In today’s competitive business environment, finding new ways to make money is always more important than making money, especially when the economy is in the tank. Selling a business in a down market is something that many entrepreneurs can relate to.
What if your local merchants haven’t been buying anything to replenish their inventories? So you had a hunch that a steady stream of clients in the downtown area might help your business, and since it hadn’t worked well for your competitors, it could work for you.
But the truth is that your local business doesn’t need customers right now. Even though it may seem as if you can sell your business in a down market, it isn’t that simple. Selling a business in a down market is something that takes patience and a good strategy.
Having a good market is the first step to selling your business in a down market. Since so many companies don’t sell, they are always out of business.
It’s frustrating to see your business on the verge of bankruptcy. If you have several potential clients waiting to purchase your inventory, it will give you some relief and the motivation to focus on your business.
It’s tough to keep calling prospective clients hoping to close the deal when the prospects you have in mind aren’t interested in purchasing. A good strategy for handling potential clients is, to say no simply.
Although you may be doing the opposite of trying to get a potential client to buy your business, it’s not impossible. To do this, you can write on the back of your business cards a phrase that states, “Thanks for your interest, but we’re not buying this month.” This phrase will set you apart from your competition and will show your potential clients that you aren’t going to be pushed around by them.
You can also use this strategy if you want to introduce yourself to potential clients who don’t want to purchase anything at the moment. When they are already interested in purchasing from you, you can suggest that they do.
If you do decide to move forward with a sale, there are other steps you can take to ensure that your business remains healthy and profitable. One of the best things you can do is to regularly keep inventory up and running, so customers won’t be scared off by the thought of being without items.
A simple way to avoid this problem is to contact the wholesaler and see if they can order more items to cover what you have sold. Even if they don’t request, having this kind of inventory is an asset in a down market.
Don’t let sales slow down the business; if you keep the inventory moving, customers will still have enough to spend. You can even use the bulk option to offer discounts to customers who purchase a large number of items.
Always think of an alternative to a sale and convince yourself that it is still a good idea to get the deal. Sometimes people will get mad at you if you go ahead and close the sale because they feel they were let down.
