Shortly after I got into sneakers, I started to flip pairs on a part-time basis. Obviously I am not and never was a full-time reseller. Like a lot of people, I only sell shoes to make extra spending money and to buy more sneakers. Throughout the years, I have learned more from being observant and watching how others manage their side hustles or full-time businesses. Reselling often gets a bad rep (for justified and unjustified reasons). However, individuals can learn valuable business lessons that translate to other ventures.
Reselling provides experience; nothing beats hands-on, real-world experience. Whether someone flips a pair of shoes or a t shirt, the logistics are simple enough for anyone to pick up on. A person buys a product online or in-person. Then, they find a seller through a third party source or sell directly to the customer. One of the simplest business concepts of all time is buy low, sell high. Online arbitrage has skyrocketed over the past decade not just within the world of sneakers, but almost every product imaginable that can be sourced and flipped for a greater value. Anything from clothing to books to furniture can be resold with considerable profit margins.
Reselling and Basic Business Principles
Any type of real-world experience provides invaluable and irreplaceable philosophies than can be used in countless aspects of life. Reselling teaches customer service, supply and demand, and client relations right off the bat. Every time a pair of sneakers is resold, basic business principles are actualized. Even by flipping shoes on a part-time basis, I have learned more about sales compared to any form of study. By observing how other people move, I have learned numerous valuable lessons about life, business, shipping, and logistics. One of the most important messages that has stuck with me is the fact that you can do everything right on your end and things might still not work out in your favor.
Sometimes the market unexpectedly crashes. Other times, someone might be victim of fraud. And in very few cases there will be a pair of fakes or a scam you run across. Even after doing one’s due diligence, there is always a chance to suddenly slip up no matter how well a past performance was. There are endless aspects of business outside of one’s direct control; the only thing to do is focus on what is in one’s direct reach and control and rationally react to the uncontrollable.
The world of reselling is not as friendly as it seems on the outside. Keep your friends close and your enemies closer.
In reselling and any worthwhile business, there will always be people watching from afar looking at you with disdain and contempt. You are as worthy as you present yourself. If you treat yourself poorly, others will most likely do the same in return. It is essential to realize your worth before anyone else does. How you view and talk to yourself translates to any side hustles or full-time businesses in practice.
Losses into Lessons
When it is usually least expected, life tends to throw curveballs. In the online arbitrage/resell business, there will always be out of the blue moments that nobody could see coming. To be reactive is to keep a thriving side hustle or business.
A reseller quickly learns the feeling of taking a loss. Way too many things between the purchase of a sneaker and the sale are outside of a person’s direct control. For example, a pair of shoes may get lost or stolen while in transit, a pair of fakes may be passed as authentic, or shoes may not sell in a timely manner. One of the most delusional ways of thinking is to always think every aspect of business will run smoothly and according to the original plan for 100% of the time. Business is about adapting to problems that suddenly arise. It is no different for reselling sneakers or clothing; issues come up unexpectedly and require adaptable approaches to stay successful.
There is not a one size fits all approach for every transaction, whether it is a purchase, trade, or sale. Previous experiences can translate to better prepare for the future, but one cannot stay rigid when conducting any sort of reselling business. Product demand and market states constantly fluctuate. Losses must be turned into lessons to avoid any similar mistakes in the future.
Translate to Transpire
The world of reselling provides beneficial hands-on experience that can convey to other ventures in the future. Reselling is not always feasible over an extended period of time. The state of the third party market forever changes, especially due to inflation as of recently. By taking practical experience from the resell market, someone is able to translate it to another business endeavor which opens up more doors for future growth and success.
Theoretical knowledge only gets someone so far. Someone can study theories all day and still gain no real-world experience. The person who takes action gains more insight than the individual who waits years before acting upon their studies. Why not take reselling experience to transpire into a niche venture where an individual can thrive in a unique field?
Various endeavors teach niche topics about the general business overview. Reselling educates individuals the importance of logistics and customer relations.
People complicate business too often. Reselling simplifies commerce and allows people to get a general understanding before diving into a different sector of expertise. Online arbitrage typically exaggerates supply and demand; a product that sells instantly and in high quantities this month may go out of style within only a few weeks to a month in the near future.
Potential Next Moves
Constantly fluctuating markets lead to instability and uncertainty for the future. Anyone interested in sneakers over the past five plus years has seen a meteoric rise in the resale of countless sneakers. The after-market world of sneakers has witnessed more change in only a littler over five years compared to any other period in its existence.
To rely on an unstable market does not provide as much stability compared to other business ventures. A reseller’s dream is to have a completely stable market with constant products in high demand year in and year out. Obviously that will never be the case especially for footwear.
One option is utilizing the market to its full advantage. By studying trends and learning from experience, there is ample room to grow even in an unsteady market.
Another alternative is to put more focus on another endeavor. Someone can specialize in sneaker cleaning, accessories, or custom made sneakers. Any other product that can be marketed to a niche crowd is a viable option too.
Reselling creates opportunities directly and indirectly for individuals to continue to equip themselves with something they can call their own.