As we all know, this year has been unlike any other. Although COVID-19 has had a huge impact on the world globally, online retail has experienced a small silver lining. But, getting your business in a healthy place before closing the books on 2020 is essential to tracking your yearly performance.
So, how do you close out the Q4 holiday reselling season on a high note and start Q1 on the right foot? Check out these end of Q4 tips to get your business ready to ring in the new year!
Make a list, check it twice.
The busy holiday season has arrived, which means your customers’ demands have likely changed or increased. You’re receiving incoming inventory, trying to get orders out the door, and trying to organize your end of year finances, all of which can be a bit overwhelming. To close out Q4 and keep yourself out of a HAULiday pickle, try to make a checklist to help you stay on track, and make sure nothing falls between the cracks.
The infamous death pile of items you just can’t seem to sell seems to follow most resellers throughout the year. . you’ve probably looked at this pile and thought, “no one will buy this” or “I’ll get to it next weekend.”
But, defeating those seemingly immovable items could be as simple as putting them in front of new buyers. Gather those items and cross-list on multiple platforms to get your inventory in front of fresh eyes. Also, take a look at pricing for these items to make sure they’re competitive with the current market. This task will help ensure you don’t take last year’s death pile into the next, so remember to list, sell, and repeat!
Dashing through…the competition
As online reselling grows in popularity, your competitionis likely to grow with it. That means attracting buyers and marketing your business is more important than ever.
Take time to analyze your inventory to see if it matches what prospective buyers are searching for. Do some product research and join reselling groups (like the BULQ Community Group) to learn what’s working for other sellers. Once you’ve determined the right inventory mix, ensure your marketing plan is designed to reach the people most likely to buy those items.
New year, New Goals
Resellers of all levels can sometimes find themselves second-guessing their strategies and lamenting over past performances. Though likely meant to be constructive, these “wishes” often undermine the successes they DID achieve and can hurt more than help:
“I wish I would have made more money.”
“I wish I would have done it this way instead of the other way.”
Don’t spend January lamenting over what you could’ve done better last year – YOU’VE DONE GREAT! Instead, change those I wish statements into actionable and feasible new year goals.
If you’ve been selling for more than a year, review your overall profits and determine which items were most popular or brought in the most revenue. If you’re newer to reselling, use the experience, you’ve gained to set an attainable goal. Start small, stay organized, and remain committed.
Planning is vital to setting your business up for success in the new year and closing out the holiday season. By staying organized, moving your current inventory, managing your competition, and proactively setting goals, you’ll be ready to close out strong and start the new year being a few steps ahead.