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.
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.
4 Reasons to Replace Your Car’s Engine With Performance Parts
Performance parts are the best kind of upgrades you can make to a car. Performance cars have a higher price...
Maximum Power: Update Your Old House For Modern Electrical Needs
An outdated electrical system can wreak havoc on your energy bills and greatly increase your risk of structural damage. If...
Key Techniques To Learn On A First Aid Course
Introduction First aid training is an incredible qualification that can enable one to offer life saving assistance in an emergency....
Best Tips For Managing Your Building and Construction Projects
Building and construction projects consist of many tasks, from job-site duties to office paperwork. Juggling it all can oftentimes be...
How To Choose The Best Locksmith For The Job
The existence of a locksmith is very crucial for society because they help out countless people on a daily basis....
5 Modern Conservatory Ideas To Create A Serene Escape
Having a serene and relaxing conservatory is the dream, especially in the summer months. Creating an extension of your home...
4 Different Types Of Lifting Equipment For A Construction Site
One of the biggest challenges on a construction site is the problem of lifting heavy materials and tools to a...
5 Tips That Can Help Your Business Flourish
Many, both small and big, businesses were affected by the outbreak of the novel coronavirus, no one was spared. Overnight,...
Why First Aid Training Is Essential For Your Business
Introduction All employers, depending on the establishment, should organize and provide basic appropriate conditions for lunch breaks as well as...
Are You Covered? Tips For Finding Affordable Health Insurance For Your Whole Family
If you are in the market for health insurance, you may be overwhelmed by the many different features and the...
How to Prevent Potential Hazards In A Lab
Unfortunately, lab accidents can happen. When they do, the consequences can be very serious. Some of the most common lab...
How to Extend Your UK Spouse Visa
The UK spouse visa is also known as a UK marriage visa. The UK spouse visa allows married partners of...
How Best Is Automation Helping The Retail Industry to Survive?
“In the post Covid-19 world, the only place cos are willing to invest is in automation. The return on investment...
Best Artificial Intelligence Trends to Watch Out In 2021
Technologies are getting advanced day by day, and according to that, the developers and the mobile app development companies should...
Keeping Your Assets Safe — Crypto Insurance May Soon Become The Norm
Many people all over the world have compared the cryptocurrency market to the wild West, largely because of the fact...
Tech6 years ago
Creating An e-Commerce Website
Tech6 years ago
Design Template Guidelines For Mobile Apps
Business6 years ago
The Key Types Of Brochure Printing Services
Travel9 years ago
Who Else Wants Also Nfl Hat
General6 years ago
Kobe Bryant With His Unique Nba Jerseys
Tech7 years ago
Why Small Businesses Can't Ignore Mobile Technology
Tech6 years ago
Climb Google Using These Checklists
Health7 years ago
Health Supplements For Sports Activities Nutrition