How much money can you expect to make as a new ticket broker?
Not surprisingly, individuals that are thinking of entering the field want to know how much they can expect to make as a ticket broker. Several questions come to mind:
- What does it take to succeed in this business?
- How much can I expect to make?
- Can you hope to quit your job and do this full-time?
The answer to all these questions depends…..several brokers decided to start doing this while in college and have continued ticket brokering instead getting a "real job". One broker suggested that he can make more money buying and selling tickets than anything else he might be qualified for.
All of the brokers that have written books seem to making a full-time living buying and selling tickets, but as one broker put it, it can be a grind because of the volume, and built in loses.
One broker, who disclosed quite a bit about his business practices and profits, provided some actual numbers for 2010. He says that he had sales of around $300,000, with profits between $60K and $70K. This represents a profit rate of about 20 – 25%.
The common element of success in each of the brokers seems to be a love of the sports and concerts, and a willingness to be disciplined while also take some risks.
Full-time ticket brokers: What does it take?
So it's definitely possible to make a full-time living as a ticket broker if you have good strategies and techniques, and your disciplined, But how many people are making a full-time living as a ticket broker. It's hard to say since none of the ebooks commented on this subject, but the same broker mentioned earlier noted that while he is making a good lviing as a broker, he thinks only about 10% of the brokers he knows is doing this work full-time.
If you do the math, if on average you make 20 – 30% per transaction, and you wanted or needed to make $40,000 to $50,000 per year, you would need to buy and sell between $200,000 and $300,000 worth of tickets each year. If the average ticket cost is $50 ( assuming you buy and sell a combination of concert tickets and sports tickets) you will have to buy and sell close to 4,000 tickets per year, or 335 tickets per month. Of course, these are averages, but you get the idea…..
For someone just starting in the business, this might be a lot of pressure. And you might be tempted to buy tickets that don't meet the criteria you've set for yourself.
Part-time ticket brokering
On the other hand, if you decide you would like to make extra money for travel or paying off bills, or whatever, becoming a ticket broker on a part-time basis may be an excellent option.
If you would like to make an extra $500-$1,000 per month, at a profit rate of about 25%, you will need to buy around 40 and 80 tickets per month. This seems much reasonable for a noobie.
If you're highly motivated and can become an avid student of the profession, a full-time business may be possible. But if you want to ease your way in and find out it's really right for you, it may be wise to lower your expectations, and be content with a nice chunk of extra money.