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Selling Off Supply and Material Overstocks

By: Rachel Newcombe - Updated: 16 Oct 2012 | comments*Discuss
Sale Selling Supply Material Overstock

All businesses are likely to have times when they want to sell off supplies or overstocks and craft businesses are no exception. If you’re in a position to do this, and still want to be able to make money from doing so, then here are some tips and ideas for selling off supply and material overstocks.

Even the most organised and well planned craft business will have times when they’ve got too much stock and need to thin it down to recoup costs and allow space for new items to arrive. This can typically happen if you’ve bought in loads of a certain item, but haven’t sold as much as expected, or sales of items that once were popular and in demand have tailed off, leaving you with a lot of leftovers.

It’s a scenario that can affect crafters running a business too, as it’s possible to over-estimate the amount of materials you need, or purchase the wrong items by mistake, and find yourself with a lot of excess materials leftover. Whatever your craft business, you can make the most of selling off your supplies and overstocks of materials in similar ways.

Pricing Overstocks To Sell

In order to get the most out of selling off your overstocks, it’s important to first think about how you’re going to price the items. If your buying records are up-to-date, then in theory you should have details to hand regarding how much you paid for the items in the first place.

These details, combined with your ideal profit margin, should be used as you work out how best to price your overstocks. Bearing in mind that in most cases you’ll probably want to sell them rather than get stuck with any extra stock, then think carefully about this and especially of any ways in which you could shift more stock.

For example, special deals such as, ‘buy one, get one free’ or ‘three for the price of two,’ often work well as an extra incentive to customers and can help you quickly sell items. These can also be used in conjunction with other discount offers, such as ‘50% off’ or even ‘75% off’ to help people feel like they’re getting the deal of the century!

Marketing Your Overstocks Sale

In order for any overstocks sale to be successful, it has to be marketed and promoted well to let people know that it is happening. Be clear in any marketing campaign, clearly stating when the sale is, where it is and why it’s so good that no-one should miss it.

If you have a customer mailing list, then this is the perfect way of spreading the word about the sale, but you can also back this up with other methods too, such as advertising it on your website, in your shop windows, via Twitter or a Facebook page set up for your craft business.

The more people that know about the sale the better, as it increases the chance of you selling the stock and making room for more.

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