|
If you are planning to start out a business but do not yet know what to engage into, you should take into considerations the possibilities of retailing closeouts. Many people would buy closeouts simply because they are cheap and if you would really spend enough time rummaging through the stocks, you can always find good quality merchandize somewhere among the heaps. Closeouts are actually one of the best ways to stock your store as you can buy closeouts are minimal cost and sell it a double or three times the price depending on the condition of the item.
There is no science on how to buy closeouts. All you really need is a lot of patients and common sense. The rule of thumb if you buy closeouts is that you should think what your customers would like to have and how much they are prepared to spend for them. Think of things, which are useful, will not easily, get spoiled and those, which are always in demand. You can easily gauge how saleable is your merchandise by keeping a record of what items are fast selling and those which are inert or non-moving. Closeout items which sells fast in the past could be relied on to sell fast in the future given the fact that your client profile did not change drastically over the last few months. When you buy closeouts, always remember that these things are sold in bundles or are packed in Gaylord or pallets. A Gaylord or a pallet is a sort of box where the items are stacked and stored. These boxes often range from 4 to 7 feet tall so it really packs a lot inside. Most of the things inside these boxes are sold as is. Meaning, in whatever condition they are in, you have to accept it as part of the deal. After all, you are buying these items at just a mere fraction of their actual retail cost. Now, the upside when you buy closeouts is that these products are often branded. If you focus on buying and selling garments, you could hit a gold mine if you happen to buy closeouts from a department store, which sells top brands. Of course there are restricts in using these brands for advertisement purposes as department stores often do not allow these, but you can always rely on the quality of these items. As these items are either returns or overruns, there may be minor defects in some of them but clients could easily overlook that if you offer them at very reasonable price. By very reasonable, I mean you can sell them at maybe a small fraction of its original department store price. The technique is sorting the items inside you pallet according to their quality. The better the quality, the higher the price you can offer for it. This way, you can offset the cost of those items, which are already in bad state. |
| Entrepreneurship | ||||||||||||||||||||||||||||||||||||||||||
|
|
||||
