Start Your Own Swap Meet - Real World Tips To Help You Create Your Own Swap Meet - Hot Rod Network
The internet's largest list of hints and tips for selling at flea markets and swap meets. Check out our It can also cause people to start tripping all over the place. Scout the swap meet. Before deciding if you want to become a seller and what you want to sell, take a few laps around the swap meet on different days. Find out . Our guide on starting a flea market covers all the essential information to help you A flea market, sometimes known as a swap meet, rents space to individual .
Leave the kit packed and ready to go each time. Be prepared with the following: If you sell clothing, fashion accessories or shoes, make sure you have a full length mirror in your booth. Bring more than you intend to sell. Full stands attract more buyers! There is a market for everything and at the right price, anything goes!
If you can, bring someone with you.
How to Start a Swap Meet or Flea Market and Make Money | Bizfluent
Not only will it be helpful to help you set up and tear down without spending hours on it, but it will also allow you to step away from the booth for a few minutes during the day and see what others are selling at the market.
Having someone with you can also help wait on customers and watch for shoplifters. Professional shoplifters often work in pairs. One person will distract the vendor with questions, while their partner steals items.
Make and bring change! Make sure you have all kinds of coins especially quarters and small bills. Bring a cooler with ice packs, water, small snacks or anything to hold you over through the day. Business Issues Back to Top Know your audience. Know the demographic and cater to them by placing attractive items to that demographic at the front of your booth. If your flea market caters heavily to teenagers for example, be sure to put items related to that demographic where they can be seen at a glance.
Keep track of accounts and customer records. A simple notebook to write down your sales may be enough at first, but it is much easier to keep track of sales and inventory with proper software such as Intuit or Quicken, as well as CRM Customer Relationship Management softwares.
Make sure you know how much you bought of something, how fast you sold it and what your profitability was. Take advantage of technology and tools. If you only accept cash or check payments, consider accepting credit card payments. This will make it easier to close sales with customers who may not be carrying enough money in cash. Consider obtaining a merchant service account with your bank and take advantage of Smartphone applications for Credit Card processing.
Starting a Swap Meet Company – Sample Business Plan Template
Accepting credit cards can increase your profits. These days, you can purchase a small adapter to turn your smart phone into a credit card processing terminal the Square app. Catch customers who have run out of cash! If you have no designated cashier, consider wearing a fanny pack or an apron with large pockets to avoid leaving a cash box unattended. Have a notebook or receipt book handy for customers who may request a receipt for their purchase.
Customized receipt books are also a great way to market your flea market booth! Keep a notebook on your table to make notes of what customers are looking for, to keep up with trends, and to make notes of what merchandise will sell well. Know your tax liability.Flea Market Adventures - Treasures at The Swap Meet
Check with your local revenue department to determine your tax liability. The laws are different from jurisdiction to jurisdiction, so get all the facts before the day of the swap meet. Unless you plan to allow returns and exchanges, you may want to display an? Starting out at a lower price is often the way to go. Calculate what you need to get for an item based on your purchase cost for it, the price of your gas and your stall rental.
Remember you are trying to get a feel for the markets and your products. If you raise prices, remember to do it gradually — never spike a price. Make sure you price all of your items visibly. When customers see no prices they assume the price is high. Many will walk past you, afraid to ask for fear of having to then tell you, no thanks.
Favor volume over profit margins. Offer volume discounts when possible. Offer combination deals like? Lower your prices as the days go by.
If you have multiple flea market days, charge your premium pricing on the first day. Focus on moving everything as quickly as you can. People who ask you to hold something for them rarely come back, and you have lost out on a potential sale by taking the item off of your table.
Make it a family affair. Involving your children in the flea market business is a wonderful way to spend quality time together while teaching them about customer service, accounting, sales, marketing, and responsibility. You can even encourage them to sell some their old toys, clothing, and electronics so they can make their own money. Write down your experiences. Write down what you brought, what you should bring next time, what you could have done without.
Write down what was effective and what was not, and anything else you learned. Reinvest a portion of your profits into more merchandise. Find a combination that works for you, but always reinvest a portion of what you make to help you grow your business. Merchandising Back to Top Use clothing racks to merchandise clothing by size. Avoid wasting time answering questions about whether you have this item in a particular size. Mark your racks by size and tell customers that everything you have in that size is on that particular rack.
Use inexpensive mannequins or mannequin torsos to display attractive pieces of clothing prominently. Merchandise shoes by size, outside of their retail boxes. Allow customers to see what styles are available in their size at a glance without opening and closing dozens of boxes.
Sort through mixed lots of merchandise and organize them by type of item.
