Determine Which Business Bank Account You Need
There are hundreds of banks out there, and it can be overwhelming to find one that’s right for your business.
Here are some factors you may want to consider:
- Location – Is your bank close enough that you can easily make deposits or get cash?
- Low Fees – Make sure to understand any and all fees associated with setting up and maintaining your bank account. Ask for a list – banks usually try to keep this hidden and in the fine print.
- Online Banking Services – Make sure you can easily navigate through your online portal and you have easy access to everything you need.
- Line of Credit – What do your options look like .
- Every bank has something that differentiates them from the rest, so make sure whatever that is applied to your needs and values.
Check out this list of the 13 Best Banks for Small Business in 2020 and what makes them so unique.
Want To Get Rich Quick Reselling Sneakers These Guys Want To Help
All these stories start the same way: with a pair of sneakers purchased for the retail price, and then flipped for a profit. They start this way because odds are you, or someone you know, has done this very thing, or will very soon. And the odds are decent, too, that your path to that cash, or your brothers or your cousins, has resembled one of a handful of proven methods, whether it involves seed capital from the Bank of Dad or a little bit of gentle corporate hacking. Because as the secondary sneaker market has swelled to somewhere in the range of a $2 billion market with the potential to reach $6 billion by 2025, according to investment bank Cowen, its turned into a boondoggle for everyone involved.
The sneaker resale platform Goat acquired Flight Club last year and then received a $100 million investment from Foot Locker in February. StockX, where people can sell sneakers alongside watches and streetwear, is now valued at over $1 billion dollars. But those profits are also trickling downwards, where a cottage industry is forming, eager to reap the profits of sneaker reselling. Below are the group of people you meet when you start flipping sneakers for profit. They are entrepreneurs who want to make you rich, and just might succeed. But don’t mistake them for benevolentteaching you how to flip a half-dozen pairs of Yeezys will make them phenomenally wealthy, too.
Two AMNotfiy members show off their towering haul
How To Start A Shoe Flipping Business
If you want to get started reselling shoes for a profit, most people look at sneakers.
The sneaker market is huge, with over $1 billion in annual sales.
Starting a sneaker reselling business can be an excellent way to make money.
If youre into sneakers, it might be a great side hustle or even a full-time job.
Also Check: Womens All Black Adidas Sneakers
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 doesnt 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 youll 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.
The Futility Of Getting Your Next Pair
Depending on your inclusion of styles and colorways, the most popular sneaker models average retail price ranges between $180 and $210. For the hottest items, like early adidas Yeezy 350s resale price commonly cracked the $1,000 mark. This meant pairs were . For the typical high school student or college student, $1,000 is an insurmountable price to pay for anything. Nonetheless, these status symbols have become cultural objects of obsession, that people who do nearly anything to get.
To make matters worse, securing a pair of hyped sneakers can be extremely challenging. In-store, consumers faced long, first-come, first-served lines that wrapped around city blocks. Even after stores switched to a raffle system, consumers soon realized that store managers were rigging the raffles, eliminating the lottery systems supposed fairness.
Even if one could successfully win a raffle or make it as one of the earlier participants in line, you still had to get home with your product in hand. Sometimes armed, people would position themselves like hyenas after a lions kill, waiting to run off with the unsuspecting victims goods. Unfortunately, these tales were not uncommon occurrences around major releases. Trying to get a pair of Air Jordans has led to robberies, shootings, and even ripped off arms.
A post shared by KickBackz on Apr 2, 2016 at 12:14pm PDT
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How To Determine If The Shoes Are Fake
The last thing you want to happen is for you to purchase fake shoes mistakenly. This is a problem that pervades in online marketplaces without a middleman like Amazon or eBay. If the price is too good for its good, then maybe its a fake. But before making that conclusion, you need to learn how to find out if the sneakers are legit or not.
Below are ways that you can check if a pair of sneakers or shoes youre trying to buy is genuine or not:
Criteria to Determine if Shoes are Fakes
While these tips will help you avoid purchasing bogus shoes, its not foolproof that you will entirely avoid such purchases. Just make sure to ma careful and alert enough to keep these provisions in mind when buying.
Stockxs Bidding Process Can Deflate Shoe Values
StockX is an aftermarket sneaker resale app that shows buyers three prices:
This model can be problematic for sellers. When enough buyers bid low on a specific shoe, they can actually drive the value down across the app. Similarly, if another seller accepts a ridiculously low bid, it will show up in the Last Sale slot. This can also devalue the sneaker.
