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

tips.




Closeout Tip#1




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.




Closeout Tip#2




Make sure that you are

buying products at the

closeout sale at a low

enough price.




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 

a profit. 




It is possible that

customers will only be willing to

buy that item at 50% off the 

regular price.




Closeout Tip#3




Know the demand for the products

being sold. 




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

product.




You can find out what the demand

for a product is by speaking to

people and visiting your local

shopping mall.




You can also see how popular

the item is on Amazon

by checking its sales ranking.




Closeout Tip#4




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?




Closeout Tip#5




Make sure that the items are in brand new 

condition.




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

your customers.




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.




Closeout Tip#6




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.




Closeout Tip#7




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

usually secondary.




Closeout Tip#8




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.




Closeout Tip#9




Be aware of fashion trends to

ensure that the products being

sold are still considered to be

fashionable. 




Not everyone is as concerned with

buying the latest fashions, so this

should not be a big issue.




Closeout Tip#10




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.