Even if you start a flea market business just for a little extra income, you’ll soon see its potential for a full-time job. It’s always a risk to leave the corporate world behind and go out alone, but running a flea market business will give you the chance to be your own boss, work the hours you choose, and even hire employees to reduce your own workload. Ensure your success in the transition from occasional work to full-time business by following these tips.
Be Professional – If your booth at the flea market is to be a professional business, you need to treat it like one. Relying on notebooks to keep track of transactions will become impractical as your business grows. Instead, use software to monitor your sales and inventory. This will provide you with essential information such as the average amount of time an item stays in stock and what types of merchandise are most popular. You will also be able to more accurately record your profits, enabling you to make smarter purchasing decisions.
In addition, you should keep customer data on record, including names and contact information. This will allow you notify clients of new merchandise that they may wish to purchase.
Know Where to Source Merchandise – A full-time business needs a constant flow of merchandise. Source items from multiple places, both online and offline. For instance, attend trade shows, run Internet searches for wholesale products, and check out trade magazines and B2B websites. Always negotiate with vendors to be confident you’ll make a profit after factoring in aspects like your time and transport costs.
Accept Multiple Payment Types – Go beyond cash and checks by accepting credit cards. This will allow you to sell to customers who have run out of cash or want to purchase one of your more expensive items. All you’ll need to do is set up a merchant service account with your bank and purchase an adapter to use your phone as a card processing terminal.
Market Your Business – Marketing a business is inexpensive and can lead to huge returns. Post ads around your community, deliver flyers, and list your booth in classifieds or on vendor websites. You can also create business cards to share with everyone you meet and distribute coupons among new customers. Take your marketing efforts a step further by creating a website or Facebook page to advertise your top merchandise, discounts, and offers.
Finally, you can draw more attention to your booth at the flea market itself with an attractive sign. If you want to offer one-time-only deals, consider a chalk board, where you’ll be able to change the message every day.
For more tips about running a successful flea market business, check out the information on Via Trading. The website is packed with tips for sellers at all levels of expertise and experience.