How To Go Out Of Business Profitably Following Simple, Proven Steps For Success
Knowing how to go out of business does not require the same skill set as knowing how to build and grow a retail store, although many of the principles can be the same. When the time comes time for a retail store to close, for any reason whatsoever, many decisions must be made.
The first decision that most small business owners face is what to do.
The first direction most people go when the decision for quitting business has been made is to try and find a buyer. The problem with this choice is that it can be a long and daunting process to find a qualified buyer for a business.
Aside from it being a strenuous process to do alone, if you pursue a broker to help they will take much of the profit, assuming they are able to find a buyer in the first place. Further, if you are able to find a buyer on your own, then finding one who is financially qualified and is willing to pay you what the business is worth will also be challenging.
It is for the above reasons that a business owner should do a lot of research to determine the most efficient ways on how to go out of business with the most profit possible and with the least amount of stress possible.
While store closing sales are always a viable option for quitting business, they too have many different things to consider like whether to facilitate and conduct the sale alone or hire an outside company to do it. The biggest drawback to doing it yourself is that you only get one shot to do it correctly and if it’s not done correctly, the store owner, could end up easily flushing thousands of dollars in profit down the proverbial toilet.
With a quitting business or store closing sale, many things need to be considered outside of the business itself, which still needs to be run and managed while the sale is taking place. Things that many business owners may not think of:
Staffing needs during the sale, which will need to be more than usual at different points in the process.
Implementing and maintaining the right marketing to not only get people in the door in volume, but keep them coming back for the duration.
Making sure the right merchandise is in the right places to start the sale, as well as making sure it’s moved and rearranged during the process for maximum impact.
Implementing the right marketing for fixtures and equipment, which is separate from the marketing done for the inventory itself.
Ensuring the price reductions are not only started at the correct place for most profit, but also maintained at a balance to keep the traffic flow excited.
So, while it is possible to find qualified buyers for a declining retail store, it can be time consuming and arduous. The alternative is a professional sale and knowing how to go out of business with a carefully planned and facilitated store closing sale.