The current global pandemic has led to the closure of thousands of businesses and the temporary or permanent loss of business for millions of people working within the world's largest economy. In response, the United States government gave each low and middle-income household a stimulus check earlier in the year to push back economic contraction and prop up businesses.
True to expectations, the period following the issuance of these checks saw an immediate uptick in the purchase of goods and services, especially those usually acquired using discretionary income. With a second stimulus check currently being discussed in the United States Congress, it is of the utmost importance that you, as a business owner, prepare for the year-end sale spike that is on the horizon.
The Second Stimulus Check: What You Need To Know
1. It is not taxed
The IRS doesn't tax stimulus checks; this means that all of the money is available for citizens to spend making purchases from businesses.
2. It could come earlier
If stimulus check 2 is approved, the rollout previous could be much shorter than that of the first stimulus check. This is because, in the wake of the first stimulus check, the IRS has significantly improved its payment tracking software.
3. It's still under discussion
It is important to note that though a 2nd stimulus check is favored by President-elect Joe Biden, Democrats, and some Republicans, it is not a done deal.
Estimated Date for Second Stimulus Check
With that in mind, when is the 2nd stimulus check likely to come?
When the second stimulus check is set to arrive depends on several factors, namely: when the bill is passed by the house, when it is passed by the senate, when the president signs it and what medium is used to receive the funds. As it stands, Congress hopes to pass a new budget by the 11th of December. Provided the budget is passed, the check shall become law by December 20.
Once this happens, those who will receive the money as deposits will get their money in the last week of December.
How to Get Ready for the Year-End Sale
So now that you know when it's coming, how do you prepare?
A year-end sale is an attractive opportunity to capitalize on the holiday spirit to make massive profits and move otherwise unwanted goods off with shelves. With a second stimulus check motivating customers to buy more; here's what you can do to prepare:
1. Dropship
Dropshipping remains one of the most profitable businesses any entrepreneur can engage in. With its minimal investment cost and remote nature, it's a convenient option in December. As such, we expect you already have a line of goods ready for dropshipping.
However, we have a few more you might have missed which are expected to fly off the figurative shelves this December.
a. Christmas-themed clothes
With the holidays around the corner, people want to be happy and enjoy some respite from the misfortunes that the pandemic has likely caused. As such, Christmas-themed clothes are in high demand this December.
Another category of items people are set to buy in large amounts in the coming weeks during the year-end sale is Christmas decorations. Cash in on the Christmas spirit so you too can smile to the bank this Christmas.
c. Toys
Whether for one's child or for that nephew/niece, people are rushing to buy gifts for the kids this Christmas. You need to get in on that action.
Pro Tip: Start Dropshipping with SaleYee.com
As people are looking for the best deals here and there at the end of year 2020, you'd better prepare more top-selling products to dropship. SaleYee Dropshipping Platform is here to help, offering over 30,000 profitable SKUs, big discounts of up to 25% off on Christmas items, fast and free delivery from local US/UK/DE/FR warehouses, 24/7 customer support, and up to 3 months long after-sales periods.
2. Arrange for preorders
It's common knowledge that people find it easier to spend money when they are expecting more; just like you, your customers are salivating at the thought of the stimulus check 2. Set up the facility to take preorders so people can order now with the expectation that the government will pay them back in time. Why sit around when you can start making money before the second stimulus check even arrives?
3. Decorate
Whether you have an online presence or a physical location, is the season to be jolly and everyone wants to be happy about something. Decorating your page, optimize website design, or store to reflect it might the extra nudge needed for a customer to make a purchase and reward themselves for surviving 2020.
When it comes to emotional purchases, the sort made often during year-end sales, the product the customer is looking at must appear right, shiny, and attractive. Of course, you can't ensure that with something prepackaged. What you can do, however, is make sure the images of your products look as enticing as possible. This will help you attract the maximum amount of customers, and profits, possible.
5. Flash sales
Studies show that people would rather buy an overpriced item while being told they are getting a deal than buying the same item at a reasonable price without the deal being mentioned. What this means for you is that rather than focusing on selling cheap goods, you should maximize sales by selling them at a markup and organizing flash sales.
6. Bundle sales
Sometimes certain goods just don't sell that well, it's not because they can't be sold. No, it's because they aren't being sold in the right way. By bundling together an item that is commonly purchased with an item that is less often sold but is associated with the first time, you can sell far more than you were able to in the past. Furthermore, you can sell groups of the same item as a bundle. Remember people love feeling like they are getting a deal.
Conclusion
In summary, Congress' attempts to provide a stimulus to the American economy provide a great opportunity for you to make massive profits this holiday season. However, this can only happen if you take the right steps at the right time. Now you know just what you need to do to come out ahead during this holiday season. Go make that money.
