What It's About
A student and his sneakerhead friend take steps to find and resell rare kicks.
Words of Wisdom
Sebastian shares some encouraging words, "When you start anything, you won’t know all the steps on the journey beforehand, but that’s fine. All you have to know is the first step, and when you get past the first step, you figure out the next step, and so on."
In the early days of his side hustle, Sebastian convinced his dad to loan him two thousand euros to purchase a ‘sure thing’ clothing product he believed he’d make a good profit reselling. Unfortunately, that sure thing turned out to be anything but and nearly two years later still hasn’t sold.
Notes from Chris
Sebastian Ringlstetter was studying business at university when he decided to actually start a business. As he was hanging out with a friend one day, the perfect concept happened to sneaker up on him. This friend was a sneakerhead! A collector of vintage and rare sneakers, some of which happened to be worth a lot of money. You see, not all sneakers are created equal and companies like Nike and Adidas occasionally sell what they call Limited Release product lines. These sneakers are produced in limited quantities and often sell out in hours, if not minutes. Sebastian learned that many sneakerheads stay on top of the Limited Release schedule and often buy additional pairs to resell to those who weren’t able, or couldn’t be bothered, to fight for them. His friend explained that he often made fifty euros or more per pair with this method of reselling. Sebastian asked if he could fund the next pair. He wanted to explore the possibility of lacing up together. With one hundred and fifty euros in hand, the two set out the next weekend and bought a pair of new release Jordan Retro sneakers. Within a month they’d flipped them for a tidy profit. Sebastian was hooked! He saw an instant return on investment and stepped up to do it again. They soon bought more sneakers and also came up with a name for their venture. That name was … Drip Drops, since they’d slowly drip the sneakers out to collectors after they dropped. They used the name to create an Instagram account, but that was the only real marketing activity they did. It wasn’t uncommon for him to walk into a store, be asked what size he was looking for to which he’d respond, “all the sizes” and walk out with ten to twenty pairs. The higher volume boosted their revenues and at this point, they are on track to earn over four hundred thousand dollars in revenue for the year, with one hundred thousand of that being profit. But Sebastian isn’t resting on his laurels. With those profits, he intends to move into new categories and target other luxury items such as watches and handbags. There’s also the hope of opening up a retail store sometime in 2021, if the pandemic settles down and allows it. All this has come at the perfect time as Sebastian is about to graduate from university. He’ll have plenty more time to put boots on the ground.
MENTIONED IN THIS EPISODE:
- Learn more about Sebastian Ringlstetter and Drip Drops at www.dripdrops.eu.
- 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.
- Six-Figure Sneakers: College Grad Earns $10,000/Month Reselling Shoes: While waiting tables, a recent college grad discovers the world of “sneakerheads.” He then learns to buy and resell shoes, earning a six-figure income and quitting his job within a year.
- New Zealand Shoe Hustle Sizes Up Profits: A New Zealander brings high quality and fashionable shoes to women who wear larger sizes.
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