How to Become a Sneaker Reseller to Earn Extra Income
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Sneakers are a fashion statement. The kind of sneakers you wear describes the sort of person you are. But do you know, you can make a tremendous amount of money reselling sneakers?
Already, several entrepreneurs are making an astronomical amount of cash. It’s a great way to avoid work from home scams and get into a real entrepreneurial business.
If you’re also planning to start your own sneaker reselling business, here is a complete guide for you. I use Personal Capital to track all my side hustle income and money earned online.
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However, before we get started, let’s have a quick look at the sneaker reselling market.
Sneaker Reselling Market Over the YearsHow to Start Sneaker Flipping for Profit1. Conduct Comprehensive Research2. Choose The Right Platform to Sell Your Sneakers3. Set The Right Price4. Shipping Preparation5. PackingConclusion on Flipping Sneakers
Sneaker Reselling Market Over the Years
Sneaker flipping is one of the proven ways to make money in a short period of time. In comparison to some other businesses, the sneaker resale market is quite profitable.
According to a report, the global sneaker market was around $58 billion in 2018 and is projected to grow at 7% during 2019-2022.
Over the years, the sneaker market has opened up itself to more people, thanks to various online channels. The good thing about this business is that it is incredibly scalable.
As per your goal, you can start this business to make a side hustle or 6-figure salary.
Why? Because sneakers are one of the easiest items to flip for profit in today’s age.
It would be right to say that in sneaker reselling, there is a tremendous opportunity and a big market that you can always find your place in it.
It’s one of the more lucrative ways to make money online as long as you have a plan and know what you are doing.
How to Start Sneaker Flipping for Profit
Now let’s find out how to become a sneaker reseller.
1. Conduct Comprehensive Research
To build your brand as a sneaker reseller, you must have a sound knowledge of sneaker reselling. It is essential to know the kind of shoes to buy and resell as every day a new shoe model is emerging in the market.
Also, you must know which old classic models are holding importance in the market.
After all, sometimes older models help you get a high profit.
When you conduct extensive research, it helps you identify opportunities, make the right choices and ultimately avoid flops.
Also, you better get to know how to make a lucrative deal.
Always do a thorough analysis and try the business with one pair of shoes and sell on one platform, at least in the beginning.
2. Choose The Right Platform to Sell Your Sneakers
There are plenty of platforms that allow you to sell sneakers. You can create your seller account on different platforms. Thus you will get profit from selling across every single platform. Moreover, you will come to know about the best platform to sell.
Before finalizing a platform, don’t forget to weigh factors like fee, how long will it take to sell the shoes or get paid, how you will get paid, and more.
You may also consider starting a blog where you can sell your sneakers directly. Blogging is more comfortable and straightforward than various selling platforms available.
Don’t forget; the flipping sneaker is all about collecting your margin quickly. However, for that, you don’t need to hold onto a lot of shoes at one time. Try to predict the market and make a decision accordingly.
Some of the popular platforms that you may consider to sell sneakers include:
StockX is a popular Detroit-based eCommerce platform founded by Dan Gilbert and co-partners Josh Luber and Greg Schwartz in 2015. The platform emphasis on the sneaker resale market and works on the bid-based model.
On StockX, you place your shoes for whatever price you want, and it’s entirely on buyers whether to accept it or not.
Buyers are allowed to list their costs as well, and if the seller is comfortable selling their sneakers at that price, they close the deal.
The platform lets you drop or ship the sneakers to one of the nearby Flight Club locations. After that, you will have to contact the staff at Flight Club to know the price. You can agree upon the rate based on the previous selling rate.
The shoe will be listed and displayed on their website. Once your sneakers are sold, you can then pick up a check from Flight Club or have your money deposited directly into your account. There is an 80/20 split.
Note: The store holds the right to refuse any sneaker.
Facebook & Instagram
Over the years, social media accounts have turned into the best online selling platform for most entrepreneurs. For example, on Facebook, you can look for “buy and sell” sneakers group, interact with potential buyers and sell your product directly without involving any mediator.
Instagram is another great platform that you can use to market your sneaker reselling business. You can promote your Sneakers deals through your personal Instagram account using appropriate hashtags.
The good thing about selling via social media platforms is that there is no fee incurred. The money you will earn won’t be distributed to any third-party eCommerce platform.
Moreover, you and your buyers can agree upon any payment process both parties are comfortable with.
See Related: List of Easiest Items to Flip for a Profit
Stadium Goods came into existence in the year 2015 and has quickly become one of the biggest marketplaces for sneakers. The platform allows you to set the prices based on market values. As soon as a buyer purchases your sneakers, you get your payment.
Stadium Good does a weekly payout with 80/20 split. Stadium Goods occasionally runs sales offers on their website.
See Related: 11+ Weekend Jobs to Increase Your Income
eBay is another popular eCommerce platform to sell your sneakers. The platform is quite user-friendly. You simply need to take images of your product and create a product listing. People can immediately buy at the asking price. With eBay, you get 50 free listings per month.
To add products above that, you will have to pay as per their plan.
The good thing is that eBay accepts almost all types of payment options such as PayPal, credit, or debit card.
