How to Launch a Successful Jewelry Store Retirement Sale
You have been running your business most of your life and now all you want is to take it slow and just enjoy the fruit of your labor. You are ready to retire and enter a new phase of your life. The only question is what to do with your business? How can you retire without ruining the reputation you built over the years? This is when you need a retirement sale.
For jewelry store owners, retirement can be complicated if not approached meticulously. Most jewelry store owners do not have a concrete plan on how to transition to retirement. This entails missed opportunities to turn the remaining inventory to actual sales before they finally call it quits. Running a jewelry retirement sale is a great opportunity to turn your customer goodwill to profit. Launching a jewelry retirement sale is the final chance for jewelry store owners to retire in style.
Reasons to Launch a Retirement Sale For Jewelry Stores
Retirement sale is an emotional event but it is also an opportunity for both the business owner and the customers. Below are some of the reasons to launch a retirement sale.
- To Celebrate
A retirement sale is a celebration. It is important to set the right vibe of the retirement sale. You do not want your customers to feel that they are attending a funeral. No one wants to buy jewelry from a funeral. Rather, you would like to instill a happy ending for the store and a farewell for the business owner. After all, the purpose of the retirement sale is to honor the loyal customers and give the owner a graceful exit.
- To Liquidate Inventory
Most of the time, the outstanding inventory hinders the business owner from retiring. Many business owners simply do not know how to liquidate their inventory. If the decision to retire comes suddenly, the business owner is not prepared and has no clear plan on how to turn the inventory into sales. This is where retirement sales can help the most. Many people anticipate retirement sales because of the heavy discount. In fact, 65% of the customers participating in the retirement sale are new customers or sale shoppers and only 35% are the old customers or returning customers. Therefore, a retirement sale is the fastest way to turn your inventory to cash.
Preparation for a Successful Jewelry Store Retirement Sale
As this is the final chance and there is no do-over, it requires careful planning. Prior to conducting the actual retirement sale, there is hard work to be done. Here are the things you must do in order to launch a successful jewelry store retirement sale.
- Prepare an Accurate Inventory
Inventory is a daunting task that requires long hours of thorough work. It can be frightening for most business owners especially if they are not an expert in this field. Most jewelry business owners simply have no time to do their inventory. Often, they are focused on other aspects of running their business. However, for the retirement sale to be successful, an accurate inventory should be a priority.
- Assess All the Jewelry
Inspect all the jewelry in your inventory. All jewelry must be evaluated to ensure that they are in best condition and ready for the sale. Assess if some pieces need to be repaired or replaced. If you are not an expert appraiser, you will need the service of a registered appraiser to determine the current value of the jewelry. It is also important to determine the value of the entire stock. This will help you decide on the threshold price ensuring that you will not incur losses.
- Event Planning
Retirement sale is the final event, once this is over, you are done with your business. Therefore, to maximize this once-in-a-lifetime business opportunity, advance planning is tremendously important.
Consider the best time to hold the retirement sale event. Choose the date when people spend more on shopping. You may consider covering the holiday shopping season starting from Black Friday up to Christmas. Generally, higher jewelry sales are generated during the last quarter of the year particularly from November to December.
However, you will have to consider the local and state laws when determining the retirement sale duration although usually you can run the sale for up to 90 days.
- Marketing
Marketing strategies play an important role in running a successful jewelry store retirement sale. As we are now in the digital age, there are many avenues to promote your sale event.
But first, you will want to reach out to your loyal customers and prioritize them by giving special discounts for their patronage over the years. Make sure that your mailing list is updated. Schedule sending emails and provide the promotion details. As much as possible, make it sincere and personal.
It is also important to advertise and send the message to the general public. Advertising strategies may vary depending on what is the cost effective for your market. Learn how you can reach a greater audience in your community or perhaps you would want to target a larger scale.
- Seek for Retirement Sale Service
To save you from all these burdens and make your retirement less exhausting, it is wise to hire a retirement sale service. They can do all the hard work including inventory, appraisal, pricing, sale event planning, and marketing. With their knowledge on running a jewelry store retirement sale, you are assured your retirement sale will go smoothly.
Running a jewelry store retirement sale needs a unique business approach. After all, every jewelry store is different. A tailored model is necessary to ensure that it fits your clientele. Find a trusted retirement sale service who can understand your business and how you want to leave your legacy in the community.
Retirement Sale for a Successful Jewelry Store
Retirement should be a smooth transition to a new chapter of your life. Launching a jewelry store retirement sale is the perfect time to celebrate the success of your business and at same time, reward your loyal customers throughout the years. It is also an opportunity for you to sell off inventory. With the help from a professional retirement sale service, the success of your retirement sale is guaranteed.
Keep in mind that the jewelry store retirement sale is your one last shot, make the most out of it.
