Mistakes Are Key To Success
I first started reselling sneakers back in 2005 when I was just 13 years and the Jordan Retros and Nike Dunks were booming and still sitting on the shelves! I was following sneakers prior to that thanks to NikeTalk and Instyleshoes (aka Solecollector).
I decided I needed my own money and stop relying on my parents to buy me clothes every school year (I wasn't fortunate so mom allowed me 2 shirts and 2 pair of jeans each school year).
I resold my 2005 Air Jordan 13 Retro "Flints" to a kid in school who wanted them and made a $100 profit on them (actually it really was more like $200 because my older brother bought them for me) and thats when my odyssey began. Fast forward to 2019 and reselling has allowed me to maintain myself and open new doors to opportunities.
However, this isn't all happy trails and there are definitely set backs and hurdles along the way. Here I will share the top 10 mistakes I have made as a reseller (I like to call myself a businessman/entrepreneur/hustler because mostly every product based business resell their products for profits). These are not in a ranked order.
10 Mistakes I Made and Learned From:
1. Holding On Too Long
One of the worst things you can do as a reseller is to hold on a sale for too long. This could be because you love the pair and don't want to sell or you think it would be greater in value in near future. Understand your market and the shoe trends. Remember you are a business first!
2. Getting Personal
Don't ever take things personal! Yes, I understand that there are those trolls and little "hypebeasts" who comment and curse to try to get under your skin. But always remain professional. Trust me, it will take you a long way both professionally and personally.
3. Not Keeping Track of Sales
I was 13 years old, why the hell do I need to track my sales? Well, one of the main core functions of businesses is tracking their sales (whether its Quickbooks or Microsoft Excel). If you don't do this, do it now! Plus, it's cool to go down memory lane and see what you used to have (forgot I had the Ray Allen PEs 13s).
4. Not Obeying Platform Rules
If you don't have your own website or store (even they have rules) then you NEED TO FOLLOW THE RULES. I've been banned from eBay countless of times trying to conduct transactions off their site for the sole purpose of saving on seller fees. Just use the platform and increase your rating! This is key and will pay dividends along the journey. I learned the hard way.
5. Trying To Get A Bit Extra
I think this one may resonate with most of you but I didn't learn this until I got older. If you get an offer that is $5, $10 or even $20 below your asking price, my advice would be to meet at half or accept the terms. The point of a business is to increase sales and ultimately profits. If you can come to an agreement with a potential buyer, then you won yourself a buyer that will most likely come back and shop with you.
6. Pricing The Same On Every Platform
This one is for those who strictly are resellers and do it as a side hustle for extra cash. Every marketplace (eBay, Grailed, Goat, BUMP, StockX) have different types of buyers. So you have to do your own analysis on this and test out the platforms. I have sold things at a much higher price on GOAT simply because GOAT has an authentication process that makes the buyer feel safe.
7. That One Time I Didn't Use Tracking
I lost out on a $200 sale because I didn't use tracking and tried to save money on shipping. Please don't do this and always track your sales.
8. Not Networking
You are a business so ultimately you have to show face to your customers. I know it is hard and scary. I used to meet up in Brooklyn, New York as a 16 year old kid selling to grown adults. I look back and I should've kept those connections as I grew my business. Networking takes you a long way!
9. Not Staying Loyal to Core Customers
This one is similar to the one above. Look out for your core customers and repeat customers. Think about it, if you have 100 core buyers who are willing to purchase a pair of $200-300 shoes, that's roughly $20,000-$30,000 in sales. Treat them like clients rather than just another customer.
10. Not Blogging
I know I am late to the game of blogging but I have to start somewhere. I consider myself an introvert but have so much experience in this game that my own customers have told me to start expressing myself. I hope you all enjoy and will post more as my journey continues.
Did you make these makes or currently are?
Told by Christian