My Slunks Store Journey
With each new volleyball season starting, Club volleyball teams get new uniforms including a pair of Slunks shorts. I never thought anything of it until last year at the National Championships I saw players lined up buying, selling, and trading Slunks shorts. Through what I learned in my Entrepreneurship class this semester, I saw a greater opportunity to create Wealth by buying, selling, and trading Slunks than my original idea of sneakers. This semester I began buying, selling, and trading Slunks.
Problem
Slunks releases limited edition and custom shorts throughout the year. The limited edition nature of the shorts creates demand for rare and cool shorts. While the average price of a pair of Slunks is $60 on their website, out-of-stock, limited edition, or custom Slunks can sell for more than $200. Using the Wealth mindset I knew if I could use the Slunks I had as a resource I could generate wealth.
Process
The first step was to inventory all the Slunks shorts that I had acquired throughout my years of playing volleyball. I then decided to use Instagram as the platform to build my site and communicate with buyers, sellers, and traders. I started an Instagram account and used get_slunks as my account name which is the same as the Slunks website. This would make my account more recognizable.
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With the account created, I could now make posts so I took pictures of all the shorts I had in order to show the designs and the sizes of my inventory. Immediately the offers for my shorts started to pour in.
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The first obstacle I had to overcome was how to know if I could trust the people contacting me and if they were serious. I learned to research the people that contacted me to see if they had followers and references from other traders. I had to navigate my way through this in order to trade some of my shorts which I did accomplish. This process was not without failure and I was scammed $30 on a pair of shorts. However other transactions were profitable and I continue to buy, sell, and trade Slunks shorts.
Reflection
Through the process of successfully creating a Slunks store for buying, selling, and trading Slunks, I learned several skills that will help me along my journey to becoming an entrepreneur including:
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How to set up a store on Instagram
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How to asses value of out of stock, limited edition, and custom Slunks
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How to identify the buyers and sellers that I can trust
