Think about why you will succeed. Is your local music venue not successful at advertising? Do you notice that a sports team regularly sells out their games? You should find a market you can compete in that is also profitable.
Some states require you to have a ticket reseller’s license if the concert venue is in their state.
Banks and credit unions are a good place to check into loans for starting businesses. See this guide for ways to find out your credit score and optimize it. You can also try to find investors in your area. Local businesses may be interested in low-cost investments or the perks that come with having ties to a ticket broker. If you keep it small and personal, you may be able to keep lawyers and accountants out of it. See this for more tips on starting a small business.
To give you an idea, the application fee for New York is $5,000. It will vary by state. New York also requires a surety bond held by at least two sureties for the sum of $25,000. This money is on the line to ensure you fulfill your contractual obligations. Additional information may be required. For example, New York needs to know the status of any child support payments.
The most obvious source is the venue itself. Authorized or official resellers are businesses that the venue contracts to sell its tickets for them. This is typically a cost-cutting measure for the venue. You can also typically buy tickets from other licensed resellers. They might be looking to reduce a surplus or believe that demand for the ticket will be lower than they had predicted.
Events like the Super Bowl are a feeding frenzy for ticket brokers. If you are lucky enough to have a chance to buy tickets, grab all you can. It has proven to be a lucrative event for ticket resellers for decades. Local music events are more hit-or-miss. You probably want to be more cautious about buying these tickets. The good news is that you will be out less money for each one you don’t sell - especially compared to the Super Bowl.
For example, in New York, you must be 500 feet (150 m) away from venues with a capacity of 5,000 or less. You must be 1,500 feet (460 m) away from venues with a capacity of more than 5,000.
