How To Be A Ticket Broker
Most of us have come to rely on ticket brokers when we want to get in to a hot concert or a big playoff game. This is due to several things, the first of which being that when an event is already sold out; we need a way to get decent tickets! Even if you buy your tickets the moment they go on sale, you would need to get lucky to get the seats you want. When we use a ticket broker, we have more choices, and we can take our time to decide which seats we want. But of course, even though we happily use the services of ticket brokers, we simultaneously are curious about the hidden market that makes people money with these tickets. If you’ve ever wondered how you could also make a profit from buying and selling tickets, here are the basics.
Despite what some people might tell you, being a ticket broker is basically buying tickets and then reselling them on the secondary market, usually at a higher price than the initial value (but not always). You can be a ticket broker on the side and make 50%, 100% or sometimes even up to a 300% markup with little investment, working from home. Some ticket brokers grow their side business into a full fledged enterprise, earning six figures consistently, but even you are looking to put a few extra thousand in your pocket, it can be more lucrative than getting a second job at Burger Hut. It’s also nice to have an extra income that you control, since no one can fire you.
So what, exactly, is a ticket broker? Are those the guys standing outside of football games? Simply put, a ticket broker is anyone who buys tickets for an event and the resells those tickets, often at a profit. It can be a money maker when done correctly, but the keys are to know what’s allowed in the secondary ticket market and it should be approached as a business even if it’s only a side gig.
The first rule of being a ticket broker is to understand the market you want to enter. Some people understand which golf events will be popular, while others know which country music concerts might be in demand. Although over time, you’ll want to expand into new markets, the best way to try and be successful is start with something you know. Inside information, like knowing the biggest game of the season for your favorite baseball team, is key. It doesn’t really take a lot of money to get started, but no amount of money can make up for knowing what to buy.
Becoming a ticket broker can be accomplished with very little investment. However, where there is money to be made there will be competition, often a lot of competition. Do not let that deter you, if you want to make money, you will have to accept that money making markets always have competition.
Here’s a little side thought about ‘too much competition’:
Remember when Circuit City, Radio Shack and Sears dominated the electronics market? Even if you didn’t buy a television at Sears, you could pick from big box retailers such as K-Mart, Target, or big blue Wal-Mart. It sure would seem like suicide to try and carve out any market share against such heavily financed and entrenched players. But that’s exactly what happened when Best Buy decided to start selling the same electronics. And now, a relatively short time later, Circuit City is out of business, Sears and K-Mart went through bankruptcy, and who’s the big dog of consumer electronics? Best Buy. Remember, don’t be afraid of the competition. Make the competition afraid of you.
Now, the best thing to have in your back pocket when you take on your competition is something that they don’t have. One of the best resources you can use to get an edge over your competitors is experience and business knowledge, and one of the ways you can get this in the ticket game is with the Ticket Broker Guide, a book that almost no one knows about but gives all of the inside information on the business. There is more information on the guide at the end of this article.
The Ticket Broker Guide covers a lot of the things you need to know, from how to pull the better tickets to how to tell if an event is going to be in high demand. It’s important to remember that even if you are only looking to bring in a couple extra thousand dollars every month, you are running a business and you need to give yourself an edge. You need to make some investment and treat this like a business in order for it to succeed.
You should also understand that you might not share the same interests as your customer, and the region might make a difference. It’s probably a good idea to start in an area and type of event that you understand, or at least can get knowledge on quickly. Don’t jump on every deal you see and watch to learn what a good deal really is.
You can read more about how to be a ticket broker with The Ticket Broker Guide, which covers everything you need to know about becoming a ticket reseller.
