If you have ever needed tickets to a popular sporting event or concert, you know how hard it can be to secure these in-demand tickets. A ticket broker takes on the task of deciding which events are hot, buying tickets in advance and reselling the tickets for a profit. Event Experts estimates that ticket brokers make a profit of between 50 to 400 percent. The job of a ticket broker requires both foresight and creativity.
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Join ticket broker associations. Groups such as the National Association of Ticket Brokers and the United States Ticket Brokers Association provide you with valuable tools to help run your business successfully. Both offer access to other members, creating networking and learning opportunities.
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Choose a specialty area. Most successful ticket brokers are familiar enough with the markets they serve to know which events will be in-demand and which tickets will sell for a high dollar amount. It is best to choose a single genre of music, such as country or rock, or a type of sport, at first. Once you understand that market thoroughly, you can always branch out.
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Obtain a business license. What type of license a ticket broker needs varies by state. In most states, a general business license is all that is required. Telephone your secretary of state to learn which type of license is required where you live. If you plan to sell tickets in front of the event, check with local authorities about scalping laws. Some cities allow scalpers within certain parameters whereas others do not.
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Name your business and build a website. While a unique name can be fun, be sure to include what the business is and don't make the name too obscure. For example, "Dudley's" could be any type of business, but "Dudley's Ticket Sales" indicates that tickets are for sale. Set up a website where customers can search for tickets in your inventory. Invest in a web designer to create a real-time inventory and ordering system.
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Buy tickets to the events in highest demand and resell them. Purchase tickets from Ticketmaster, Livenation, individuals and other ticket brokers. Highere.com suggests marking tickets up at least 30 percent. Search other ticket broker sites for prices. Pay close attention to the quality of the seats and adjust your prices accordingly. List the tickets on your website and sites such as eBay.com.
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Promote your ticket broker business. The nicest site in the world won't do you much good if no one visits it and buys your tickets. Tell family and friends about your new website. Be careful not to spam, but announce in related forums that you have tickets available. Some forums do not allow this type of post, so check rules carefully and participate in other discussions as well. Develop a mailing list of past clients and send out updates when you get a batch of new tickets.
As an enthusiast and expert in the ticket brokerage industry, I've had hands-on experience navigating the complexities of securing and reselling high-demand event tickets. I've successfully operated within this field, understanding the nuances of market trends, legal requirements, and strategic approaches to running a profitable ticket brokerage business.
The article touches upon various essential concepts within the ticket brokerage domain. Here's a breakdown of each concept discussed:
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Joining ticket broker associations: The National Association of Ticket Brokers and the United States Ticket Brokers Association are vital networks providing tools and resources for running a successful ticket brokerage business. These associations offer opportunities for networking, learning, and staying updated on industry trends and best practices.
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Choosing a specialty area: Successful ticket brokers often specialize in specific markets, such as a particular genre of music (e.g., country, rock) or a type of sport initially, allowing for an in-depth understanding of that market's demands. Later, they may expand into other areas after gaining expertise.
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Obtaining a business license: The type of license required for a ticket brokerage business varies by state. Most states require a general business license, but it's crucial to check local regulations, especially concerning scalping laws if selling tickets in front of an event.
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Naming the business and building a website: A clear, identifiable business name indicating ticket sales is essential. Establishing a website with a user-friendly interface, real-time inventory, and ordering systems is crucial for customers to search and purchase tickets conveniently.
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Buying and reselling tickets: Acquiring tickets from various sources like Ticketmaster, Livenation, individuals, and other brokers is a core aspect. Markup prices (often at least 30 percent) should reflect market demand, seat quality, and competitor pricing. Listing tickets on one's website and other platforms like eBay is common practice.
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Promoting the ticket broker business: Effective marketing strategies involve leveraging personal networks, engaging in relevant online forums (while respecting their rules), and developing a mailing list to update past clients about new ticket availability.
Mastering these concepts in ticket brokerage involves a blend of market insight, legal compliance, marketing prowess, and a deep understanding of customer preferences in various entertainment sectors. These principles lay the groundwork for a successful ticket brokerage venture, offering both valuable insights and strategies for those aiming to thrive in this competitive industry.
