Joining a weekend market is one of the best ways to jumpstart your business ideas. The thought itself is daunting because you don’t know what to expect and also because of the amount of work that needs to be done. Whether it’s just pursuing your passion or hobby, or you want to use it as your stepping stone to a serious business venture, below are some tips to help you out.
- Think of the goods that you want to sell
The product that you’ll be selling will make or break your business. You need to be specific about what you want to offer your customers and work from there. Start by writing a business plan so you’ll have a clearer idea of what your end game is with your planned business.
If you’re not sure, you can visit the local markets to get inspiration and assess whether or not people will buy your goods. Like most things, doing research will go a long way and will make success more imminent.
- Make your price affordable
Products should be sold at affordable price points, but at the same time, you also need to make sure that you’re still making a profit out of them. Cheaper goods will help you sell in volume, but you won’t make too much of a profit margin on them. Mid-range ones, on the other hand, are affordable to your customers and at the same time, will make you earn more. Higher-end products are more expensive, but it will also be a good way to promote branding and attract customers.
Remember that the income from doing a weekend market isn’t consistent and will depend mostly on your product pricing and how long you’ll have the stall open for. So it’s something that you should think carefully about especially if you want to give up your day job to pursue your business.
- Look for reliable suppliers
High-quality products are what customers look for, so when looking for suppliers make sure that you find those that are reliable and trustworthy. It doesn’t matter if you’re selling ready-made products or creating a new one. Take the time to research and shop around. Use the opportunity to build relationships which can help you secure good deals so you can increase your profit margin.
- Identify your location
Before signing up for a weekend market stall, you’ll need to choose which one to go for because the booking fee won’t be cheap. This is where the power of research will come in again because you’ll need to be familiar with the markets in your area and decide which one will suit you the most.
- Have an effective marketing strategy
Marketing is one of the secrets of successful business ventures. It doesn’t matter if you have the most brilliant idea that could change the world because if people don’t know about it, it really won’t go anywhere. Use the power of the Internet to introduce your product to the public and when you set up your stall, make sure that you include a pull up banner with your brand name on it so people will remember your products easily.