Max Hayden: A 16-year-old who buys and sells business and runs a business

For many video game enthusiasts, the shortage of consoles for more than 12 months is not pleasant.

For high school student Max Hayden, however, it turned out to be a great bargain.

The COVID-19 epidemic has caused many people to struggle with economic problems, but for a 16-year-old young man - Max, it is an extremely good business opportunity. Recently, by selling rare items from electronics to consumables for double or triple the price, the b.oy has earned a decent income.

With the difficulty caused by the pandemic, everything becomes a business opportunity, especially for resellers like Max. He buys and resells dozens of the latest PlayStation and Xbox consoles for $1,100 - more than double the $500 list price.

By doing the same with some goods that are scarce during the pandemic, such as garden heaters or Pokémon trading cards, Max raked in a profit of $110,000 on revenue of $1.7 million in 2020. Max Hayden is hoping to do even better because the market for game consoles and other electronic products is still very volatile.

Opportunities from Covid-19

The global pandemic has disrupted supply chains, causing shortages of everything from common products like ketchup to electronic chips. The lack of supply caused the resale market to boil. More active than ever, creating opportunities for people like Max to make m.oney by reselling scarce items on e-commerce sites like Amazon, eBay,...

Many have even established their own companies in the resale industry. These people don't hesitate to join online groups (paid) to share business tips with each other.

Unnecessary resale of goods is in most cases legal, although many retailers are often upset with resellers because the price difference can cause friction with consumers.

Max's father, Hayden, said he was initially uncomfortable with his son's success because he thought he benefited from the pandemic. However, he concluded it was perfectly legal because his son only resells luxury goods, not necessities.

Take care of everything yourself

Max spends about 40 hours a week processing orders, managing inventory, supervising two employees, and crunching numbers.

In addition, the 16-year-old still spends time studying from his home office. Max also chats with other resellers and monitors business and political news to spot new consumer trends.

Since last spring, Max has been stocking up on weights and hair clippers in the wake of Covid-19 forcing gyms and beauty salons to close. Over the summer, he stocked up on a swimming pool at his home and started renting out a new warehouse before buying massive amounts of PlayStation 5 and Xbox Series X consoles.

Max says he sells most of his products for double the price. In the beginning, he hardly needed to use any tactics to do business. The high school student simply ordered 10 consoles from Target (a large US retailer) with his own savings and resold them.

"It's basic knowledge everyone knows but most people don't care about it," Max said.

As the supply of consoles began to become scarcer in November 2020, Max started joining online resale communities to find potential customers.

For a monthly fee of $20-100, he learns many tips on how to source scarce supplies and how to automate online purchases. This saves Max from having to spend hours at his computer waiting for items to go on sale.

"Starting a business" from a young age

Since the age of 10, Max has started his own business on e-commerce sites. He uses his mother's eBay account to resell toys he bought from Amazon. The entire purchase amount is saved by Max from pocket m.oney, bonus m.oney,...

Max got a second business opportunity as a book reseller. His father, an architect, knew a client who had just bought a new home with hundreds of old books left by his previous owner, and he encouraged Max to try selling books online.

The real breakthrough came for Max in 2019, when he started reselling high-end sneakers. Max's business currently operates as a limited liability company and pays taxes under the name MH Book Store. Thanks to running his own business, Max said he has been free of financial dependence from his parents for four years now.

Max also hires two friends for $15 an hour to help with packaging and customer communication. He also saved on storage costs by sharing the rent with six other resellers.

Before her son's success, Jennifer Hayden, a financial services professional, said: "I'm happy he's making m.oney, but he has to graduate from high school."

Max has a hobby of playing hockey when not working, but his main passion is still starting a business to continue the family career. Max's grandfather owned an auto dealership and his mother owned a food service business. Max plans to major in management information systems when he goes to University.

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