For many market traders, winter is the most lucrative time of year. It’s a chance to cater to your customer’s sense of seasonal cheer, and to earn a respectable sum in the process. You’ll have only a relatively narrow window of opportunity here, and so success lies often in forethought and planning.
Let’s take a look at a few of the ingredients that underpin the success of any stall.
Choosing the Right Products
If you don’t have the products that your customers want to buy, then you’ll struggle to sell them. This should be self-evident. If you’ve been trading for a long time, then you might already have a strong idea of the tastes and needs of your customer base.
Ideally, you should be offering a range of diverse products. This way, you’ll appeal to a broad cross-section of the buying public. If your items are unique, or at least differentiated from those of your rivals, then you’ll give everyone a reason to come back and check out what you have to offer. This might mean sticking with traditional, quality goods, trying to piggyback on the latest festive trends, or trying to kick-start a trend of your own.
Budgeting and Financial Planning
You should have a strong idea of your budget before you get started with planning your stall. Think about how you’ll be tracking expenses, and what you’ll need to charge to make a return on your investment. Know how much everything is worth, and what your would-be customers are willing to pay for it. Price too aggressively and you’ll make work for yourself without any reward to show for it; price conservatively and you’ll end up with lots of unsold stock.
Marketing and Promotion Strategies
If you have a strong presence on social media, then you might leverage it to showcase the products you’re selling. Vouchers and promotional offers can also help you to boost sales. Spread the word by rewarding customers who introduce your stall to other customers!
Stall Setup and Visual Merchandising
Creating a buzz around a your stall means dressing it up properly. You might make used of flashing lights or music, or you might simply rely on the quality of your products to speak for themselves. Think about ways in which you can reflect your brand on your stall.
Inventory Management and Stock Control
To run a profitable operation, you’ll need to be able to keep track of what you’re selling. This applies especially if you’re selling perishable goods, like food and drink. You might even track your sales in realtime, with a modest investment in technology. If you have the right storage space, then you might find that your experience is much less stressful. Take out some temporary van insurance, and keep the vehicle on hand, stocked with extra goods, in case you need them.
Conclusion
Having a market stall is a great opportunity to make money, planning ahead for big seasonal events such as Christmas period. It’s a chance to bolster the long-term image of your stall, and thereby ensure that your customers keep coming back, year after year. As such, it’s a thing worth taking seriously!
