Business basics are needed to run a market stall. In fact, it’s a more personal business than many others.
You don’t need a degree in Retail or anything like that. But open your mind to education and get quality products that are tools of the trade, and not cheap gimmicks.
How to Educate yourself:
- Take notes on consumer patterns. Whatdo people browsing your stall look at more often; What do they remark upon; Where do they stand; Is there a dark corner they avoid; Which products do they pick up?
- t doesn’t hurt to get some creative criticism, especially from your consumers. Don’t be afraid to ask them what they think of your stall and your products.
- Take time to note what similar stalls like yours are doing. Walk around if you have the opportunity to observe what they do. But don’t follow. Instead, it’s better to think up of some other gimmick or promotion to beat the competition based on your observations.
How to get more customers to your stall
Location, Location, Location
The location of your market stall will make or break your business venture. Therefore select your market location well.
people go to different markets for different reasons and items – some for food, some for crafts, and some for antiques and some for new things..
Before you set up shop in a market gauge its suitability for you. You can visit beforehand as a customer or talk to the more experienced stall holders for their insights.
Markets are frequented by bargain-hunters, looking for a bargain. And you as a stallholder needs to reel in and convert their cash to profit. In retail, they call this the “loss leader” – the heavily discounted product that gets them to your location.
Therefore, the secret is to have various price points that will attract more people to your stall and in the process bring in the spenders.
Here are some price suggestions:
- Bread and butter items. Low priced items to tempt the customers into buying
- Middle range. Unique yet affordable items to make the bulk of the income
- Highlight/investment items. The most expensive pieces are an icing on the cake