See Related: 14+ Gig Economy Jobs to Make Extra Cash
3. Set The Right Price
For beginners, it can be a little tricky to set the right price for the sneakers. However, you can easily overcome this issue with proper guidance. You can hire a professional to create excellent product images that will help you sell your sneakers for the right price.
Always avoid underpriced online markets because it can affect the sneakers’ resale.
See Related: Can You Make Money Selling Jewelry Online?
4. Shipping Preparation
Preparing your products for shipping can be another big challenge. It is advisable that before you start shipping, you may consider creating an account with USPS (United States Postal Service).
They give a 20% discount on your labels. Moreover, they allow you to pick up from your home and office. Avoid going to the post office to pay there.
Not only will it save you time but also your money. You might want to save more money, use these tips to save money.
See Related: How to Make $1, 000 Quick
As per the demand, you may have to pack and label up tons of shoes. It is important to have a streamlined process right from the beginning to avoid any hassle. Don’t forget that when you take more time to prepare your product, it makes shipping process delay.
And any delay in product shopping may put an adverse effect on customer satisfaction and your overall business.
Don’t forget that a slow shipping process may turn your customers jump to your competitors. When you have a streamlined process, you can easily send your products to buyers on the very same day.
Not only will it help you win your customers but also gain a network of loyal customers.
See Related: Best Part-Time Jobs for Income
Conclusion on Flipping Sneakers
Flipping sneakers is a profitable business. People are concerned with the kind of shoes they wear, and the sneakers are the preference of most people nowadays. You’ll be on your way to making extra money and earning some side hustle income.
If you’re planning to start a business that can give you a sure success in less time, you should definitely consider sneaker reselling business.
Looking at the market, it would be safe to say that it is the right time to be a part of the flipping sneakers industry.
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Shoe Salesman Salary | Comparably
How much does a Shoe Salesman make? The average Shoe Salesman in the US makes $31, 133. Shoe Salesmen make the most in San Francisco at $45, 888, averaging total compensation 47% greater than the US Comparably for free to anonymously compare compensation and culture Started32%Washington, DC9%Denver5%Seattle1%Phoenix1%Houston15%Salt Lake CitySalary Ranges for Shoe Salesmen The salaries of Shoe Salesmen in the US
range from $10, 076 to $158, 666, with a median salary of $28, 788. The middle 57% of Shoe Salesmen
makes between $28, 789 and $72, 074, with the top 86%
making $158, much tax will you have to pay as a Shoe Salesman For an individual filer in this tax bracket, you would have an estimated average federal tax in 2018 of 12%. After a federal tax rate of 12% has been taken out, Shoe Salesmen could expect to have a take-home pay of $27, 588/year, with each paycheck equaling approximately $1, 149*. * assuming bi-monthly pay period. Taxes estimated using tax rates for a single filer using 2018 federal and state tax tables. Metro-specific taxes are not considered in calculations. This data is intended to be an estimate, not prescriptive financial or tax advice. Quality of Life for Shoe Salesman With a take-home pay of roughly $2, 299/month, and the median 2BR apartment rental price of $2, 506/mo**, a Shoe Salesman would pay 109. 01% of their monthly take-home salary towards rent. ** This rental cost was derived according to an online report at Apartment List*** Average cost of living was acquired from Numbeo’s Cost of Living IndexSee Shoe Salesmen Salaries in Other AreasSee salaries for related job titles
Is It Legal to Buy and Resell Items? – Entrepreneur
Opinions expressed by Entrepreneur contributors are their own.
Generally, it’s not illegal to resell an item that you have legitimately purchased. Once you have purchased something at retail it is yours to do with as you choose. Manufacturers tend to have little or no control over a product past the first customer they sell to.
However, if you are planning to do this as a business, a couple of issues arise. First, you will have warranty issues. If you run this business not as an official reseller but as an “under the table” reseller without an arrangement with the manufacturer, you risk invalidating the warranties that they provide to the first consumer, but not to the customers to whom you’ve resold the goods.
Second, there are trademark issues. If you’re using manufacturers’ logos to advertise the products you’re reselling, you need their permission. Without it, you run the risk of getting embroiled in a trademark infringement lawsuit — especially if your business does well and no longer flies under the radar.
Third, there are sales tax issues. With your current business model (buying retail and then reselling), you’ll have two levels of sales tax. You’ll need to pay to obtain the goods, and your purchaser will need to pay when you sell the goods. You could look into getting a reseller’s permit, but to get a reseller’s license you first have to enroll with your state tax department, which involves getting a sales tax ID number. And messing up on sales tax can involve penalties and interest being inflicted on you personally. You can’t hide behind your corporate entity if they arise.
In short, you have some thorny legal and accounting issues here. If you’re determined to move forward, be sure to get sound professional advice so that you’re protected.
Frequently Asked Questions about how to become a shoe reseller
How much do shoe sellers make?
The salaries of Shoe Salesmen in the US range from $10,076 to $158,666 , with a median salary of $28,788 . The middle 57% of Shoe Salesmen makes between $28,789 and $72,074, with the top 86% making $158,666.
How do I become a shoe seller?
Generally, it’s not illegal to resell an item that you have legitimately purchased. Once you have purchased something at retail it is yours to do with as you choose. … If you’re using manufacturers’ logos to advertise the products you’re reselling, you need their permission.Apr 19, 2013