Hand-knitted hats for dogs? Candles shaped like nude bodies? Mr. Bean themed enamel prints? Whatever it is that you've learnt to craft, no matter how niche they are, there's always a horde of customers who are out there looking to buy the products. One of the best methods to sell these products is at a local market. Selling online is great and can be done from the comfort of your own home but there will always be something wonderful about seeing a customer face-to-face as they see your hand made cross stitch of Boris Johnson's face which they've always dreamed of owning.
This guide will tell you everything you need to know to get a business up and running, including:
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Questions for yourself and how to pick an idea
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How to manage finances
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Where to pick the perfect market stall and what is needed
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How do to make products stand out?
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Promoting a Business
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Marketing a Market Stall
Questions for yourself and how to pick an idea
The very first step to creating a business is to answer the question, what do I want to sell? Knowing what the product is will help figure out other questions like who the audience is followed by how will I attract the audience to my product?
Another important question to ask yourself is why you're starting this business in the first place. Maybe knitting has always been a hobby and now is the time to profit from it. Perhaps you've always loved fashion and want to start a side business. Keep these questions in mind and don't forget why you started doing this in the first place, this will help if you're ever struggling.
When it comes to picking a product, you should always choose something you've got knowledge of. You can't be selling candles to customers if you don't know everything about the ingredients. Most importantly, pick something you're passionate about, It's your bold vision that'll be selling this product!
How to manage finances
Starting a business can be expensive, money will have to be spent setting up before a profit has been made. Make a note of every item and service that is used. This will include any expenses and don't forget the market stall price. Keep a tab on how much is being spent. This will not only keep you up to date with profit and losses but will also help for taxes.
Now that information on expenses has been calculated, products can now be priced. Be sure to sell products over a range of price points. Cheaper items will be more likely to make a sale, even as an add on to a higher prices sale. The mid-range products will still be affordable and will make a bigger profit margin. Then those higher-end goods which will attract customers but might be less likely to sell.
With all this information at hand you'll have to register as self-employed with HMRC as soon as possible followed by completing a self assessment tax return each year.
Where to pick the perfect market stall and what is needed
When picking a market stall remember that it's not a contract, try out various places at different times to see when and where the best profit can be made. You won't just be able to turn up to a market and start selling. A pitch will have to be applied for which might be with the market themselves or a local council.
Remember that location is important! A city centre market will be a more expensive pitch fee but there will be a great range of customers and profits will be higher. Whereas a more local market will be the cheaper option but less profit will be generated. You can choose to pitch at various markets but remember the logistics might not work out. It's difficult to be at one market in the morning then another in the afternoon due to transporting the goods and how few goods will be left.
To get a market stall up and running the fees won't just need to be paid, a license will also have to be applied for. Depending on who runs the market and where it's set up, a market stall licence or a street trader licence will need to be applied for. If the stall sells food then a hygiene certificate from environmental health service's will need to be applied for at least 28 days before starting.
How to make products stand out
We've all received a candle making kit at some point and we're all capable of doing it ourselves, so what makes your product stand out? It's okay to look at the competition to see how their products are branded, what are their sell out products and what does their social media say?
Now that you're aware of what the competition is doing, the next step is to look at your own products and see how they're different or could be made to be different. Find what makes the products unique and make it a USP (Unique Selling Point).
A great way to make the products always different is changing them for events and trends, make romantic products in February and Christmas themes ones in December. People will be more inclined to buy the products as gifts and if they're great then they might come back and buy themselves one too!
Promoting a Business
Don't forget that even though you're out there selling products face-to-face, the location and time of the market also needs to be promoted.
Once the product has been chosen and how it's unique from the rest then it's ready to be marketed. Choose which social media sites are best to promote the brand and products depending on who the target audience is. Facebook, Twitter and Instagram are the three most popular social media sites and are great for businesses. Here's a bit more insight into these sites;
Facebook - With Facebook a business account can be created and you could also join selling groups to find out people's opinions on the products. Facebook also provides the opportunity to chat directly with customers. The average user age of Facebook is 25 - 35.
Twitter - Twitter is ideal for a business that will be active, nobody is interested in an inactive account. Using Twitter is a great method to answer questions and queries from customers.
Instagram - If the products are visually appealing or you're great at creating visuals then Instagram is the best social media option.
Put the brand and products on social media with smart visuals and strong keywords and the target audience is bound to be reached. Remember that the products are being sold face-to-face so most importantly, your personality is your brand.
Marketing a Market Stall
With a strong brand and unique products they'll definitely be standing out in a crowd. However other things to market are the market itself. Think about the space and how you want it to look, it might be only a small pitch to display the products in.
When a sale is made, how will the customer receive the products? Nobody wants to buy a delicious Gin Liqueur in a plastic bottle with no label. Use tags, stickers or bags to beautifully package the product. And it's always great to have business cards on hand.
How easy will the sale of the product be? Not as many people have cash on hand so having a quick but affordable card reader is ideal. Our SPARK Pay Card Reader is a smart payment device capable of complex functions such as bill splitting, accepting different payment methods and more, increasing accuracy and reliability.
It can be difficult starting up your own business. It's time consuming and money draining. However, there's loads of people in the same boat trying to sell their products. Hopefully these tips have given an insight into how to start up a business.
At the end of the day prepare to be cold! You'll be up bright and early preparing the stock then have to spend the day outdoors at a market stall all day so prepare for lots of standing around in the freezing cold. The weather might not always be on your side.
