What It's About
Sneaker enthusiast flips sweet kicks for profit!
Words of Wisdom
For anyone looking to enter a similar industry, Chris says it’s paramount to know your product and what your buyer is looking for. You won’t be able to resell all products and you have to be flexible to what the market is looking for, not just your own tastes.
It’s not unusual for sneakers to sell for well into the five-figure range, with signed Air Jordans retailing for up to $60,000 a pair!
Notes from Chris
Chris Casseday has been obsessed with sneakers since he was 10 years old. When the rest of his peers were playing video games, trading baseball cards or watching cartoons, he’d be pestering his dad to take him to the mall to look at shoes. But even then, he wasn’t looking for the hottest kicks to stand out in the schoolyard, instead, he’d found a way to turn a profit. Stumbling across a rare pair of shoes in his local mall, Chris used $125 of money he’d saved up to buy the shoes, and then put them on eBay as soon as he got home. Within five minutes he’d sold them for $325 and was looking to repeat his success. Chris still employs much the same business model. And this year he decided to take that business model into 2017 and beyond by starting his own e-commerce website, 513 Kicks (referencing his area code in Cincinnati). His goal with a pair of sneakers is always to double his profits. If he’s going to invest in a pair for $50, he needs to be confident he can make $100 when it comes time to sell them. It would be possible to work at lower profit margins, but it’s not always worth the time and effort that goes into it. Still, he's averaging around $1000 per month in profit. Looking to the future, Chris wants to increase awareness of the brand through social media, and use the money he’s making to invest in new pairs so he can update his stock daily.
MENTIONED IN THIS EPISODE:
- 513 Kicks: See what kind of kicks Chris is hustling today on his website
- One.com & Wordpress: The web hosting service combo that Chris used for 513 Kicks
- Entrepreneur | How to Buy and Sell Products for a Living: Thousands of people worldwide have discovered they can start a business by buying new and used products cheaply and reselling them for a profit. Find out how you can join their ranks
- Government Analyst Builds Six-Figure Reselling Business: How a government analyst goes from collecting Frequent Flyer miles to collecting money through a reselling side hustle
- High School Junior Earns $10,000 Selling Autographed Baseballs: A Maryland high-school student parlays his love of baseball into a lucrative sports memorabilia side hustle
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Quote of the Day
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