If you have an entrepreneurial spirit but you’re not sure how to channel it, you may want to look into the liquidation business. Liquidators take retail merchandise that they’ve acquired at low prices and then sell products at a markup for a solid profit. Whether you’re purchasing pallets of Walmart accessories or you’re finding steep discounts on retail goods, taking advantage of liquidation sales can be a profitable business model.
Before you get started, you need to set ambitious goals, define your company strategy, and know the best way to track your key results when purchasing retail products. Here’s how to get started.
Find the right products.
Even if you’re not as familiar with liquidation sales, they’re fairly easy to find. Sometimes, companies will use a business sale to move old inventory or customer returns. Other times, liquidators will act as middlemen for top retail businesses like Walmart, Sears, and Macy’s. Closeout sales are particularly useful as well. A business liquidation sale can help you score pallets of accessories, jewelry, apparel, furniture, and more. If it’s your first time working with liquidation, you may want to develop an action plan to help you establish a clear direction for your buying and selling metrics.
It’s also a good idea to leverage market research before buying discount products. Learn what promotions and merchandise resonate most with shoppers so you can utilize this information to your advantage. It can also help you understand which auctions and business sales are most useful. For instance, if you need power tools, look for liquidation sales of Home Depot merchandise.
Use strong goal-setting tactics.
If you’re not familiar with the OKR methodology, it’s a good time to familiarize yourself. OKRs are known as objectives and key results (OKRs). Company OKRs and individual OKRs can help you set company objectives, hit stretch goals, and track progress across your entire company. Whether you’re looking at team objectives or are attempting to ensure alignment at the individual level, an OKR program can help.
For the first thing, you’ll need to know how to set OKRs. Some OKR programs and OKR software make this much easier. The right platforms will include a template to help guide you through the OKR process. While you don’t need to follow this template to the letter, it can help you develop more effective OKRs when you’re starting out. This includes stretch goals, individual objectives, and company objectives. A good OKR will help ensure accountability for each team member as you work towards a common goal.
Typically, OKRs are set at the end of the quarter to help forecast progress for the next quarter. By using smart, timed goals, OKRs work to enhance qualitative goals and set-top priorities. If you’re ready to set your own OKRs, personal OKRs, or team OKRs, using the right platform can make your life much easier.
Market yourself effectively.
If you’re a first-time entrepreneur or a startup, your company goals are simply a piece of the puzzle. To provide clarity and have the biggest impact, you’ll want to increase your brand visibility through strong marketing. Even if you’re offering a good deal on brand-new merchandise, it won’t matter if shoppers don’t know how to find you. You can rely on blogs, social media, and special bonuses for customers who visit your site through a browser search. Create a checklist of your marketing needs, make sure you’re applying the basics and set strong business goals for each marketing campaign.
From setting company goals for yourself and your coworkers to finding pallets of customer returns, you can start your own liquidation business that’s built to last. Have a set of key results ready and choose the right leadership team. It can make a big difference in the long run.