How You Can Make Money From Lebron James
If you remember a few years back Lebron James made “The Decision” and chose to take his talents to South Beach and play for the Miami Heat. What followed for the next 5 years was a hysteria of season ticket sell outs, jersey sales, and local businesses gone wild. This past Friday Lebron James made another unexpected Decision to come back home to Ohio and play for the NBA franchise Cleveland Cavaliers. Because I am an entrepreneur at heart, I am always looking for ways to make money, what can I do to make money off of Lebron James?
Buy season tickets and resell them online
As Forbes recently reported Cleveland Cavalier tickets could end up being the most expensive in the entire NBA. When you think about expensive cities, Cleveland doesn’t exactly come to the top of the list. Most would think New York, Los Angeles, and Chicago, which is pretty accurate according to Nerd Wallet, who examines the most affordable games and these cities are on the bottom of the list, what a difference Lebron James will make now as you see Cleveland was listed as the most affordable coming into last season.
What you would need to do is buy season tickets for the Cleveland Cavaliers, which would be a large upfront cost of anywhere from $1000 to $8000 for seats closer to the floor. This would assume 41 Home games(not including playoffs and pre-season games). Using some simple math and not trying to break the bank, this would run us about $4,000 and put us in the lower level with some pretty good seats and an average of $100 ticket. Based off the Forbes article from above the average ticket price should be right around $225, sounds like we are making some money. If we would sell every ticket and make $125 per ticket x 41 games, this would mean $5,125 profit on our initial $4,000 more than doubling our initial investment. Sounds like a great idea, only bad thing is that’s what everyone else thought as well and season tickets sold out in less than 8 hours, so let’s move on.
Buy tickets around the NBA when Lebron James comes to a visiting NBA arena and resell them
We were unable to become season ticket holders and rake in on our investment idea, don’t worry there are other avenues in the ticket world. While everyone in Cleveland will want to see Lebron James, the good news is so does everyone else and they are not all going to Cleveland! That means if there is a higher demand with a smaller quantity available, the ticket prices should be just as high if not higher in an NBA arena near you. Even though I am living right here in Chicago, let’s head an hour and a half north to Milwaukee for our example. The Milwaukee Bucks are not considered a hot commodity when it comes to ticket’s for a game, but now that Lebron James will be coming twice during the year, expect those tickets to be valuable on the market. Using a similar example from above let’s say we are able to purchase 2 $100 level seats for both Lebron James visits, which means we would pay $400 for 4 tickets. If we would sell the tickets for the same $225, this would mean we would make our money back plus an additional $500, which is a 125% investment on our money for very little work. There are many places to sell tickets that do not charge any fees including Craigslist and simply posting a message on Facebook for your friends, there are also those that do charge a fee like Stub Hub and NBA Marketplace which would take away from our 125% investment return.
I have actually done this in the past with baseball tickets and the beloved Chicago Cubs. On the day single tickets were available to purchase I would buy the most popular dates during the season, like Memorial weekend or July 4th when everyone wants to go to the game. You can also purchase tickets when popular players and teams come to town, there are many rivalries and traditions that people want to see, which is why buying Sox vs Cubs tickets could make you a few dollars in baseball and Lebron James coming to a town near you could do the same. The risk on buying and selling the tickets is pretty low, worse thing that can happen is you end up going to the game if you don’t get your asking price.
You have probably seen it. A popular song comes out or lyrics are used and the next thing you see YOLO and Swag are all over every t-shirt wearing, trend loving person out there. Why not design your own shirt and make some money? Local Cleveland area businesses are cashing in on this opportunity, how can we get in on the mix?
First thing we have to come up with something catchy. It can be almost anything, how about “Bron Bron is Back Baby” on the front and “Welcome Home” on the back. OK now we need someone to print these shirts at a good price. I like to keep things local so I checked out One Hour Tees, I’m ball-parking here, but looking things over we can get a shirt for about $10 with everything we want on them. Let’s order 100 and list them on eBay to make some money. We would sell them for $25 each, which if we sold every shirt at this price would be a profit of $1500 minus fees from eBay and we would take home about $1,250. Certainly everything I described is when everything works, there are risks of course, mostly not being able to sell your shirts and have a loss of $1000 on our initial investment. Remember this is an investment and there is always risks, just like stocks. Speaking of stocks………
Invest in Lebron James Stock
Lebron James has a publicly traded company??? There is not a publicly traded King James stock, but there is a few companies who endorse Lebron James. Some of the companies include Nike, Coca-Cola, State Farm, McDonald’s and Samsung. These are well known companies some of which you and I can invest in. What a better way to invest in Lebron James and make money. I already own some shares of Nike, Coca-Cola is a great dividend stock with a world wide reputation, the same goes for McDonald’s, State Farm is a private company, and Samsung is traded on the Korean Stock exchange, so let’s take these out of our new stock portfolio. While I don’t think Lebron James will increase the share of these stocks single-handedly I do think that he has an impact on the company. Take a look at Michael Jordan, very similar as he endorsed Nike and I’m fairly certain he had a huge impact on what Nike is today. Start a stock portfolio with companies that Lebron James endorses, have fun with it and call it the “King of All Things Stock” and watch as your portfolio takes off, thanks Lebron.
I’m sure there are many ways to capitalize on Lebron James choosing to go back home with the Cleveland Cavaliers and these are just a few. I know I will take advantage by buying and selling tickets when individual tickets go on sale to make a few extra dollars, it is something I understand and I know how to make money from. Thanks again Lebron.
What are you doing to make extra money on the side? What other ways could you make money off Lebron James coming home? Do you use another celebrity to buy and sell items to make money?
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