at least a few people selling counterfeits.
That’s why it’s important to do your due diligence. Buy from sellers you trust, look for marketplaces that have solid reputations, and always be skeptical of premium shoes being sold for literal pennies on the dollar.
The key here is to exercise caution.
Tip #5: Know Your Business Model
Fast forward a few weeks from now. You’ve bought your shoes. Do you sell right away? Or do you wait for retail prices to go up even further?
Whether you cash out quickly or hold for later is beside the point. But if you plan to turn this into an income stream, it’s easier to become a shoe-selling machine if you have a strategy in place for the shoes you’re buying.
Could Buying and Reselling Shoes Be Your Next Side Hustle?
If you’re a believer in the adage of “buying low and selling high”, then you already have a high-level understanding of how buying and reselling shoe works. After that, you’re just a few steps away from having a solid side hustle.
Do you want to learn more about money, business, and entrepreneurship? Check out our site to read more articles like this.
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