Do you wish you had a few valuable assets lying around that could bring in a lucrative income?
Well, you might want to check your closet. You might find that reselling sneakers can bring you more cash than stocks, antiques, or even that fraction of a Bitcoin you’ve been holding onto!
Sneakers are an essential part of American fashion and, as such, a great pair of kicks are always in demand.
Here’s how to succeed at flipping sneakers:
1. Build Your Collection
If you want to succeed at flipping sneakers, you must first focus on building your collection.
You don’t want to buy one pair of sneakers at a time only to flip them within a few months. If you want to succeed at sneaker flipping, you want to first focus on collecting as many quality sneakers as possible.
You want to hold onto these sneakers as long as possible. You should focus on selling only after you’ve amassed a formidable collection. You can use a sneaker website to research which are the most popular sneakers on the market.
Set a goal of how many sneakers you’ll want to collect before you start putting them up for sale. At a minimum, you should accumulate at least 10 pairs before you start selling.
If you’re serious about selling you want to use your profits to buy more sneakers. Focus on building your reputation as a sneaker flipper first before raking in the profits.
2. Focus on Cheaper Sneakers First
If you want to make big profits, you want to own rare and premium sneakers. However, this isn’t always a feasible strategy for beginner flippers.
As such, you want to focus on buying cheaper sneakers first. This is a great way to start reselling sneakers fast. It’s a great way to rake in your profits which you can later use to accumulate premium sneakers.
It’s also how you learn the process of sneaker flipping. You can buy cheaper sneakers from outlets or discount stores. You can then sell them for market price or for slightly lower than market price.
You’ll also find it easier to accumulate a plethora of cheap sneakers than if you focus on premium shoes first. Your main focus has to be on acquiring fast cash and learning how to resell sneakers. Once you master this, you can accumulate premium sneakers and then focus on raking in larger profits.
3. Focus on Popular Sneakers First
When you start sneaker flipping, you want to focus on selling what’s already popular in the sneaker market.
As stated in our first point, you can use an online sneaker marketplace to assess which are the popular sneakers. You might come across a beautiful pair that you feel might sell for a great profit.
But you need to start your sneaker flipping journey by focusing on what already works. For example, you can start by selling Nike Air Force Ones or Air Jordan 1s.
These are two of the most popular sneakers available on the market. As such, if you find them at a low price you can flip them for a great profit. Once you start building a lucrative income through sneaker flipping, you can then make riskier choices with your sneaker accumulation.
Later, you can look at rare sneakers or sneakers from luxury brands to sell. You want to remember that just because Nike introduces a limited-edition sneaker, it doesn’t mean that it’ll sell.
Some collectors might be on the lookout for Nike’s 13 Original Colonies sneakers while many people might be repulsed by it! You want to make sure you understand the market for limited-edition sneakers before buying any for flipping.
Similarly, there might not be a great demand for sneakers sold by Louis Vuitton or Gucci. These brands might have a loyal customer base but this doesn’t mean that you’ll succeed with sneaker flipping. For luxury brands, most customers prefer to buy directly from the retailer.
4. Calculate Your Expenses Beforehand
So you bought a pair of sneakers for $30 and now you’ve sold them for $40. You’ve made a $10 profit, right?
Well, not exactly. You might have to pay shipping costs if your buyer isn’t local.
You might also have to pay a commission fee to your selling platform. If you use a payment authorization service, you can expect a commission fee there as well!
Of course, you’ll also have to check the taxation rules of your jurisdiction!
So, with all these expenses your profit margin might be lower than you imagined!
As such, you want to calculate your expenses beforehand. This will help you determine how much you wish to price the sneakers. You want to try to make at least a 10% profit on each sale. As you become more successful as a sneaker flipper, you can try to raise this profit margin.
5. Where Are Your Buyers?
The final step is to find your customer base. You want to join social media groups for fashion enthusiasts. This is where you’ll find most of your customers.
Once you start selling rare sneakers, you want to connect with sneaker enthusiasts online. These are collectors who’ll want to pay top dollar for limited edition sneakers.
You want to create online profiles specifically for advertising your sneaker collection. You should create an Instagram profile that showcases your sneakers. You can also use TikTok for creating videos to promote your sneakers.
With these platforms, potential customers can send you direct messages to inquire about your sneakers.
Start Flipping Sneakers Today
Now you’re ready to start flipping sneakers and start stacking making fast cash!
Make sure you first focus on building your sneaker collection. Your initial profits should get used for buying more sneakers to sell later. You can focus on cheaper sneakers before accumulating limited-edition models.
You should also calculate your expenses beforehand so that you can make a great profit. You can use social media platforms to sell your sneakers and connect with potential buyers.
You can find even more tips on flipping sneakers on our blog!