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As more and more people look to be more sustainable in their lives, reselling has become big business. In fact, for many resellers, it can be a full-time job that allows them to not only live comfortably, but in some cases make millions. While many resellers might never see $1 million, in the case of one sneakerhead, his appreciation for sneakers has led to almost $7 million in sales.
According to “Business Insider,” Adeel Shams and Davon Artis (his business partner) have turned reselling sneakers into their full time job. While many resellers turn to apps like eBay as a side hustle of sorts, for Shams, resale is big business that has allowed him to make $6.9 million in sales over the course of a year.
For Shams and Artis, it is all about reselling sneakers. However, this is not just everyday sneakers, they are selling what people are truly looking for.
In an effort to help other resellers hoping to get their foot in the sneaker market, Shams offered up some of his tips for actually making a profit by reselling sneakers. One of the key tips, which actually applies across all of the resale market, is to make sure that it is the right product. According to Shams, “Don’t buy a product that you think is going to sell one day.” This advice makes sense, as a product that is sitting on the shelves is not making anyone money.
One of the big tips Shams offered when it comes to reselling sneakers is to pay attention to collaborations. When a company like Nike collaborates with an athlete or a big name celebrity, it can add value to the sneaker, particularly in the resale market. According to the reseller, “I always tell people to always buy collaboration shoes because they’re less likely to be restocked.”
It is also important to note that not all popular brands will hold their value when one goes to resell them. While there have been cases of Air Jordans selling for up to $20,000 a pair, this is not typical. As demand increased for these sneakers, the company opted to produce more. With more of these on the market, their value actually decreased. This means that the average reseller is unlikely to hit upon a $20,000 pair of Air Jordans when sourcing.
When it comes to reselling, it is all about knowing the market and the product being resold. While sneakers can be big business for the right reseller, it can also be a financial loss. Knowing what people are willing to pay, as well as which collaborations are popular can make a big difference in one’s goal of turning the resale industry into a full time job rather than just a side hustle. Although, there is still room for people looking for this to just be a side hustle, it is still important to know what people want and what things are worth, particularly when it comes to selling sneakers.
*Originally published on Guardian Liberty Voice
Written by Kimberley Spinney
Sources:
Business Insider – A sneakerhead who made nearly $7 million in sales last year reveals the kinds of sneakers that are most worth the investment
Image Credit – Mista.Boos’s Flickr Page – Creative Commons License