How do you move on?
So continuing with our January duties………..Parting with seasonal "left-overs" can feel like you are giving away your babies, but at the same time, you know the cash will feel soooooo good. You might be wondering where to start or if anyone would be interested in the odd quantities you have left, but have no fear. Most flash sites have a varied amount they are willing to take, as do big time close out discounters like TJ Maxx, Marshalls, Century 21 etc… And don't worry about the effect on your brand…..all the big designers do it so why shouldn't you? I always closed out when possible and still did $1M in sales…..no excuses.
The entire point of this is to recoup the COST on your products so you are not in the red, and get quick cash to fund your next collection, marketing, expansion…or whatever.
The first thing I recommend is trying to do as many sales as possible on your own website. I'd suggest emailing customers directly and offering a large discount (like 50% or more) to make as much up front cash as possible.
Simultaneously, you'll want to do inventory on all your remaining goods and write the quantity on the line sheets. Then find the names of the correct buyers at various flash sites and over stock discounters…..and hit them all up at the same time.
Cast a wide net and take the best deal.
Keep in mind that above all, the entire point it to recoup your cost and nothing more, so be 100% sure you know your cogs and be ready to make a deal.
Let me know how it goes,