Learn exactly how to buy, sell and make money with closeout merchandise.
Have you wondered how can you find them, how much to pay for them and where you can sell them?
It is easy to find closeouts, and sometimes easy to sell them depending on what you consider easy!! You have to like what you do, otherwise it will become hard. I’ve bought and sold wholesale lots, closeouts and liquidations for several years now. I will share with you the good and the bad about this type of business.
So where can you get wholesale lots? You can buy products form several different sources that can include whoever made the products, whoever is selling it and the wholesaler. There are also wholesale lot, closeout and liquidator consolidators that have inventory on hand to sell you. These are easy to find online but remember they are a middle man. They are buying from the manufacturer, retail store and distributor and reselling it to you by the lot or pallet.
If you want to get the real deal you have to put some effort. You will have to call the 3 categories of suppliers and start getting the name and number of the person in charge of close-outs. Yes, I know I’m not giving you the easy way out. The easiest thing would be to visit a “consolidator reseller” and buy from them but if you buy from a reseller you are leaving too much money on the table. Believe me, I’ve visited their warehouses in Los Angeles and other cities, the inventory they have is not that inexpensive.
Let’s recap: In order to get Wholesale Lots, Liquidations and Closeouts you need to call, call and call some more! Of all the posibilities you have to buy products the fastes to contact will be the retailers because you already know who they are. Retail stores typically sell you by the truckload and pallet depending on what you are looking for. Electronics for example, are sold by the pallet.
You need to get on the phone and ring retailers. Call the chained retailers, not small regional players. Call the big guys and ask for their distribution center phone numbers. Once you call start asking who sells their liquidations. They will tell you will pleasure. Remember they are in the business of selling and they need people to buy. It’s not a secret, they need you!!
Now you know how to start getting wholesale lots, closeouts and liquidations. Now you just need to learn the good and the bad about this type of business. You see, there is a reason why this product is on discount. Many times it’s a good excuse like “it’s discontinued” or “we just have too much inventory and we need to sell it at cost”. These are great ways to buy but the reality is that many of the merchandise can be damage, old, or slow selling.
Believe me, I’ve sold excess inventory many times. For the most part my merchandise was good buying the packages where damaged or completely destroyed. This is because they where store returns. When you buy make sure you know exactly what you are getting. YOu have to ask the seller for product and shipping specifications so that you know what you are getting at all times.
One more thing, make sure you know exactly how you will sell your products before you buy them. What do I mean? Well, don’t just buy products to buy, or to have in inventory. If you already have a business and know exactly what you are looking for and how to sell it that’s fine. If you don’t have a business and are starting one make sure you have a sales and marketing plan before you start. The last thing you need is slow mooving merchandise.
So it does not matter what you are selling, make sure you have a sales plan. This can include distribution to small convenience stores, exporting to other countries, selling to distributors or swat-meets, selling on eBay or online or any other type of business.