The paypal account pictured above is what one good month of successful sneaker reselling can look like.
At a net of about 30%, this is nearly a $4,000 profit.
Not bad huh?
A month like this came after many mistakes, and the following months came with a few setbacks including penalties from Paypal, which cost me thousands in lost potential income.
There are a few steps to take to reach a five figure month in selling sneakers or anything else for that matter. I prefer reselling sneakers because they are a high ticket item whose market is established and liquid, flowing at all hours of the day.
Have at least $1,000 to invest initially.
How do you get this initial G? Well there are a couple different ways you can do this. Obviously you need to save money. If you don’t have a job, get a job. If you have a job and you don’t save money, start to automatically set aside a certain amount of money every paycheck to a separate bank account that you don’t touch. You can talk to your employer about setting this up through a direct deposit that goes to 2 different bank accounts. If you don’t see it you don’t spend it. Something like 20% of your paycheck is a good goal. Depending on how much money you make, you may be able to save up $1,000 on your own fairly quickly. If you don’t earn enough to save $1,000 in less than a couple months or so, or if you just have bad spending habits that you can’t fix, save $200 to start (and cut that stupid spending!)
How to save $1000 if you don’t make a lot of money
With an automatic bank transfer, you can save $200 in about a month, enough to buy your first pair of shoes to flip. Flip this pair of shoes, then record the profit. Tell someone you know who has some money that trusts you, maybe an older friend or even a parent, and explain to them the sneaker market and how if they invest in you they can get some sort of return back. I did this initially to help build my bank up. Work out the terms in a way so that they make money, even if you break even, so you can build trust. Having the initial purchasing power is important and is something that can’t be ignored when selling sneakers.
Step 2: Be a professional
Your reputation is key. It’s not worth burning a customer once and ruining your reputation forever. EBay especially can make or break you. Your reputation as a seller on eBay is totally transparent to buyers. The more positive reviews that you gather, the more your buyer is likely to purchase an expensive pair of shoes off of you because they can trust that you sell authentic shoes even when dealing in high dollar amounts, which brings us to the last and one of the most important points if you’d like to make money.
Step 3: Sell exclusively expensive models
Have you ever wanted to make more money with less work? Well you can, if you start to sell more expensive sneakers. This is the last point in the article because the prerequisite to this is this comes with a catch, that you need to know that what you have bought is not fake, if you’re buying from an individual who is selling. Also, if you are working to secure such expensive models, you must learn the correct steps on how to purchase them at retail. Both of these topics, including how to effectively network with such high end buyers that will drive your revenue are explained in depth in the sneaker mastery eBook.
Step 4: Set and achieve goals
You can never achieve what you don’t envision. The first step to selling five figures worth of sneakers in a month is knowing that you’re the kind of person that can do such a thing. Selling sneakers is something that is not biased towards how old you are, what gender you are, if you’re fat or if you’re skinny, good looking or ugly, even rich or poor. Anyone can do it. I came in the game as an absolute outsider and reached high levels. I simply believed that I could be someone who could do such a thing.
I promise that if you follow these steps above, you will be well on your way to becoming your very own Six Figure Sneakerhead. Of course, there are a lot more details to fill in on the way there, but do extensive research, check out the beginner’s resale field guide, and most importantly, TAKE ACTION.
Just like playing a sport, you can watch all the football you want and you can definitely learn some techniques while doing so, but you’ll never become good at football if you never actually play it. The only way you get good at anything, whether it be football or surfing, business or selling sneakers, is by going out and doing it.
Well that’s it for today.
I wish you guys all the best!