If you are thinking of starting up a new business and you feel like a market stall is a good starting point, you’d be right to consider this path. For start-up businesses, it is can be difficult to know exactly what to sell. Factors such as target audience, location and consumer trends can all play a part in how successful a product will be.
Below, we look into the considerations that you will need to explore when carrying out research into what products to sell on your market stall…
Market Stall Location
Your market stall location will be a huge factor when deciding which products would be best suited. Considering a few different factors including local interest is a great starting point. For example, if your stall is situated in a coastal town, complimentary items such as buckets, spades or sailing equipment would be the perfect products to sell. Or if it will be to be positioned within a popular tourist area, you could look at stocking souvenirs and gifts.
Many market shoppers will not be willing to travel far, so it is important to carry out some research into your chosen market stall location and the local demographic figures. This will give you an indication of your potential customer base, which could also give you an idea to the type of products that you could offer. For example, if the area has a lot of young families, having a market stall which sells toys, games or sweets would be attractive for children. Alternatively, grocery stalls selling fresh produce or cleaning products would appeal to adults.
Consumer trends are often a huge opportunity for businesses. Social media is regularly the birth place of these trends as advertising and reviews regularly go viral. For example, fidget spinners were a huge consumer trend in 2017. This started with a few videos on YouTube that had a huge amount of exposure and created a craze amongst the public, especially for children. This product was sold everywhere, with a huge number of variants. The best thing about this product was how simple and inexpensive it was but with a strong return on investment, despite sale prices being reasonably low.
When setting up your market stall, looking online or in the news for recent trends like the fidget spinner craze would be good to find out which products could sell in large numbers and quickly.
Once you have an idea of a particular products that you could sell on your stall, visit your local markets. Browse all of the stalls to see if there is any competition for the same products or a similar type of products. Your ideal situation for this would be to have little or no competition at all; but you will also be looking to find the products with a high demand so you can meet the volume of supply. Having little or no competition will mean that you won’t necessarily need to be competitive with your pricing and there may be more room for haggling with local suppliers.
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