PRO TIP: While StockX may not always be the best platform for reselling sneakers, it can be a good place to find undervalued inventory for the same reasons.
Recommended Reading: Vince Women’s Suede Sneakers
It All Starts With A Sneaker Bot
Due to the undying hype of sneakers, buying them online manually is not quite possible. Over the past few years, software programs have developed to automate how we buy sneakers online. A sneaker bot is the main tool you need to get before you see your business booming. Through using a sneaker bot, you facilitate your entire purchasing process much faster than youd do manually. Plus, bots function on a diet of proxies and personal information. Which basically includes your address and payment and shipping information. In addition to your desired shoes, sizes, and websites.
Although wed all like to kickstart a profitable side hustle, we wouldnt want to blow all our savings in the process. Especially since copping sneakers has a lot to do with luck. The reality is that most sneaker bots have opted for an out of stock or OOS business model. This means that you can only get those bots when they restock in super limited numbers. Or alternatively, for thousands of dollars on the aftermarket. Since theres a market for buying and selling bots as well as sneakers.
If you need help finding a top sneaker bot that fits your budget and meets your expectations, click on the button below.
Adidas Human Race Nmd Pharrell X Chanel
The collaboration was done exclusively for Colette, a shop in Paris described by some as as the trendiest store in the world. It closed about a year-and-a-half ago, Morrison says. Now the price tag makes a little more sense. Sells for: £6,000-£10,000
Kanyes final collaboration with Nike is ludicrously in-demand. Its almost like people have forgotten he made them, because he moved to Adidas soon after, says Raichura. I actually sold a pair myself, for £6,000, which is crazy. Sells for: £4,500-£6,000
Recommended Reading: Givenchy Men’s Urban Street Leather Sneakers
Consider Selling On Amazon
In addition to selling your products directly on your site, you may want to consider selling on Amazon to reach a wider audience and attract new customers.
Here are some pros and cons of selling on amazon:
- Easy and seamless process to get your product listed on Amazon
- There are roughly 100 million thoroughly committed prime customers, so you’re bound to tap into new business
- Can help grow your business exponentially and reach new audiences
- You may encounter some “copycats” and counterfeit products
- Amazon owns the relationship with the customer
- If you already have a low-markup, amazon may not wrth your while and you could end up losing money
- Commissions and listing fees are high – it’s easy to lose control of your offering
Follow these instructions to get your product listed on Amazon or check out the video below on how to get started:
Cory Stout, founder of Woodies provides us with specifics on how to rank better on amazon:
Our main product is walnut wood sunglasses that I sell for $25 on Amazon and Woodies.com.
I dedicated myself to becoming an Amazon expert. I listened to all the podcasts and read all the blog posts I could find. Shoutout EcomCrew I took the basic fundamentals that are out there and I added a couple of my own twists.
Amazon brings me, 100 brand new customers, every day for very little acquisition cost. If I tried that on my own, it would take a TON of work and it wouldnt be nearly as effective as Amazon, so I took the easy road on this one.
Know The Whatsof The Sneaker Industry
The essence of becoming a successful sneaker reseller is knowing EVERYTHING. You should know every single thing about the industry. There should not be a question that you can not answer. Even if you have to know every Yeezy size by heart and figure out the sneaker fits that sell for most! Even if you have to get into sneaker material and how people react to change. You gotta know it all to build your own expectations!
But, you wont have to look far. Were providing you with everything you need to know about the WHATs of the sneaker industry to become a renowned sneaker reseller!
HISTORY OF SNEAKERS
The sneaker industry is a GIANT of an industry that goes waaay back! So, understanding the history behind the magic is crucial. Lets consider one of the most hyped sneakers in the game Yeezys. If you look back at Yeezy history, you can understand more about the sneaker designer, Kanye West. So, if you understand Kanye, youll understand his sneakers. If you understand his sneakers, youll understand how to cop, flip, and make money from Yeezys.
