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What are the pros and cons of running a sneaker business and re-selling/flipping sneakers for profit?
Kevin, age 19
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Nick’s Answer
I like your question a lot; it's unique! Running a buy/sell sneaker business offers several compelling benefits. First, it provides an opportunity to turn a passion for speakers into a profitable business. The sneaker resale market has shown online to be pretty successful and sustainable to my limited knowledge of the industry. You'll have control over your own business and schedule as you would need to go off on your own to accomplish this job. I personally enjoy jobs that provide me with dynamic tasks and new opportunities frequently.
However, it's important to acknowledge the risks associated with pursuing this career. The high reward of running your own business and making your own money comes at the risk of taking up a lot of your time and resources. You are your own salesperson, so if you have a bad month, you could end up making very little money, which can be scary if you're not prepared. Moreover, I imagine you would need to actively spend time researching the market trends, handling your inventory, understanding the logistics, and marketing your own products. This high time demand could take away from your allocated school classes and traditional jobs with an employer.
Overall, there is high-risk and reward in running your own sneaker flipping business. Analyzing both the pros and cons of starting this line of business can lead to a meaningful, rewarding decision!
However, it's important to acknowledge the risks associated with pursuing this career. The high reward of running your own business and making your own money comes at the risk of taking up a lot of your time and resources. You are your own salesperson, so if you have a bad month, you could end up making very little money, which can be scary if you're not prepared. Moreover, I imagine you would need to actively spend time researching the market trends, handling your inventory, understanding the logistics, and marketing your own products. This high time demand could take away from your allocated school classes and traditional jobs with an employer.
Overall, there is high-risk and reward in running your own sneaker flipping business. Analyzing both the pros and cons of starting this line of business can lead to a meaningful, rewarding decision!
Updated
Hassan’s Answer
I'm sure a few social media stars makes this look easy and fun, but it's real work with potential benefits and risks.
This isn't any different than buying and selling other commodities. The key is to have access to supply at the right cost and buyers to sell to at a profit. Obviously, you'd need capital to start which can range from a few hundred $s for basic shoes to tens of thousands of $s for high-end collectible ones. You'll need real expertise to authenticate shoes or you'll get stuck with expensive fakes.
The Pros are that sometimes you get to try out cool new shoes and make a profit. Cons are that many people don't make much money, If it was easy then everybody would be doing it and there wouldn't be much profit in it.
This isn't any different than buying and selling other commodities. The key is to have access to supply at the right cost and buyers to sell to at a profit. Obviously, you'd need capital to start which can range from a few hundred $s for basic shoes to tens of thousands of $s for high-end collectible ones. You'll need real expertise to authenticate shoes or you'll get stuck with expensive fakes.
The Pros are that sometimes you get to try out cool new shoes and make a profit. Cons are that many people don't make much money, If it was easy then everybody would be doing it and there wouldn't be much profit in it.