Navigating Going out of Business Sales

As a business owner, I know that it takes a lot to start out on the journey to business ownership. So, when I was grabbing lunch today and noticed a going out of business sign for the Silk Trading Company, I was a little sad. These signs have become really common in the area where I live because there are so many design related businesses here. It has started to really sink in for me that when the "recession" is over, many of the stores and vendors that I depend on for my success will not be around. OK,OK enough of that. The purpose of this post is to help you navigate going out of business sales.

Back in the day when there was to be a going out of business sale, the company would run an ad in the local paper and savvy shoppers from all around would line up early with hopes of getting the best deals. While this still may be the best option for sample sales in New York, a regular going out of business sale can be handled in a more systematic way.
First, think about the store. Is it a store that you are familiar with? If it is, you probably already know of somethings that you might want or need. You will also know first hand the style and value of the merchandise being offered. If you are not familiar with the store, you might want to stop in, but what I recommend is using the internet.
From my Blackberry I can check out the company's website and see if I am interested in the products in general. With so many bargains to be had these days, I don't suggest going for items just because they are on sale. Instead, use the sales to help further an already existing design plan or project.

In the case of the Silk Trading Company, I was familiar with the store, its' goods and other offerings. In this case I went to their web site to see what styles were currently in stores. When you get to going out of business sales, the area is sometimes hectic and unorganized. Use the website to jot down designs, item numbers or what ever information you can use to find what you are looking for in the midst of the chaos.

Don't get carried away by the discounts. These fabrics were 80% off so I immediately thought
about how I could use them. I left them because I would have to wait for the perfect client or project to use them. In the mean time I would have to store them -which cost money. Remember to only purchase what you will use now.

Finally, remember that these items are non-refundable. Make sure that you can use them once you get them home. Take a tape measure with you to the store and double check colors and sizes before committing to the purchase. I love books so I will normally stop in and buy a book from stores that are going out of business. Things like books and accessories are easy to pass on if you change your mind, but it is still money and it all adds up, so don't purchase it unless you love it.


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