BEST SNEAKER COLLABORATIONS
BEST PERFORMING SNEAKERS
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How Much Does It Cost To Start A Sneaker Reseller Business
If you are planning to start a sneaker reseller business, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
Weve outlined two common scenarios for pre-opening costs of starting a sneaker reseller business and outline the costs you should expect for each:
- The estimated minimum starting cost = $62
- The estimated maximum starting cost = $70,447
|Startup Expenses: Average expenses incurred when starting a sneaker reseller business.||Min Startup Costs: You plan to execute on your own. Youre able to work from home with minimal costs.||Max Startup Costs: You have started with 1+ other team members.|
|Office Space Expenses|
|Rent: This refers to the office space you use for your business and give money to the landlord. To minimize costs, you may want to consider starting your business from home or renting an office in a coworking space.||$0||$5,750|
|Utility Costs For Office Space: Utility costs are the expense for all the services you use in your office, including electricity, gas, fuels, telephone, water, sewerage, etc.||$0||$1,150|
|WiFi & Internet: Whether you work from home or in an office space, WiFi is essential. Although the cost is minimal in most cases, it should be appropriately budgeted for each month!||$0|
How Nike And Travis Scott Perfected A Partnership
A relevant example of this was when Grammy-nominated Houston rapper Travis Scott teamed up with Nike on a collaborative Air Jordan 1. While Nike has numerous brand collaborations under its belt, these collabs are generally reserved for signature athletes, which has always been Nikes mainstay.
On the one hand, Travis Scott is a protege of Kanye West , and has a cultish following. His fans are a vehement bunch, regularly selling out his concerts at massive stadiums like Madison Square Garden or tattooing concepts from his otherwordly Astroworld album on their bodies.
Nike, the $120 billion behemoth in the sportswear space, is the 800-lb gorilla in the room. Their brand positioning is strong amongst younger generations, although adidas has chipped tiny percentages away. Unfortunately, being a titan in any market can raise detractors and make brands seem too out of touch with the average person. By working with Travis Scott, Nike can continue to appeal to his fans generation in a seemingly authentic way. By working with Nike, Travis Scott raises his brands awareness beyond his core fans. On paper, the collaboration made sense, and the results were captivating.
Another fashion related brand collaboration was the highly-anticipated Supreme x Louis Vuitton collection.
Also Check: Are Golden Goose Sneakers Still In Style
Selling In Person Ways To Stay Safe
Sellers are required to meet in public, well lit locations.
The best place is a restaurant or cafe because its private and people cant steal your shoes.
Its also important to remember that someone has the opportunity to rob you so make sure youre meeting at a safe location during day time hours.
Find an FB group about sneakers and post the price of your shoes for sale theremake sure they allow buying and selling!
How To Start Reselling Shoes And Make Some Serious Money
Looking for ways to make money remotely? How about a socially-distant side hustle that could turn into a full-time business?
You might want to consider reselling sneakers. Not used sneakers from the dark reaches of your closet but new or gently used shoes that you buy for a bargain and then sell for more using handy apps. During the pandemic, demand in the sneaker market hasnt gone down. Instead, almost everything has moved online, making it ideal for aspiring entrepreneurs who want to make money with a potentially lucrative side hustle.
Read Also: Best Sneakers For Achy Feet
What Will It Take To Join The Sneaker Reselling Club
Before you get to sell your soles, you need to buy them. Unless youve been living in a cave for the past ten years, you know that buying or copping online is the way to go. Copping hyped sneakers is not an impossible mission. Its just a matter of finding the right set of tools and mastering your performance. It can take a bit of time to get the hang of this, but once you cop for the first time, you cant go wrong after that. As with any business, in order to cop and resell sneakers, you need a capital to start with. It can be as low an amount as $500, which you can get back in a single transaction.
How Giveaways Drove Additional Revenue For Kickbackz
As a brand that started out delivering sneakers to customers door-to-door and placing the shoes in their hands, I understood how important it was that consumers could get these products. With so many risks and challenges involved with simply getting a pair, I used the gamification concept of giveaways to drive social actions and boost brand loyalty on Instagram.
Like most of my marketing strategies, this one, too, was deliciously clever.
To run these giveaways, I used competition based software, most notably an Australian-based SaaS app called Gleam. Gleam allowed me to set up and run giveaways that drove real user engagement. Apps like were useful because they had built-in viral sharing. This feature enabled them to refer their friends to join the giveaway with custom viral referral links. Gleams software made it possible to embed the giveaway as a competition widget directly onto our website and Facebook tab. Our competition widgets exceeded a 36% conversion rate. In addition to the widget, Gleam could host landing pages, making it easy for giveaway entrants to share the competition.
Because KickBackz fully funded the prizes, these contests lasted about three to four weeks and usually coincided with major sneaker release dates or holidays.