April 24, 2020
Building a Sneaker Business with Soled Out Sneakers
Following our recent interview with Finance Papi from Soled Out Sneakers, we had a lot of requests on how and where to get started, when building a sneaker business.
Finance Papi has put together his 20 step guide to help get you started today.
1. Download SoleSupplier app so you can check the latest sneaker drops.
2. Download StockX app (think of it as the eBay of sneakers) so that you can check the market for prices of sneakers, both what people are buying them for and selling them for. You can check the prices for each size
3. Download sneakersnstuff app to see which raffles you can enter. An important thing to note here is to cross reference with StockX to make sure the raffle price isn’t more than what the sneaker sells for, if it isn’t a giveaway raffle.
4. Try to get as many friends and family as possible to enter the raffles to boost your chances, as they are notoriously difficult to win.
5. It’s a business where the more money you put in, the more you get out. You can often expect a minimum 10% profit on the sneakers you sell, but it can be way more if you get a pair with limited supply.
6. Follow hustle_the_hype and cop4profit on Instagram for price predictions.
7. Follow my page http://instagram.com/SoledOutSneakersAE… for price predictions, as well as new releases.
8. Join Facebook groups to find potential sellers and buyers: simply type in “sneakers” or “sneaker head” to find relevant groups.
9. Stay on track with new releases, so that you can be ready to purchase directly from stores or enter raffles.
10. Once you purchase, it is important to be patient. Think of demand and supply: when a sneaker first drops and everyone has it, there is a huge supply available on the resell market. Resellers sell to end users (the people that will actually wear them), so over time, there is less supply of brand new versions of that sneaker.
11. Watch this video to learn sneaker reselling terminology.
12. When starting up, it is worth having a page that you can sell from yourself, or selling directly on other pages. When selling, consider whether you deliver directly or if you will post (and whether you charge for delivery or incur the cost yourself).
13. It is all about networking. Approach people that want to buy and sell, and see if you can get involved in a community of resellers, whether that’s a Facebook group, WhatsApp group etc.
14. Credibility is everything, so make sure you are quick to respond to enquiries and that you don’t “flake”: this means that if you agree to buy or sell, the deal is locked in and you can’t go back on it.
15. Continuing with networking, speak to the sneaker head community, and try to network with people closely involved in the sneaker industry. This can range from making friends with people that have bots (automated systems for purchasing sneakers) so they get their hands on sneakers first, or even workers in sneaker stores that can tell you about drops before the general public knows (this is known as back dooring).
16. There are events held all over the world for sneakers that you can attend, which are the equivalent of ComicCon for sneakers. Try to attend these and get your hands on multiple pairs.
17. It is not a get rich quick scheme and you will find that you get out what you put in, both in monetary terms and effort.
18. Above all else, have or develop a genuine interest in sneakers. You will not last long in the game if all you care about is money.
19. Get your friends and family involved to help you with purchasing, as this will help with having combined capital and help you overcome when stores only allow one pair per person.
20. Word of mouth is an effective way to grow your sneaker selling business, so prove you are easy and good to do business with, and aim for repeat customers.
A big thanks to Finance Papi for his guide on how you can start your sneaker business today. For more information check out his socials below.