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What It's About
A college grad makes bank flipping sneakers!
Business Model
Reselling
Skills Required
Research & Communication
Complexity
Low
Profit Potential
High
Words of Wisdom
The first step is to educate yourself as much as possible on the sneaker market. Then go out and buy a pair of shoes you think are in high demand. It can be a new release or an older used model. Sell it for profit or, even to break even, just to get a feel for the market, the lingo, and the platforms like eBay, GOAT, and StockX that people use to buy and sell shoes.
Fun Fact
The global sneaker resale market is currently valued at around $1 billion. While much of this revenue is generated by the larger players such as StockX and KLEKT there is still plenty of room left for independent resellers to make a substantial income. eBay has a thriving community of both buyers and sellers and estimates are that around $400 million worth of sneakers are sold through the site each year.
Notes from Chris
Episode 577
When most people leave college, they have a career in mind. After completing their degree, they head out into the ‘real world’ and look for work in their chosen field. But JV Ortiz isn’t like most people. When college was over, he was only certain of one thing—he wanted to make money on his own terms! But he just wasn’t quite how to do it. While searching for an answer, he got a job waiting tables to pay the bills. The plan was to work until he could come up with something better to get the dollars rolling in. He started researching what others were doing to make money. Since there’s no shortage of advice on the internet, this led to trying a whole bunch of things that didn’t work. He tried selling umbrellas, hoverboards, and other random items through Amazon. He tried affiliate marketing. He made some money on those ventures, but it was nothing to write home about. Then, one day, he read a story in a magazine that changed his perspective on things. It outlined how a teenager was making six figures a year by flipping—that is, buying and reselling for profit high-end watches. It sounded like a great way to make a living, but JV had a problem. High-end watches were expensive! Watches like the ones mentioned in the article cost upwards of five figures, not exactly the kind of money a waiter has lying around. Still, the business model intrigued him. He explored other markets where he might be able to apply the same business model. For inspiration, JV turned to one of the biggest marketplaces on the planet… eBay! He scoured the recently sold clothing items on eBay looking for ones with a high price point. Why clothing? Well, he chose it over watches or electronics or anything else because it seemed low-risk. Amongst the high priced fashion brands, a strange item jumped out at him. A pair of 2015 Nike Air Jordans was selling for $800 above retail. After researching a bit more, he noticed it wasn’t a fluke! They were consistently selling for that price. This was JV’s first introduction to sneaker collectors, known as Sneakerheads:. You see, there are millions of people out there that love sneakers. They converse about them all day long and are always on the lookout for the hottest new releases. For some reason, sneakers have a way of consuming the sole of those who covet them. After about a year of doing this, JV was able to quit his restaurant job and go full-time. How much money does he make? While the money isn’t always consistent, he’s managed to earn a six-figure salary for the last two years. In his more successful months, he has earned over $10,000 reselling sneakers. JV plans to travel while working over the coming year. And, like sneakers, he realizes the only way that works is with a pair. He now has a business partner who’ll handle the physical sourcing and shipping of the shoes while he’s traveling the world. Throughout the process, JV has learned about marketing, customer service, negotiating, and everything it takes to have a successful side hustle. He’s also launched a website to teach others how to be successful reselling sneakers. With all his knowledge, it seems like additional success is a shoe in!MENTIONED IN THIS EPISODE:
- Sneakerheads: JV's website that goes further into the process of flipping high-end sneakers
- eBay, GOAT, & StockX: The platforms that JV used to flip the sneakers he bought
- Sneaker Fan Flips Shoes For $1,000 A Month: A trip to the mall at age 10 turns into a long-term hustle buying and reselling popular sneakers
- 16-Year-Old Earns $10,000+ Selling Watches: After spotting an unusual watch design while on vacation in Aruba, this enterprising teen and a friend go on to hustle their way to making five-figures
- Flipping 101: The College Textbook Edition: A college student with a new family to support reads between the lines and turns a $20 used textbook into almost $70,000 within two years. This episode will flip your lid!
Quote of the Day
"The first step is to educate yourself as much as possible then buy a pair of shoes once you know it can be sold for a profit. Then sell it for profit or even to break even just to get a feel for the market, the lingo, and the platforms that people use to buy and sell shoes."
—JV Ortiz #SideHustleSchool
