Money Making Ideas
The ticketing industry is struggling right now. It is no shock with the months of shutdowns and social distancing that have put the live event market on hold. And it will take a while to come back.
The damage affects more than big ticketing companies like Live Nation / Ticketmaster and StubHub. There are thousands of small-ticket broker companies and individuals who not only lack events to buy and sell tickets for but are also scrambling with liquidity issues as they deal with postponed and canceled events. Refunds and changed payment policies from marketplaces are ruining individuals.
In order to survive, flexibility is key and Eric Fuller wrote about this need to adapt already. So what are some ideas for smaller ticket brokers to find new sources of income? Well here are some that we have seen and recommend.
Sneakers: Almost weekly there are sneaker drops that have good resale value. Whether it’s Jordans or Yeezys, there is good money to be had if you can cop some pairs. If people can dedicate their living to flipping shoes, you can get into it to bring in some extra cash.
Retail arbitrage: Similar to shoes, but this includes a whole larger ecosystem of retail items. It includes games, toys, collectibles, or whatever is the hot item of the day (see puzzles during COVID-19). There is a treasure trove of resources, services, and information online to help find your way. Again, there is money here as others do this full time.
Stocks: While there is risk in tickets, shoes, and retail, stocks are a whole different ballgame. They are truly risky, and even experts get it wrong often. They are great long-term investments, but day trading and options are becoming extremely popular. We recommend beginners start with only an amount they are willing to lose. If you do not know what you are doing, day trading is pure gambling. There are also plenty of resources out there. One resource is The Option Crew that combines education and tips.
Online e-commerce: For more entrepreneurial types, this can be a great opportunity to start something new. Platforms such as Shopify, Squarespace, and Etsy make setting up an e-commerce store simple. So start thinking about what products you can design or create or what services you can provide. Setting up something like this now could pay huge dividends with a self-sufficient business long term.
These are just a few that are relevant and fit well with ticket brokers’ experience and skillsets. There are hundreds more with some simple Googling to find further lists.
And if you need some additional motivation, check out this couple. From being in a live event experience business that was obviously decimated to pivoting quickly to churn out hand sanitizing stations and $6 million in revenue is truly inspirational. Imagine what you can do with just a fraction of their resiliency.