By Steven Park
Many students believe that without a job, there is no way to make money and I am here to say otherwise. I will walk you through the different business I made and how you can do the same.
My story begins during my sophomore year of high school in which I began to purchase and resell clothing and shoes on the side for some extra cash. After saving enough profit, I quickly realized how much more money I could make if I invested more time and financial resources into this mini business of mine. Essentially, I would purchase items that are in high demand but limited stock, meaning they sell out quickly when they are released to the public. If I was lucky enough to purchase the item successfully, I would either sell the item right away if I believe the price will go down or wait a couple weeks or months to let the prices rise. Since it was difficult and rare to be able to purchase those limited items, I would also buy second-hand items and clean them to sell at a higher price than what I bought it for. Through this, I was able to generate a couple thousand dollars in profit by the end of my junior year.
Getting into reselling is fairly simple but it is extremely time consuming if you hope to make heavy profits. It is also extremely rare to have the opportunity to buy a limited item. However, if you want to try and get into the reselling business, big brands such as Supreme, Adidas, and Nike are what I used to get started and are excellent choices since you can make a sudden, heavy profit if you get lucky. However, selling second-hand items for extra profit is a bit more time consuming since you need to search for a suitable item that you can clean/restore to resell to someone else for a higher price.
Currently, I am in the beginning stages of starting a drop shipping business for passive income as I don’t have as much time as I used to. In essence, drop shipping is when you connect potential customers to suppliers or wholesalers. Customers will purchase the items through your website, but the goods are shipped directly from your supplier, meaning you won’t have to worry about managing stock or manually shipping every order. Although drop shipping doesn’t bring in heavy profit, it is a passive income meaning you won’t have to invest as much time to keep the business running.
Shopify is a website that supports drop shipping. There is a free two week trial for any website you create, meaning anybody can start a drop shipping business. However, you will be responsible for advertising your shop, finding and contacting suppliers/wholesalers, and designing/maintaining your website. Finding a suitable niche with a lot of competition as well as analyzing and comparing market prices is vital to ensuring a successful drop shipping business.