A market stall can easily turn into a very profitable business. If you think you have a product or service that would interest the buying public then you should seriously consider setting up a pitch at a market near you. Dagenham Sunday Market welcomes traders from all over the country with products ranging from cupcakes to car tires and everything in between. If you are thinking about joining the world of market trading, but arent sure if it is the right path for you, here are some top tips that everyone should consider.
Why do you want to start your market stall?
You may be great at crafts, baking or electronics but before you decide on your products, you need to think about the purpose of your stall. Are you starting a business or simply taking your hobby to the next level? If you are planning on becoming a trader full time then you should think about everything that it entails – for example, your stall may not generate a set amount of income month to month, and if you wish to work full time then you will be outside every day, whatever the weather. Being a market trader is a great experience but if you want to make a living out of it then you should consider the cons as well as the pros before jumping in feet first.
There are a lot of things to consider before committing to running a market stall. Just one of these things is location. Your local market might be very nice but does it have the right clientele for your products? Ask yourself these questions for signing up for a pitch.
- How much footfall does the market have – Is this enough for the amount of product you have to sell?
- What is sold on the other stalls at the market – Are there any other traders selling the same products?
- Is your product completely new to the market – Are locals likely to buy it?
- Do you own a vehicle that is large enough to transport all of your goods to the market?
- Should you stay local or move around to other, larger markets further afield?
Consider your Outgoing Costs – Not Just Profits!
Before starting business at any market, you need to make sure that your costs do not outweigh your profits before you have even started! You should take all costs into account including the amount it costs to create your product, travel costs, vehicle hire (if you need it), cost of the pitch and decorating the stall itself.
Once you have taken all of your costs into account, you can accurately set prices for your product. However, market prices are normally expected to be relatively low in comparison to high street shops, if your prices are too high then you will not encourage many shoppers to visit your stall. If you have considered all of your costs and find that your prices fall above market ranges then maybe a market stall is not the right course of action for your business or products.
To be a market trader you need to be a confident and outgoing person. Market stalls are very different to high street shops – they thrive on customer interaction and the personality of the traders. On a market stall you will be talking to people day in and day out, giving information about products, selling your services and bartering with customers. Many people thrive in customer facing roles but if you don’t think you can handle this position then you could always hire in the help of a more confident friend or family member.
At Dagenham Sunday Market we thrive on the diversity of our traders and their stalls. We have hundreds of traders that set up at the market every month, some of which are here every week of the year withiut fail! If you think that you would enjoy selling your wares with us every week then why not give it a go!