What It Takes To Become A Market Trader
If you’ve ever thought about becoming a market trader then this is the guide for you! You’ll find out more about the steps to take to get your creative business ideas off the ground.
But why should you start in a market?
Retail has changed. Now more than ever you need to think about “the now.” You need to be in the right place, at the right time and offering a unique experience to your customer. Market stalls and pop ups give brands and businesses this via much needed flexibility.
Plus they are a low cost, short lease, low risk way of getting your business ideas off the ground and on your way to a success. In a market you’ll have instant access to fellow business owners who you can bounce ideas off, and get valuable insights from. Now more than ever, many online small business owners are turning to markets for face to face customer reactions for their new ideas and get real time feedback on improvements rather than the digital blank face of the internet.
Here are some useful things to consider when starting up your own market stall:
1. A Unique Idea
A great business always starts with a great idea. There’s nothing worse than just buying basic stock, putting it on a table, and expecting to sell out. You need something that sets you out from the rest, something that the public will think “oh I want that as no one else does it quite like them”.
2. Market Research
Research is usually looked over by many small businesses starting up. This will make a huge difference as it gives you valuable insight into whether or not your product/service works in the area. You should first check out your competition, see how well they are doing and what they are doing right. Another option is you can always, If your brave enough speak to people on the street and ask questions whether or not they like the idea as in the end they might be your future customers.
3. Documents Needed to Start
Now for an easy step. For normal market traders you will only need public liability insurance, food traders you will need Public liability insurance, Food Hygiene, Proof of Local Authority insurance. These are really easy to find on the internet and take a very short amount of time to get, but are vital in securing your place in a market.
Useful link: NMTF are a great website for Market Traders and makes the whole process of getting insurance a lot easier.
4. Customer service
Nothing else will bring customers back more than great customer service. People are now craving more and more of an experience rather than just the end result, customers want to be felt like they are treated differently from the rest “special”. Whether you can remember them by name or drop them with a corny chat up line, work with who you are and emphasise it.
5. Targeted Advertising
You should not just expect everyone to flock to your business because you set up in the morning. You need to tell people you are here and what you have to offer. First you’ll need to find out more about who your customer base is. Then how to reach them in a way that you relate to them on a friendly level.
6. Social Media
A social media presence nowadays is very important for building strong, regular customer base which you can reach at anytime and in an instant. It could be with special offers and promos or a funny story you want to share about a customer, It’s free, so why wouldn’t you??
7. Hold In There
It’s not going to happen over night. You’re going to have great days and your going to have bad days. Staff may let you down, the weather might rain you out, this is just business and you have to take the highs with the lows. You have to be ready for anything and everything and NEVER GIVE UP. There is always light at the end of the tunnel.
Luton Indoor Market is always keen to hear from budding entrepreneurs and local businesses, so if you’re interested in joining the market then click on the “Join Us” tab!