04 May How to Start Your Own Flea Market Business
Flea market business abounds today and is soaring in popularity in most cities and well populated areas. It is a good place to buy affordable items and at the same time gives the opportunity for people to start a business with a small capital. This concept of a flea market business is ideal for those looking for a way to augment their income and for those retirees who want to try entrepreneurship where business risk is at the minimum. It also provides a more sociable and exciting way of earning quick profit through a more controlled environment. Starting your own flea market business requires some studies and solid steps to ensure its success. Here is a complete guide on how to do it
What will I put in my flea market business?
The choice of product is perhaps the most crucial of all. There are factors to be considered to narrow down your choices and will help you get the best product.
Salability and Marketability
A business is meant to earn profit. This is your main purpose too, that is why you are putting up a flea market business. To earn a profit, you simply need a product that will sell. A product that people really needs and will always occupy a space on their must have list. To name a few, food will always top it. Fruits, vegetables, rice, baked goods, viands and snacks have a sure market; you will never get a zero sales with these. Another can be clothes like shirts, shorts, jackets, socks or something associated with clothing and shelter. No question, they are also essentials.
Handling and Caring
In flea markets, you do not need goods that are hard to handle or maintain. Choose a product that you are confident of handling and does not need much attention and care. Breakable ones can give you headaches, so are pets, live animals and goods that have chemical or with hazardous compositions. In a flea market, you are given limited spacing, then put a product that fits just perfectly where you and your customers can act comfortably.
Handling and Caring
It is easy and fun to do business, especially if it is close to your heart. If you love shoes, then choose shoe and apparel products. If you love cooking and baking, then put a little food store where they can buy viands, breads and cakes that you made yourself. You can earn and at the same time, you are enjoying yourself and the business.
Where is the best flea market to put my business?
The main factors to consider here are
Population of Buyers
This is the volume of people who goes to the flea market. The more number of people, the better, because you will have a big market for whatever product you sell. Try to observe too; what time does the majority of buyers come everyday? You can then set the operating hours of your business by taking into account the best times where you can have better sales.
Number of shops that sells the same product as yours
These are your competitors. You have to look for a strategic place where you can exactly put your business. If one stretch of the market has six vendor shops that sells shoes like your product, then it is better to locate yours on the other block. There you don’t have to fight for a share of the market; who knows, you can have a monopoly in the area and this means larger sales than expected.
Other factors like booth fees and availability, security, parking and advertising spaces
These can be self explanatory, but the only thing you have to put in mind is that: these factors must work in your favor; you must be on the positive and advantageous side. If then, nothing will go wrong.
The Main Business set up and plan
Figure out now the things you need for displaying and marketing your product. Shelves, tables, chairs will likely be some of them. If you are into cooked foods then you need equipments for cooking and warming. If it is clothes you are selling, I am sure you need racks, hangers and display steel structures.
Pricing and Marketing strategy, techniques
Flea markets are highly patronized because of easy accessibility and reasonable prices. Be sure then that your prices are affordable and justifiable. If they are too high, people will just prefer going to air conditioned malls where it is more comfortable. Be ready for people who will do a lot of haggling. Set your floor and ceiling prices, so you will know how to play with it. Prepare yourself for what to say to customers who inquires about your product. Make a list of questions and its best answers. Remember, you are a walking advertisement. If you answer right and smart, they will put out their wallet to pay for your product. Sure sale is the end result.
Inventory, Accounting and Personnel aspects of the business
Make an inventory system where you can easily monitor the ins and outs of your goods. You can decide on First- come, First- serve basis or Last-in, Last-out system. Figure out how to compute your expected income by having the price subtracted by the total cost and expenses. These are simple accounting works, but you need a more elaborate and specific method of doing it when it involves larger volumes and amounts. Lastly, decide on who you can get to be your assistant or buddy. Your choice should be someone as dedicated and serious in running your flea market business.
Permits and legal papers
To effectively accomplish this, ask the flea market owner on the papers that you need to obtain a business permit. You can also ask your co vendors about the requirements that they submitted before gaining approval to operate. These can include business licenses, municipal permits, insurance and some certifications.
Flea market business can be very simple and easy if you follow all these steps. We now have the physical structure and the only spice that is missing to make it successful and progressive is: Your Dedication and Commitment.