If you have made a business out of selling wholesale or liquidation goods, you may think you have it all figured out. You have a set of contacts who are wholesale and liquidation suppliers where you get your merchandise on a regular basis.
What is your markup on those items? It may be a decent markup, but wouldn't it be great if you could get a little more back? At some point you will be at the maximum capacity for what you can sell. At this point, the only way to increase your profit is to be able to increase your markup on the items you are selling.
While charging more for wholesale and liquidation items may not go over well with your customers, you can still achieve a larger markup if you learn how to purchase your wholesale and liquidation items for less.
You can do this by searching and evaluating the wholesale and liquidation market place and understanding who regularly has the best deals. When searching the auctions on Wholesale611.com you will get familiar with the best suppliers, products and regulars who sell the best quality merchandise for the best prices. This will take a little work up front, but could well be very profitable for you in the long run. Educating yourself in the wholesale and liquidation marketplace and making sure you are bidding on the best deals just takes some work and experience.
Try to focus on a specific wholesale and liquidation products first to get a niche that you become familiar with and know what the best prices and items that will move the best.
Important Notes when Buying Liquidation Goods
Be prepared to buy a lot. When it comes to liquidation electronics and other items, many retailers will only sell by the pallet.
Find out the condition of goods. In some cases, the goods being liquidated by the retailer are just overstock or discontinued items. Other times they are damaged or broken pieces of merchandise that you may have a tough time selling.
Have a selling plan in mind. Before you make a purchase, you should know what you are going to do with them. You should have a sales and marketing plan in place to move the liquidation goods. A retail liquidation purchase will mean a lot of items are coming into your business at once. The longer it takes to sell those items, the longer your money is locked into them.