3 Ways You Can Expand Your Business With Liquidation Auctions

For the savvy entrepreneur, it’s all about finding ways to grow and expand. For some businesses, this means focusing on marketing tactics and outreach. For others, networking is the top priority. And for many, it means looking for new product niches and offerings that will entice new customers and encourage regulars to return.

A great way to improve your product lineup is by  purchasing liquidation merchandise . Liquidation merchandise is affordable and can be marked up for a tidy process. The best way to get top merchandise is through auctions. Here’s what you need to know.

  1. Choose truckloads over pallets.

If you’re new to the liquidation scene, you’re probably tempted to start small and invest primarily in pallets of goods. New buyers often hesitate to commit to entire truckloads. However, when you compare the two, it’s clear that truckloads are the better option. Not only are truckload auctions excellent for acquiring large numbers of customer returns but they’re also more affordable overall. While you’re spending more initially, each truckload ends up saving you money on individual item cost. Just make sure that you don’t bid too high for a truckload or you might be defeating the purpose.

Another benefit of truckloads is that you don’t have to worry about pickup. Some pallet auctions require the buyer to collect the merchandise themselves. Truckload auctions, on the other hand, skip the pickup step and deliver it to you. Whether you’re buying patio furniture or carts of office supplies, the truckload method is the best way to scale your business quickly and effectively.

  1. Improve your storage capacity.

Now that you’re going to be purchasing truckloads of goods, you need a place to store your wholesale merchandise until you can effectively sell it to a buyer. This means you need to access self-storage or invest in extra-space storage. Self-storage units and storage facilities are excellent investments for your business. Suppose, for instance, you’re working out of Clifton, NJ. You’ll want to choose a storage unit or self-storage facility that can accommodate all of your belongings. An easy way to start would be by searching for “ self storage units in Clifton, NJ ” and choosing between the available options.

Look for a few key features when you’re deciding: Customer service and friendliness are incredibly important. Also, flexible payment options can be beneficial. Some storage space brands require you to put the first month and last month on your credit card before you can access your storage unit. If this works for you, that’s fine. If not, look for an alternative way to access self-storage.

  1. Refurbish goods that you buy from a retailer.

One popular option for many resellers is to buy truckloads of products like  Lowes liquidation . From dryers to trailers and other appliances, customers are always interested in high-end appliances they can score for a fraction of the price. While most truckloads from a top-name retailer like Lowes will be inspected and tested, some retailers will sell goods that still need a bit of TLC. While this might sound a little intensive, there’s an added draw: Goods that need to be refurbished will always sell for much cheaper than their operational counterparts. If you have some know-how and mechanical or electronic savvy, you can easily turn a solid profit. Always look at a retailer’s privacy policy and use of cookies to see if there are any stipulations about refunds for truckloads that you can’t patch up to working order.

Between scoring goods by the truckload to choosing a storage unit, the last thing you need to do to keep growing your business is to find the right buyers. Now that you’re purchasing more goods and turning products around more quickly, you need the consumer base to help. Find the right products, make smart storage decisions, and see what can happen for your business growth.