How to Conduct a Going out of Business Sale
The first key to a successful liquidation sale is proper planning. This is the most important element that will determine how successful or ultimate failure for the liquidation sale. All the planning for the liquidation sale should be done before you begin along with options in case things go wrong. You should have two additional options ready, instead of winging it, because some things will not go as planned.
Here are a few things you need to plan for before the sale begins:
1. Initial Pricing and future markdowns
2. How are you going to get shoppers into the store
3. What price for your fixtures
4. How are you going to keep your employees from leaving during the sale
5. What kind of signage/banners do you need?
6. What is the plan to get rid of the remaining inventory that does not sell at the end
7. When are you going to get ready for the sale and let customers know when the sale starts
8. How long will the sale last
9. How and when to contact the press about your liquidation and much more
Get the Most Money for Your Retail Store Quickly with Less Stress Hi, I am Jerry an Independent Contractor with DWS Retail Sales. I am a retail store liquidation consultant conducting sales since 2003. Specifically, I help retail store owners in the United States with $150,000 or more of inventory at cost to liquidate their inventory and fixtures quickly with the best return possible. I have been doing this for years and I love what I do.
Let me show you some interesting thoughts from fellow owners. Here are a few comments after the liquidation sale has been completed.
Once the sale begins it is important to keep the community excited about coming in and buying. We as owners do not take into account our emotions that will be involved in destroying a store that we have tried so hard to make work. Also, our employees have the same feeling of loss. We all have to think of our financial futures. These emotions clutter our ability to be at our sharpest during the liquidation. What about fatigue? This is a time when we have never worked harder physically.
We hurt in the evenings and have to sustain this for 30-45 days. This further affects our ability to do something new like a liquidation. I helped all I could but I did not have an extra 50 hours per week to “be a working leader” of the sale. I never thought of the constant re-set involved in making the remaining items sellable. I could not do this by myself. How do you manage to stay sane at the end of the sale with customers trying to get everything for nothing?
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