At Staples, students who spend lots of money on concert tickets aren’t always bummed out when they find they can’t attend a particular concert.

After realizing how much money a person could make, two Staples Students decided to create their own business by buying and selling concert tickets.

Business partners Jake Felman ’11 and Mikey Scott ‘11 started buying and reselling concert tickets to make extra money without the hassle of a full-time job. “Since Jake and I do sports during the school year, we don’t have time for an after-school job, but this has become a job for us,” Scott said.

Felman and Scott have big plans for the new business they have created.

“We hope that maybe, if we make enough money, we won’t have to work over the summer,” Felman said.

The boys run the business by using their own money to buy tickets on TicketMaster.com and Live Nation. Then, they sell them on StubHub.

“We buy the tickets for around $30 and then sell them for varied prices usually between $50-100,” Scott said.

In terms of which tickets to buy, Scott explained that they purchase ones for music that interests them.

“Our type of tickets to sell is not too specific because we can’t always afford the most expensive ones. We try to find the tickets that sell,” Felman said.

They also try to get tickets that will sell relatively easily, so they are not stuck spending money without making a profit.

“We like to buy tickets that are easy to value, so we are not ripping people off, nor are getting ripped off ourselves,” Scott said.

However, there have been a few instances when the tickets have not sold or when the demand was low and they had to be resold at face value.

Scott explained that they just had to “take the hit” for it. But overall, Scott said that theyare very organized about their business.

They made a GoogleDoc with an excel spreadsheet to organize their profits, sales, and other information to keep it all together in one place.

Felman and Scott also talk strategy about when they will put the tickets for sale, how much they will sell them for, and how many they will buy and sell at a time.

“It is sometimes hard to tell when to put the tickets online to sell,” Scott said. They usually put two tickets for sale a week, but the amount depends how soon the concert is and how many they bought altogether.

“If we wait for the last minute, sometimes they sell for a lot of money because demand is high, but other times they don’t sell at all,” Scott said.

If the concert is local, they sometimes try to sell them to kids at school, Felman said.

For the upcoming Kid Cudi concert on April 20, they are going to start by selling them to students at school, and then put the rest online.

For this concert, they bought 16 tickets, their largest purchase yet.

In general, the quantity of tickets for each concert depends on the type, Scott said.

Overall, Felman and Scott feel very successful in their blossoming business and hope to continue making more money.

Right now, they are reinvesting all that they have made in more tickets, but Scott estimated their revenue, which they split 50/50, to be about $600 in total.

“Selling concert tickets is just an easy way to make a lot of money,” Scott said.