Have you ever walked by a store
and saw a large banner that announced
that the store was having a closeout sale?
Or have you visited a website
and saw a closeout section?
Closeout sales are some of the
best opportunities for buying
merchandise for resale purposes.
But before you dive in
you need to be aware of
some very important
tips to ensure
that you at least have
a starting chance to
make money from
a closeout sale.
I would like to share with
you some of my favorite
Know what you are buying.
You should be familiar with
the merchandise that you
are considering buying to
make sure that you have an idea
as to its resale potential.
The more you know, or
research about the products
being offered for sale, the
better of a decision you
will be able to make.
Make sure that you are
buying products at the
closeout sale at a low
You need to make sure that the price that
you are buying the merchandise
for is low enough so that you
can resell it a profit.
Just because an item is marked
down by 50% does not necessarily mean
that you will be able to resell it at
It is possible that
customers will only be willing to
buy that item at 50% off the
Know the demand for the products
You can buy a product for
90% below its original retail price,
but you will only be able to
resell it if there is a demand for the
You can find out what the demand
for a product is by speaking to
people and visiting your local
You can also see how popular
the item is on Amazon
by checking its sales ranking.
Know the going prices that
are being charged for the items
at other brick and mortar retailers
and online sellers.
You might think that you are getting
an amazing closeout price,
but what if everyone else is selling those
items at the same price?
Make sure that the items are in brand new
If they are not then you
will want to make sure that people
will still be willing to buy them
in the condition that they are in.
If the items are not
in brand new condition
you might want to consider
purchasing them if you
can have them fixed.
If you do fix or refurbish an
item you need to disclose that to
For example, if a closeout sale
features dress shirts out of their
original packaging you probably
can still sell them.
But if the dress shirts are stained
you will have a hard time
selling them unless you first
have them cleaned.
Be aware of any legal issues
revolving around the items
being sold at a closeout sale.
It is possible that the items
are being sold in a closeout
sale because of a change in
a regulation that will forbid the
sale of those items in the future.
You need to consult with
an attorney for legal questions.
Make sure that your prospective
customers like the styles, colors,
sizes, and brands, that are being
sold in the closeout sale.
People make their buying
decisions based on what they
like, price considerations are
Ask yourself if you realistically
have a sales channel through
which you can sell those closeout items.
There are literally over a hundred
sales channels through which you
can sell closeout products, so this
should not be an issue for most
sellers to deal with.
Be aware of fashion trends to
ensure that the products being
sold are still considered to be
Not everyone is as concerned with
buying the latest fashions, so this
should not be a big issue.
Be ready to make quick decisions.
Closeout sales attract many shoppers,
and the merchandise can be very limited
in quantity, so be ready to buy
when you see the right products
at the right price.