Do you know what happens to unsold stock from stores and other businesses? A lot of it heads to liquidation companies, where the items are sold at a discount to other people and companies. In many cases, these are sold to other retailers who will sell the items in their stores, but buyers can also include home reselling businesses. And if you don't run a business but want to see what these sales and products are like, there are options for you, too.
Private Parties Can Buy These Items
Online liquidation sales aren't always for businesses looking to score a deal on brand-name items. You can find liquidation sites and stores that do not require buyers to have a business license. Some have different divisions, where buyers need a license to buy from one division but don't need a license to buy from the other; others may restrict certain products to license-holders. Check out the seller carefully, even if you're buying from a liquidation site that offers access to several store-specific liquidation auctions.
You May Need a Reseller's Certificate
Liquidation sales is a diverse game, and no two sites are going to be alike. Even if you don't need a business license, check to see if you need a reseller's certificate, also called a seller's license or a sales and use permit. This is not the same as a business license but essentially has the same effect of dividing buyers between businesses and non-businesses. If you're buying liquidation items for your own use, you may want to stick with sites that sell outright to non-businesses. If you're not sure and the FAQ for the company has no information, you can always contact the company's customer service center and verify whether you need to be a business to buy from the site.
You Can Resell Some of These Items for Profit if You Read Terms Carefully
It's no secret that people looking to make fast cash will buy items from liquidation sites and resell them. In many cases, this is legal and acceptable. However, certain brands forbid their liquidated items from being resold on certain sites. These prohibitions will be included in any terms of sale or product descriptions. So if you're planning to resell the items you find, you need to look over any descriptions, terms, and sale paperwork to determine if there are limits on what you can do with the item or where you can sell it. Also be aware that if you do want to resell items, then you do need to complete the process to become a business in the eyes of your city and state.
Whether you just want to stock up on some cheap tortilla chips or want a pallet full of keyrings to sell, online liquidation sites have a lot of good stuff. Once you figure out which sites are best for you (private or business), you will have fun seeing all the deals you can get.