Everyone dreams of getting out of the “Rat Race”. There’s nothing more fulfilling than making your own rules, doing what you love or are passionate about, with that cherry on top of having fun! Work when you need to, never being tied to a desk for a fixed number of hours every day, every week, and every month.
But the question is, what is the best type of business to start your journey? Everything is so exciting that, oftentimes, we forget to look at the basics and just tend to jump into an investment or business venture without really knowing everything that you need to know. Since we naturally get excited, most people would quickly choose to open a market stall as their first step. For some people, this is part of their research for a niche as they explore the 3 most important things that they want to know before investing more; profitability, marketability, and sustainability.
Market stalling isn’t that hard but can be challenging if you don’t know what it is, to begin with. This article will discuss the basics and essentials of market stalling to get you started.
Let’s Define Market Stall Trading
A market stall is a small stand or booth that is typically immobile, where you put merchandise or products for sale.
Anyone can put up a market stall, so long as you are in the right area, meaning the area can be occupied by a market stand whether they be street markets, your regular food or farm market, midnight markets, and every other market you can probably think of. Another critical consideration is the terms and conditions of your stall rental. These may include but are not limited to legal documents required, fees, terms, penalties, rental duration, and any other specific requirement for the market you are joining.
The Secrets in Making a Successful Market Stall
At this point, you must have chosen a very viable product to match the market you have chosen, completed all the necessary steps in securing your market stall, and be ready to take off. Here are some of the strategies to help you become a successful market stall business!
1. Know your market
The first secret is knowing the market’s regular customers. What’s the common social standing and how can you tailor-fit your product to make it easily interesting for your market in terms of branding and presentation. Either you go for quality or quantity depending on the type of market. You may want to observe your customers discover other market needs like flexible payment options among others.
2. Make the difference
You now need to go around and explore the stalls of your competition and determine what will make your stall pop out from all the others. A more detailed look at those offering the same products that you do.
Let’s talk about designing your stall. In line with your branding, how can you make your stall interesting enough for your customers to choose to visit you above your competition? Some important factors to consider are signage, display racks, packages, colors, shapes, designs, and some other add-ons like flyers or a catalog for your customers.
3. Free samples
Offering free samples can help your marketing strategy by a ton. When it is said a ton, it could go up to 2000% of sales. Offering free samples will help you introduce your brand to new customers as well as introduce new products to existing customers, thereby making them feel special and building more of that need to purchase your product. This is the concept of “reciprocity”.
4. Competitive Pricing
When deciding on a price for your products, you will need to know the cost for both your product and operational expenses in order. This will help you get a better figure of a price that is both competitive and profitable.
Another pricing strategy is giving your customers bundles that they can’t resist. If a brownie costs $2.00 each, you can sell a box of 6 for $10.00 or a box of 12 for $20.00 to encourage your customers to buy the better and bigger packages, thereby increasing your sales and at the same time, ensuring that you are still earning a profit.
5. Pop up gazebo for emergency
More often, traders prefer to use a gazebo because of its simplicity. They are easier to put up and pack down. All you need is a pop-up gazebo and a stand, versus an immobile market stall that can have a number of components.
A very critical consideration when choosing a gazebo is its weight. In order for a gazebo to be considered heavy duty and can withstand gusts of wind, you may want to choose one that weighs around 45kg. Remember that gazebo weights must be used to make it sustain strong gusts of wind.
6. Payment options / methods
Due to the current market trend and global scenario, you’re highly encouraged to make more payment options available for your customers. The most used payment options are card payment, EFT’s, and other e-payment methods readily available for your customers. The faster your customers can pay, the faster you can earn.
7. The power of face value and word for value
Selling the products physically makes building a relationship with your customers easier. Having a simple chat with them can help you get to know them on a more personal level, hopefully converting them to regular customers and helping spread the word about your brand to their friends and family.
8. Stocking up amply
Always make sure that you have ample stocks on everything you offer to ensure your customers are not disappointed when they visit your stall. Remember, customers always like having options, so make sure that you have a good variety of products with different shapes, sizes, colors, or styles to help you convert more. Promotional offers can also help your conversions.
9. The word of mouth
Marketing is critical. You want to be on Facebook, Instagram, Twitter, and Google. Share information that is essential for your customers, promotions, your products, and essential details that may help your customers make that decision to buy from your stall. Remember to also interact with your community and keep them engaged on your page by answering comments, posting regularly, and doing social media promotions.
10. Insuring your business
The very last thing and one of the most critical requirements before selling anything on your market stall are having your own liability insurance. You may want to also revisit your fine prints for your products to make sure you stay protected.
Win more and more customers with a smile
While you try your best to ensure that your market stall is visually likable by setting everything skillfully, at the same time make sure your crew is soft-spoken and wears a smile. A friendly conversation and welcoming smile will bring the people back repeatedly at your market stall. In short, friendly customer service is the key to winning more and more customers.