All good things must come to an end. Even in business. Whether it be
increased competition, better technology or just changes in popular trends, millions of businesses this year will have to hold their own “Going out of Business Sale.” For most business owners, going out of business isn’t their proudest moment, but like any good businessperson – you need to find a way to turn a negative into a positive.
Just because you’ve decided to close up shop for good doesn’t mean that you have to take a big loss in the process. Many retailers are left with tens of thousands of dollars in unsold merchandise, but that doesn’t need to be the case. If planning to close your store within the next 30 days, you can offer deep discounts to customers on this unsold merchandise – while still making a profit!
Your pricing no longer has to account for next month’s rent or utilities, so you can offer discounts at the lowest prices during a Going out of Business sale. Of course, you still need to advertise so that customers will know about the amazing deals that you’re offering – the goal is to get all remaining merchandise off the shelves before you lock the doors for the last time.
Spend a Little, Make a Lot
We know that it can be difficult to justify spending money to advertise a “Going out of Business” sale, but if done right can end up being quite profitable. Let’s start with the basics. You’re going to need a vinyl banner to let everyone know that you’re going to be closing – after offering amazing discounts! Who else can offer “Up to 60% off!?”
If your company has been in business for a while, you’re likely to also have a mailing list of previous customers. This same list may have been used for previous holiday promotions or annual sales. Print a few thousand postcards online that highlight your ‘Going out of Business’ sale to mail to your list. Previous customers are likely to be your best shot at clearing out the warehouse before handing over the keys.
Your Next Business Venture
Once a businessperson, always a businessperson. While some ‘Going out of Business’ sales may lead to retirement, most business owners regroup and launch new ventures – sometimes even using the capital raised in that final sale! Don’t forget to come back to Printfirm for all your promotional printing needs when coming up with soft opening ideas for your next business.