The pandemic spared no one in its tracks. Businesses are forced to reformulate their plans. Some even closed down. The trend for financial growth spiked downward. For our featured entrepreneur, he just made half a million dollars during the first half of the year.
17-year-old Danny Hasbani has made a fortune in reselling shoes. According to reports by Business Insider, the 17-year-old has made over $500,000 reselling shoes in his spare time. I repeat, in his spare time. Danny has been optimistic despite the pandemic, saying that his business is thriving.
How is that possible?
The pandemic was harmful to the sneaker business due to declining sales and halted production. This has become a truth especially in the pandemic. However, sneakerheads still want their shoes. Virtual drops and limited releases still pushed through and people went crazy drop after drop.
Many physical stores have shut down and people are depending on online transactions. This proved to be helpful for Hasbani who conducts his business mainly online.
Expanding Into Larger Territories
Hasbani also co-owns “Brick Chat”. It is a sneaker “cook group” where sneakerheads pay a subscription fee to obtain information about the latest drops. He tries to stay away from the rare, “heat” pairs. Instead, he focuses on reselling the lower-valued general releases and sells them in bulk.
General releases are called “bricks” or the less-hyped pairs. Just like the Air Force 1’s, a staple for every sneakerhead’s fit but is not hyped at all. Danny focused on these less-wanted pairs because he realized the trade-offs of selling a high-value pair.
He said that while some wait in line for days just to get a highly-coveted pair, Danny buys bulk “bricks” to make a profit. This is a battle between a longer time horizon for a large profit and short-term selling for consistent small profits.
How Does He Do It?
Hasbani owes much of his success to the connections he built and his own skills. He would like to focus more on what he did to succeed. In a Business Insider article he said:
“The harder you work in this business, the more money you’re going to make,” Hasbani said. “And there’s a lot of luck in it”. He added. Hasbani also notes that there is basic economics involved in it.
He orders 1,000 pairs each week and splits them into different selling platforms. This combats sudden market crashes in the shoe market. Most of his buyers are sneaker shops and entrepreneurs who sell sneakers in China. Do you want to know the secret behind his overall success? He says that you just have to stay in the loop on everything about the sneaker community.
If you want more ideas about his business, follow Brick Chat on twitter. If you want more articles about sneakerheads, read about how this 20-year-old made $2.5 million from selling shoes.
Opinions expressed by AsianBlurb contributors are their own.
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