Posts Tagged ‘food vendors’

GOOD MARKETS OR BAD MARKETS

Good markets are large enough for 150-300 vendors. Anything over that you are a needle in a haystack. Your location is very important. You can determine this by visiting and watching peoples’ traffic patterns, like near the entrances, parking lots, food vendors. Every market is different. Research and time is required prior to setting up.

Bad markets are new markets and/or markets with a few vendors. You need the vendors to draw the buyers. If you arrive at a market to sell and you haven’t taken the time for research and prior visits, you lose. Why? You are wasting your money. Research and visits are a must prior to selling. Unless you are going to a well-established market that you received information on from trusted vendors you know. Even then, do your research in person. That is the best.

Specialty markets for collectors, antiques or crafts are only for those types of items only unless you are a food vendor. Consider doing county fairs or special events if you have the proper merchandise to sell. Your set up cost is high compared to a flea market. And there are certain rules to follow. They get the traffic in most cases. Never just set up without first viewing it yourself as a buyer. Then weigh the cost and if permits are required. You may have to pay in advance which today is the norm. If the weather turns nasty on you, your set up fees are gone. You then lose. Watch yourself on this area of selling – you can hit a gold mine or quick sand. Some vendors think just because they get traffic you will make out. This is not so. There are a lot of factors to consider – type of merchandise needed, location and location is number one, hours that you have to be opened and do you have the help you need.

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.