Archive for May, 2014

ITEMS NOT TO SELL

1. Used, dirty household items — who wants to buy other people’s dirt? There are a lot of non professional vendors selling this every week. These sellers are lazy when it comes to cleaning household items.
2. Cheap dollar store junk.
3. Out-dated food.
4. Knock off merchandise. Watch out for plains clothes police or U.S. Marshals. They are usually at larger markets looking for vendors that sell knock offs. Then the police will get involved.
5. Items that several vendors are selling. For example, (applies to smaller markets–up to 200 vendors) if 5-8 vendors are selling sunglasses, forget selling sunglasses unless you low-ball the price, and then you will not make a profit. No one wins except the buyers. Now at larger markets with 500 vendors or more, it won’t matter since it’s a much bigger market. Try to get a spot near food vendors, rest rooms or customer parking. Try different spots and see which is the better traffic area.

You will never have a market with no competition in most cases, and that’s okay. Getting a good location is the key. On making profits you need to learn how to buy. First, buy the entire deal that will give you the lowest buying price. Even if it is too much for you, you can wholesale some of the excess to other vendors. Try to double your cost if possible. Note: you do not want to sell merchandise that you sell yourself to other vendors at the same market. Stay away from this or you will start a price war and everyone loses money.

Make sure you check with the markets to see if they allow the merchandise you want to sell.

HOW TO DEAL WITH COMPETITION

First of all, do not worry about it. If you purchase your merchandise at the right price and offer added services to the customer with a good selling price, you win. Some markets may have 4-8 vendors selling the same item cheaper, but maybe the quality is not the same. Some vendors believe that if there price is the cheapest, they will get all the sales. If it’s too cheap they are selling junk and buyers will realize that. Adjusting prices to a point may work or not. For over thirty years I still see new vendors trying to low-ball their selling price all the time. These vendors do not last in this business by low-balling their prices and/or selling cheap quality junk. Watch and see for yourself. Be professional and offer quality, service and price. Then, after a period of time, you will be known as a good quality vendor to all.