When launching a business for the first time, one common mistake that business owners make is that of ordering too much inventory right off the bat. While this is a better situation to be in than one where not enough inventory was ordered in the first place, it can still be a pain to deal with. Fortunately, there are some viable solutions to dealing with the excess inventory.
Rent a Warehousing Service
Fortunately, it is always possible to use a warehousing service to deal with the excess inventory until it is needed. My Uncle’s trucking company had to use a warehousing service in Bethlehem, PA when they first started shipping orders. The size of the space that you should go with may vary depending on the amount of excess inventory you have. From there, you can typically rent as a business owner from month to month. Just be sure to carefully consider what inventory you will put in the warehousing unit ahead of time and what will remain in-house.
Donate It
If you no longer want to deal with the hassle of having the excess inventory or simply have no use for the additional inventory, then you may want to think about donating it. If you know of any particular charity or organization that could benefit from the donation, arrange a time to drop it off or save money by seeing if they can come pick it up. You will get rid of the excess inventory this way and feel good about yourself in the process.
Mark it Down
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If you do not want to deal with moving the inventory to another warehouse or location but still hope to make some money off of it, then you may want to mark the price of it down pretty drastically. If you set the price just right, you can still make money on the inventory and the items will begin flying off the shelves in no time as customers try to take advantage of the sale price.
Bundle
Another way to make money on the excess inventory while also getting rid of it as soon as possible is to bundle it with other items that you are already selling. For example, if you have an excess of bar stools in a furniture store, consider bundling them with a table or bar set that you already had on the shelves.
From here, all that is left to do is be a little more careful next time when it comes to ordering the right amount of inventory!
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