If you are looking to make some extra income by the side, then you can start buying and selling concert tickets. This is known as ticket reselling or ticket brokerage.
Ticket brokerage is a fun way to make cool bucks, and it’s so easy, anyone can take a plunge and start making huge profits within a few weeks. Also, you don’t need any formal qualifications to get started and the startup capital is minimal. And the best part is that you can do it right from the comfort of your home.
All you need is the right information to get started, and that’s what this post will give you. Read on to understand how to start your own concert ticket brokerage business. Basically, there are three steps involved in the ticket brokerage business:
- Finding the right tickets
- Buying the tickets
- Selling the tickets for a higher price
How to Make Money Buying and Selling Concert Tickets
1. Finding tickets to buy-: Your first step towards making a profit from any concert ticket sale is to find the right tickets to buy. This involves a great deal of research, and you must be ready to do it.
At any point in time, there is a concert around the corner. This would be widely anticipated if the musician or band staging the concert is very popular. And concerts such concerts should be your main target. The fact that many people know about them is enough proof that people are really interested in them and that their tickets will sell like crazy. You have no business with musical concerts that people are not interested in.
However, not all successful concerts generate a lot of noise. So, don’t just dismiss any concert because it’s not generating any buzz. Rather research extensively about it to figure out whether it really won’t be worth your time and money.
For each concert you get to know of, find out more about the band staging the concert. Is the band popular? Have they organized fun-filled and successful concerts in the past? And even if they are popular, do they have fans in your locality or among your target customers?
You also need to find out about the timing of the concert. What time and date is it holding? Where is it holding? Is it a one-day concert, or will it hold for two to three days? Is it holding during the week or on a weekend? Is there a presale for the event? On what date will ticket sales start?
Getting answers to all these questions will help you make well-informed decisions as to which tickets to buy and resell for profit. For example, concerts holding during a weekend sell better than those scheduled for weekdays because most people are busy on weekdays. The demographics of the city in which the concert is being held is also very important.
To keep abreast of information about concerts, stay current with latest music and entertainment news. Fan club message boards and social media groups are also great because the die-hard fans post there and they will always be aware.
2. Making your purchase-: Once you have decided that you are buying tickets for a concert, you need to find out when the tickets for that concert will go on sale. Also, you must find out whether there is a pre-sale, in which case you will need a password to purchase tickets. It’s always a good idea to search both the pre-sale and on-sale because tickets of different prices might show up (remember, you aim is to buy at the lowest price possible).
Just before the tickets go on sale, visit the Ticketmaster event page, and get ready to make your purchase. Ensure that your browser is fast enough, and have your credit card with you. When it’s about two minutes to the time when the tickets will go on sale, start refreshing your browser to ensure that you can buy the tickets as soon as they are available.
Once the tickets are available for purchase, quickly select the number of tickets you want to buy (usually two or four) and search for the best available tickets the first time around. Don’t be tempted to buy the first pair of tickets that come up. You may find better tickets if you search a little bit more.
There are times when you won’t find tickets to buy because you were not fast enough and all the tickets were snapped up before you could say jack. In case that happen, don’t get discouraged. Just keep practicing and work on your quickness at the point of purchase.
If the show is sold out or you weren’t able to get tickets through the official platform, you can also scour EBay or Craigslist for deals that can still fetch you some good profit.
3. Selling your tickets-: Once you have gotten tickets to a hot event, then you have scaled the difficult hurdles, which is getting the tickets in the first place. Your next move is to sell the tickets and pocket your profit. This is the easiest part, provided you know how to play your cards right.
EBay and Stubhub are great platforms for selling your tickets at profitable prices. Just check the going rates on these sites to know how much to charge. When setting your price, factor in the cost of shipping and other fees that apply.
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