Digging through mixed bins can be time-consuming and is visually less attractive than an organized layout. If you sell hats, consider using mannequin heads to display the most popular styles. If you sell cosmetics, try to avoid laying them out on a table.
This can invite a high amount of theft and devalues the merchandise. If you sell small items like jewelry, gemstones, cosmetics or small electronics like cables and adapters, consider using locking display cases. Use a retail display to display jewelry attractively. If that is not an option, use simple hooks to hang necklaces and bracelets from the top of your booth.
Quick, easy, and much easier for buyers to see the items! One flea market vendor we visited had a series of handmade rings displayed inside open egg cartons. Each ring had its spot, and people stopped to admire the creativity of the display, at which point she could engage them to purchase.
Instead of having items on racks, in boxes or stacked out of reach, create a sample table at the forefront of your booth to show samples of what you have for sale deeper inside your booth. It is known that there are differences in the way men and women shop.
Starting a Swap Meet Company – Sample Business Plan Template
If your booth caters primarily to men, make sure your presentation is more direct — everything in a logical, obvious place.
Women prefer to browse and dig for treasures, while men typically prefer to find what they need easily, pay and leave. Cover the front and sides of your tables to hide all the empty boxes and stuff you have stored underneath. Consider using plastic table skirting that already has adhesive on it. Place this all around the outside of your tables to make your display look cleaner. When setting up your tables, always leave enough room for three people to walk side by side between your rows of tables.
This will encourage browsing as people do not typically like to be crowded. Set up one or two folding chairs near the front of your booth as an invitation for tired or elderly buyers to have a seat and rest. Place special items those you know will be good sellers where they will be seen easily. This will give your booth and tables a? Add height to your table. Upside down crates, bins or staggered shelving gives you a place to display more special items on your table.
As long as people have a clear path to get to the table to pick up items, use your imagination! Look at your booth from outside. Are your signs clearly visible from the different directions where people will approach? Is your booth inviting? Do you have any distracting loose ends showing? Marketing Back to Top Promote! There are things you can do to drive additional customers to your booth like advertising through community boards, churches, classifieds, flyers, craigslist and couponing websites.
Make inexpensive business cards to hand out as coupons to customers to encourage repeat visits. VistaPrint is a great printing company that offers very low prices on business cards and flyers. Marketing is easier when someone asks you about your business, so find a way to bring people to your booth with a question on their mind. It will provide a perfect opening for you to talk about what you have to offer.
For example, have a contest to guess how many dog biscuits or jelly beans are in a container. Anything that makes people stop and take a closer look increases your odds of making a sale. This means you must provide porta potties if there are no permanent facilities.
What are the steps to start a flea market? Once you're ready to start your flea market, follow these steps to ensure that your business is legally compliant and avoid wasting time and money as your business grows: A clear plan is essential for success as an entrepreneur. A few important topics to consider are your initial costs, your target market, and how long it will take you to break even.
Form a legal entity. Establishing a legal business entity prevents you from being personally liable if your flea market is sued. You will need to register for a variety of state and federal taxes before you can open for business.
Open a business bank account. A dedicated checking account for your flea market keeps your finances organized and makes your business appear more professional to your customers.
Set up business accounting. Recording your various expenses and sources of income is critical to understanding the financial performance of your business.
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Keeping accurate and detailed accounts also greatly simplifies your annual tax filing. Obtain necessary permits and licenses. Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state. Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors. Establish a web presence. A business website allows customers to learn more about your company and the products or services you offer.
You can also use social media to attract new clients or customers. Select your state below for an in-depth guide on completing each of these steps in your home state. One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners. Try one month membership for free. What are some insider tips for jump starting a flea market? Potential flea market owners need to learn as much as they can about their future competition which already exists in the area. Starting small allows new flea market owners to test both the local area and the market's niche before spending too much money on a concept or location which will never work.
Once vendors commit to selling, it is easier to promote the flea market to customers online and through local media. Adding a special event to a flea market, like a concert or a contest is a great way to get people to come out for the day.
How to keep customers coming back Quality still matters. Operators should maintain high standards for vendors. Once a flea market gets a reputation for selling junk, it is hard to attract business.
Owners should focus on providing great service and building trust between the vendors, the customers, and the owners. How and when to build a team A good team is an important part of building a successful flea market business straight from the start. Older people and college students are great employees because they will work a few of days a week to earn extra spending money.
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, check out our informative guide, Sales Tax for Small Businesses. For information about local licenses and permits: Businesses operating out of a physical location typically require a Certificate of Occupancy CO.
A CO confirms that all building codes, zoning laws and government regulations have been met. If you plan to lease a location: