This transcript was generated from the episode audio and may contain minor errors.
[Music]
Hey, guess what? This is episode 2100 of Side Hustle School. Welcome listeners, thanks so much for tuning in. Thanks for being a part of this project. I so enjoy making this show for you every single day.
And I've got a really fun listener question today. It's a bit of a listener story actually, by way of a question. And this is a guy who has been reselling Peloton bikes, buying and reselling Peloton bikes for a good profit. Did you know, in fact, there was such a thing as the pandemic Peloton. This refers to the many, many people who purchased Pelotons and probably lots of other workout equipment too.
During the early days of the pandemic, especially in places that had extended lockdowns or other hardcore restrictions, they're like, I'm gonna get a Peloton and use it every day. And no doubt some people did, but lots of other people got that bike and then just kind of stopped using it. So there were a lot of Peloton sitting around for a while, even as demand continued to be high. So this caller, today's caller Mike took advantage of this. As I said, he's got a story for us.
He's also trying to figure out what comes next. So quick shout out to our sponsors. I appreciate them as well. And then we'll hear from Mike. [Music]
Hey Chris, it's Mike from Chicago.
Thanks so much for the show. I started buying and reselling Pelotons during the pandemic and it worked really well. There was a time when people would pay higher than retail, even for a used bike. Then of course the price went in the other direction when there was a lot more sellers. On average, I made 250 per bike and I could move several of them a week.
It was fun. I backed off because the situation is different now, but I want to keep doing some version of this idea. Do you think it's best for me to wait for another opportunity like I found with used Peloton bikes or more proactively search for something that I can sell in any market? If I knew something big was coming, I'd rather wait. But of course there's no way of knowing for sure.
[Music]
Hey Mike, congratulations. This is so great. You clearly hit on a classic arbitrage opportunity when so many people wanted Pelotons and they were in short supply. Probably a lot of people thought about this, but you actually took action. So good for you.
I always think that's key. So many people have ideas, but they follow through the execution, the implementation. That's everything. So good work. And now for your question.
Well, the Peloton thing is definitely one of those stories that can be told a long time from now because it's not every day that a global pandemic creates a worldwide supply chain crisis, an upending of supply and demand for certain products. Lots of factors there that made that possible. So I worry if you keep waiting for an opportunity like that, you might be waiting a while. Much better in my opinion to apply these skills to selling something that's evergreen and not seasonal, even if the profit margin is lower. You might not make $250 over and over and over.
In the notes we have from Mike, he said something about selling 75 bikes in a short period of time. So that doesn't come around all the time, but even if the profit margin is lower, there's lots of other stuff you can resell and you've acquired these skills. Like you have acquired these skills, you've become familiar with how to write the listings on Facebook Marketplace or Craigslist or wherever you're selling them. You've learned how to work with buyers, how to optimize the communication, encourage them to post reviews, photography, I assume, copywriting, all that kind of stuff. So these skills can be applied to lots of markets.
So in short, I would not wait for the next magical opportunity. I would go out and find opportunities. And I know that those opportunities are out there. I mean, we talk about them all the time on the show with people who are entering different markets and applying these kinds of skills. So that's what I would do, Mike, but mostly good work.
You are an inspiration to me and undoubtedly some of our listeners as well. Now listeners, if you've got a question or if you're trying to figure out your next steps in the side hustle, small business entrepreneurship world, come to sidehustleschool.com/questions and send me a note from there. And of course we have a new episode coming out every single day. Hope you'll subscribe, follow. It's all completely free.
I make it for you and I hope you'll continue to listen. My name is Chris Guillebeau. This is Side Hustle School. [Music]
From the Onward Project.
