EP49 - How to Manage a Liquidation of Your Inventory with Nicole Di RoccoNov 30, 2020
Photo by Becca McHaffie on Unsplash
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Has anyone else felt like this year just keeps trying to outdo itself?
I know that I have learned some hard lessons this year and not all of them have been the result of 2020 being 2020...
In this episode of the FastTrack Your Fashion Brand Podcast, I share my experience with working on liquidating my inventory with a liquidator. This is something I knew many fashion designers and business owners are a little bit nervous about but truthfully, I found so much freedom in the process. I always want my FastTrackers to be successful in their fashion business, yet sometimes, liquidating can feel like a failure. That feeling is not true.
This episode is an honest and helpful look at some of the reasons why you should liquidate and what kind of liquidators to look for to help you move your product.
IN THIS EPISODE, YOU WILL HEAR ABOUT
- Why you should liquidate
- Three lessons from my own liquidation experience
- How to find the right liquidator
- Tricks of the trade
Why Are You Liquidating?
One of the major fears that comes with liquidation is that the notion that you have failed as a business... Which makes sense when you think about retail stores going out of business and all you see are those huge yellow or red signs that read “EVERYTHING MUST GO!”
But one of the things I have come to realize is that working with a liquidator is actually a freeing experience for you and your business.
Think of it as a clean slate, cleansing your mind, and letting those creative juices flow back in...
Walking yourself through the process of understanding how much money it’s costing you to keep your product around, whether it's causing a creative block to keep promoting it, or constantly seeing a style that hasn’t sold as well can be a productive process.
Three Lessons on Liquidating, Why You are Not a Failure...
Say it with me, out loud... ”Liquidating is not a failure.”
Didn’t that feel good?
Now, that you have some more brain space lets walk through the three reasons why you’re liquidating…
- Your product has a natural life cycle, this is why you price it the way you do when you first launch it and it’s okay to let it go when it’s used up its cycle. This also can cost you more in the long run to keep a product around that you aren’t actively promoting.
- Figuring out and identifying your “Stand Out Style” and helping your customer to identify your brand. If you are constantly looking at styles that are maybe not quite what you want your customer to identify with you then it’s time to move that product.
- Put your customers first. Are we too attached to our style when we should be attached to our customers? Sometimes we can lose sight, especially as designers, of what’s more important to us. Having a style we like or having a style that your customers love.
Keeping your heart, mind, and soul in check is so important when you are running your business. Remember that these are all important steps to walk through in your mind when you’re deciding if you should liquidate.
Finding the Right Liquidator for You
Finding a liquidator can be intimidating…
Don’t worry, Google can be your best friend in helping you find the right business to sell to.
The most important thing to remember is that when you research a liquidator you are looking to who they sell to.
Are they selling to an off price store? Small boutiques? Poshmark sellers?
All of these factors are something to consider when you are approaching a liquidator because if your customers aren’t any of these stores it can be hard to get a good price for your product.
The best thing I can recommend is doing your research and getting multiple offers on your product to find the best price that can help you recoup some of the money you lost in creating the product.
01:05-07:55 - Masterclass in Sold Out Launching
08:00-08:55 - Why You Should Liquidate
09:00-11:25 - Three Lessons on Liquidating
11:30-16:55 - Identifying Your Stand Out Style
17:00-20:00 - Are We Attached to Our Styles or Our Customers?
20:05-25:55 - How to Find a Liquidator
26:00-29:13 - Tricks of the Trade!
29:20-31:55 - RECAP!
CONNECT WITH ME
PODCAST FB GROUP: www.facebook.com/groups/fasttrackyourfashionbrandpodcast
SUBMIT YOUR FASHION BIZ QUESTIONS: www.fashionbizmentor.com/breakthrough-coaching
SEE MY DESIGNS: www.mynicolita.com
THE SOLD OUT CHECKLIST FREE DOWNLOAD: https://bit.ly/FASHIONCHECKLIST
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