Connect with us

Marketing

5 Tips For Setting Up A Successful Market Stall

Starting your own business is extremely difficult. There is a plethora of barriers to entry, not least the necessary capital investment that many startups required. Setting up a market stall therefore is one way many budding entrepreneurs choose to access their new market. The risks involved in setting up a market stall are also considerably lower and one can trial new ideas without spending large amounts on premises, stock and staff. Moreover, studies suggest that during the last recession market stalls actually out performed many high street stores.

Whilst getting set up is relatively straightforward, setting up a successful market stall requires a good deal of thought and preparation. A successful stall could be the seed of a highly profitable business. Here are five tips to get you on your way.

5 Tips For Setting Up A Successful Market Stall

1. Do your research

The foundation of any successful market stall is good market research. Is there a demand for the product you are selling? If the answer is not a resounding ‘yes’ you are already in the high risk zone and could potentially be setting yourself up for failure.

Your research should involve visiting potential markets, to discover who its visitors are and whether you can connect with them. It is important to ensure you place your stall in a market that fits your ethos and product. In addition, you need to discover who your competitors are and find out how they are doing? What they are pricing their goods at? What can you offer that they do not?

Finally, how will your products sell? Is there a consistent demand for them all year around or are they seasonal? Will you be able to sell enough of them to make money?

2. Plan your finances

This leads on nicely to the next tip for setting up a successful market stall. You need to have a comprehensive plan for your finances. This includes detailing your fixed costs (things like your market stall rent) and variable costs (things that vary with production volume) to use as a basis for profit calculations. Then, using your market research, make estimates as to how much you think you can actually make.

Ask yourself the tough question. Is this small business really viable?

3. Set up your stall

The next step is arguably the most fun; it is time to set up your stall. Whilst keeping with the style and setting of the market, your stall needs to stand out and it is up to you to find a way to ensure it does this. Take a look at www.ral-display.co.uk/display-boards for interesting ideas to make your stall stand out from the rest. It is essential it does so to draw in customers.

The stall should portray a clear brand and message; one that you can echo online and in your other marketing channels. Setting up a social media account is a great way to get your message out to potential punters. Explore all avenues of attracting new customers.

4. Put in the hard graft

Once the stall is set up there is nothing left to do but put in the hard work. This involves interacting with your customers and working tirelessly to build up your reputation and brand. In the early days especially, there will be some tough times and you will make mistakes. Ensuring you learn from this is essential if you are going on to form a successful business.

As important as working hard is to forge relationships not only with your customers, but the stalls around you. These are the guys who will be able to help you out in times of emergency and the value of such relationships should not be underestimated.

5. React to the market

Finally, as you learn and grown as a business it is imperative to respond to your customers and to the way the market moves. Those conversations you were having with your customers need to be put to use. If clients are responding particularly well to a certain product, capitalise on this and expand that line further or use it to attract new customers from further afield.

As well as being reactive, you should also have your ear to the ground at all time and anticipate new trends and new potential product lines. Being a first mover in a market environment can be as valuable as it is for businesses of any size.

Continue Reading

Recent Posts

Business3 days ago

Can You Use Residential Property for Commercial Use

Having extra income, constantly flowing in can make all the difference in the current economy. Getting creative with how you...

What Do Business Consultants Do What Do Business Consultants Do
Business2 weeks ago

Running a Business? How to Minimize Supply Chain Issues

Supply chain issues have always been an issue for businesses but over the last few years, the effect and widespread...

Home Improvement3 weeks ago

How to Increase Your House Value Before Selling

Increasing home value is the first step to making your place more attractive for future buyers. Whether you are trying...

General3 weeks ago

Why Calorie Control Is Still The Best Way To Diet

There are a great deal of different options when it comes to dieting, every day there seems to be a...

The Benefits Of Trade Credit Insurance For Your Business The Benefits Of Trade Credit Insurance For Your Business
Business1 month ago

The Benefits Of Trade Credit Insurance For Your Business

Trade credit insurance provides cover for businesses who trade on a credit basis. If the people who owe money for...

5 Charming Restaurant Decor Ideas In 2022 5 Charming Restaurant Decor Ideas In 2022
Miscellaneous1 month ago

5 Charming Restaurant Decor Ideas In 2022

Making your restaurant memorable and stand out is a feat worthy of praise. The sheer pressure of wanting to succeed...

Bank Won't Fund Your Business? 4 Loan Alternatives To Get You Started Bank Won't Fund Your Business? 4 Loan Alternatives To Get You Started
Business2 months ago

Bank Won’t Fund Your Business? 4 Loan Alternatives To Get You Started

Businesses typically require some sort of collateral or proof of concept before funding their business venture. However, it is possible...

Planning A Stag Do Planning A Stag Do
Miscellaneous2 months ago

Planning A Stag Do

If you’re a Best Man then you’re in a unique position of responsibility, and before the day itself when you’ll...

Tips to Reduce Eczema Flare-Ups Tips to Reduce Eczema Flare-Ups
Health2 months ago

What Triggers Eczema | Tips to Reduce Eczema Flare-Ups

Eczema is a skin condition that can induce redness, itchiness, and skin inflammation. Its root cause is not fully understood,...

Women's Fashion Trends To Expect In 2022 Women's Fashion Trends To Expect In 2022
Lifestyle3 months ago

Women’s Fashion Trends To Expect In 2022

A new year means new fashion trends. We cannot wait for what is in store in 2022. It seems that...

Home Makeover Trends: Insights from The Pros Home Makeover Trends: Insights from The Pros
Home Improvement3 months ago

Home Makeover Trends: Insights from The Pros

Are you considering a home makeover but don’t know where to start? You’re in luck! In this article, we will...

Interior Design Trends 2022 Interior Design Trends 2022
Home Improvement3 months ago

Interior Design Trends 2022

We all spend time pining over other people’s interior’s on Pinterest or Instagram, but with these trends, it’s easy to...

Top Commonly Overlooked Car Maintenance and Repairs Top Commonly Overlooked Car Maintenance and Repairs
General3 months ago

Top Commonly Overlooked Car Maintenance and Repairs

Maintaining a car is a huge responsibility. There’s a lot that goes into that given how complicated a machine it...

What Is The Difference Between Strata and Property Manager What Is The Difference Between Strata and Property Manager
General4 months ago

What Is The Difference Between Strata and Property Manager

Real estate is a diverse market, and as such, it can be hard to determine the differences between various types...

Sleek Home Upgrades That Will Luxe Up Your Life Sleek Home Upgrades That Will Luxe Up Your Life
Home Improvement4 months ago

Sleek Home Upgrades That Will Luxe Up Your Life

Sometimes we need a vast endeavor to make our home look extravagant and cheek but very often you can implement...

Categories

Archives

Trending