How to Sell at a Flea Market
There is more to starting a flea market business than getting all your old stuff out of the house and bunching it up in a stall. There is a lot more to selling at a flea market than meets the eye: where to set up a booth, which booth to book, what to sell and how to display the merchandise, where to find the right merchandise and how you advertise a flea market stall.
Well, in this article, we will give you some tips to get your flea market stall up and running.
- Location is key. Find a flea market with high traffic and also book a stall either at the entrance or where there is high traffic within the flea market.
- Scout the markets, learn what is in demand and cater to that demand.
- Your goal is to buy for prices as low as possible to have a healthy profit margin to play with. Buying at liquidation companies can be the way to go.
- Price competitively and make your stall appealing to potential customers.
- Use all available avenues to advertise your merchandise.
- Always be ready to learn and adapt, and to pick up the tricks of the trade.
Where To Set Up A Flea Market Stall?
Location is a very important factor for a flea market stall. Here we will look at two aspects of the location factor. One is which flea market to sell in, and the other is where within the flea market to book a stall.
When it comes to selecting which flea market to sell your merchandise in, pay attention to the details. Flea market owners are usually on the lookout for new vendors. It is simple math: the more stalls they loan out, the more money comes in. But for you this is not as straightforward. That’s why you need to look around, explore your options, and take all factors into consideration, from the size of the stalls and the flea market itself to the population of the area where the flea market is located.
Moreover, when you are on the lookout for potential flea markets, you should also check who the vendors are, what they are selling as well as the price dynamics.
You should also ask at the flea market office whether you are required to have a tax ID number, and inquire about any other potential legal hurdles you might have to deal with, before you start with the sales.
The location of the stall within the flea market is also very important. The closer the stall is to the entrance the better. The reason for this is simple: your booth will be the first and the last one people see when entering and leaving the market.
However, if you are late to reserving your stall, these entrance spots are likely to be already taken. In that case, try looking for a space that is in proximity, if not next to, those that may attract similar traffic. This way, you will be as close as possible both to your targeted buyers and to your competition.
What To Sell At A Flea Market?
What merchandise you are going to sell at the flea market is something you should consider as you scout your flea market options in the first place. Talk to the vendors and the buyers, learn what is on offer and what is in demand but short of supply in the market. When entering a flea market (as in any other market) you want to give yourself as much time and room as possible to learn the ropes of the business and find your feet as a seller. Catering to a specific in-demand segment that is not yet well supplied is a good tactic.
Also, look for trends, both current and emerging. For example, there is always interest in the antique and vintage merchandise. Having the right items at the right time can give you a significant advantage over your competition. So the answer to the question of what to sell comes down to your ability to read the flea market dynamics, the demand/supply balance and the current and emerging trends.
Where To Buy Merchandise to Stock Up Your Flea Market Stall?
Flea markets are usually a place for cheap merchandise. This means that you have to find the right source of merchandise that will allow you to sell at low prices while still making a profit. Depending on the flea market, your source can change, but rule number one is to always have a number of suppliers, not just one. This will give you options and a bit of leverage when negotiating. Not only does this lower the risk of you running out of stock, but you are also able to pick and choose the best offers.
In general, retail and wholesale suppliers are beyond a flea market budget. You are looking to find merchandise at prices way below typical wholesale.
Liquidation companies are probably your best source. You can buy customer returns, overstock, shelf pull, and even brand new merchandise liquidated by major retailers. Liquidation companies like Direct Liquidation work with a number of major retailers and can provide you with the merchandise in bulk, for prices well below typical wholesale. This puts you in a good position when it comes to setting up your booth and pricing.
How To Price The Merchandise and Set Up Your Stall?
Your pricing needs to be competitive. You have to be able to recover your purchase and other costs and go above it, but you want to be just below the prices of your competition to attract more customers.
This is why it is important to scout the flea markets and your direct competition before deciding on where and what to sell. Having a price advantage is always good, especially if you are still making a decent return.
When it comes to setting up your stall, there are many different things you can do. Some sellers don’t even bother with aesthetics and bunch everything up. But a few tips may come in handy. You can group like products together. Make your prices clear, for example, with clearly visible price tags. This will help your buyers and lower the risk of someone picking up an item to ask for a price only to accidentally drop and damage it.
Also, when it comes to price, if you are running some sort of a discount, use different color price tags, just to raise some interest and direct buyers’ focus.
And when it comes to the sales process, it is always helpful to provide your customers with a number of payment options. Not everyone likes to carry cash around, and some may want to buy with a credit card. Make sure you look into your options and provide as many as you can. The convenience in this case is a great advertisement.
In case you don’t have these options available, make sure you keep your money safe and never leave it unattended.
Advertise Your Flea Market Stall
You may choose to depend only on the flea market traffic, but advertising your inventory will help you generate interest. Nowadays, there are plenty of avenues you can explore. Some flea markets run newsletters. Ask what is required for you to be in the newsletter and to advertise your merchandise there.
You can set up your own mailing list, Facebook group, Craigslist account, Facebook account, and so on. Try everything that might help you cultivate a following and advertise your products. You can set a budget for paid advertising on these platforms to get more exposure.
You can create more interest in your products with special offers. For example, you could offer discounts for people coming from a specific platform on a specific day. Make sure you communicate with your customers and do what you can so that their experience at your flea market stall and with the product they buy from you is pleasant. A happy customer is a returning customer and your best advertisement.
Keeping inventory records is not just good business practice. It will also provide you with opportunities to set up sales and advertise products, depending on your stock levels. You can, for example, offer discounts on items you want to liquidate. Also, you can advertise in advance when you are planning to order more merchandise.
These are some general tips on how to select your flea market, stock up, sell, and advertise your merchandise. But there are many more small things you can do to help you move your items quickly and make some extra cash.
Flea markets are very much upfront and personal. So don’t be afraid of interacting with your customers, learning about their needs and demands and catering to them. Knowing who visits the place often will help you push the merchandise into the “spotlight”. And if you are a regular seller at a certain flea market, buyers will remember where they can find the items they need and come straight for your stall.
A word of caution for the end. If a flea market requires you to have a tax ID, you should then also know your tax liabilities. Make sure you ask about this, either at the flea market office or with your local relevant authorities. In some cases, this may even help you keep your costs down. If you are buying merchandise for the sole purpose of reselling it, you may be eligible for a sales tax exemption certificate. This means you don’t have to pay sales tax when stocking up.
You will certainly pick up more and more tricks of the trade as you spend more time selling at the flea market. You can start developing your own tactics to lure buyers to your stall. We wish you luck.
Jordan currently works as a sales representative for Direct Liquidation, assisting businesses with product sourcing of liquidated merchandise from the largest retailers in the world. Whether you are looking for a pallet or a truckload Jordan is here to help you grow your business.
View Jordan’s Bio on YouTube.