Thinking of setting up as a market trader. Any tips?

Tammy2

I'm only intending to do one day a week, at this stage anyway.

I've done a few carboot sales and it's a bit hit and miss as most people tend to turn up expecting to pay only pennies.

However, there is local'ish market, all undercover, trestle tables provided. I'm off for a look-see at the weekend.

Any tips appreciated. Oh, and also any basic book keeping tips too - inc. book recommendations.

Excited :j

Pembroke

You will need to do a lot of research first. Of the market traders I've talked to they pay a lot more for a pitch than you would do for a boot sale so it may well be that you can't afford to only do one day per week. Also whoever runs that market may not be too keen on an empty pitch for the other days they're open. You may want to consider sub-contracting out the other days to friends if that's allowed? Or go into it as a group and divide up the fee between friends to fill the pitch every day. The pitch may well be charged by the week or month, something else to find out.

You need to find out what sells, but remember if you're asking the other traders, they might appear friendly, but they are NOT your friends, especially if they find out you're actually the competition.

If you're considering selling food you will probably need some form of health certificate, ask the organisers if that's a requirement. They may well have food sellers already and an agreement of no competition. If you're selling stuff by weight you will need approved scales.

Books, well at a boot sale I already write down every sale and how much for, also what I spend even if only food and drink for consolidation into my normal accounts when I get back home. You should get yourself some sort of duplicate book just in case anyone wants a receipt (rare but not unheard of), unless you have some form of till. You may also want to look at these card readers you can attach to a smart phone. If you can take credit cards it may well make you stand out from the other traders.

You may want to record your mileage to and from the market as you will be able to claim an allowance against your tax. You are of course already registered as self employed with HMRC ? You may also need to consider car insurance if you're using it to transport your wares. Class one business use is usually not much more than you pay already.

Good luck, let us know how you get on. Something I've considered along with actually running a boot fair but not taken the plunge yet.

Tammy2

Thanks Pembroke, that's really helpful

The cheapest undercover pitches are £10 a day, so double what'd pay for an open air car boot. They then leap to £20.

The website doesn't say anything about needing to be a regular, but I expect you are right. I'm not sure how / when pitches are allocated. I'm going to phone them on Wed (office not open until then) to try to get more details. Plus I'm going on Sunday for a look round.

I hope to be selling good quality second hand riding gear, predominantly for children. Plus I hope source some new horse and dog items - leads / lead ropes, head collars, whips etc. I guess that plan might change though once I look round on Sunday!

lovinituk

Its a hard slog even if you do find a product that the locals will buy on a regular basis. You generally have to be there for a while before you start getting regular sales and the first few times can be soul destroying when you don't sell anything. Unless you find some amazing product that none of the other pitches are selling, then don't expect to make a huge amount of money from it.

Tammy2

Yes, I'm hoping for a bright idea, lol.

The second hand riding gear, esp. show gear, is something that I wish I'd have been able to get hold of. The only tack shop selling a good selection moved away just over a year ago. So hopefully there is a gap. (Ebay is very awkward when you need something in a hurry). But getting enough stock in is going to be a challenge. Plus I have no clue on buying in new items / wholesales etc. Lots to learn

RFW

You may find you'll need insurance. The NMTF (national market traders federation) offers membership that includes insurance, I think it's £100 for a year. If you're serious about it, they're well worth joining as they offer other advice and help along the way.

It sounds like you're not really there yet though, so I'd suggest checking a few markets out and working out about how to get the stock you want to sell at prices it will sell at.

If you do find a market that looks like it's ideal for selling what you want on it, it may well be that it has been done before and failed, so see what else you can find out. A good place for a chat with other traders is by a canteen or a food cart when they're on a break.

This is actually the best time of year to check them out, the traders that are there now are year rounders, so you'll find a few that know their stuff. Any older traders will be ideal to talk to, anyone over 65 who stands a market in January has been doing it for years.

Tammy2

Thanks RFW

You are right, not there yet. Hoping to have done the ground work etc to get something under way for Spring (in time for the show season).

Brooker_Dave

Tammy2 wrote: »

Any tips appreciated.

Sell stuff people want.

Longships

Plenty of markets will take casual traders - you just ring up the market manager the day before and check they have a space for you.

I would advise just trying it out for 1 day to see what happens with whatever stock you have now before committing yourself to anything. Talk to the shoppers to find out what they are looking for. You can't tell for sure in one day of course, but you will get a feel for it and find out whether you are going to enjoy it or hate it.

RFW

Brooker_Dave wrote: »

Sell stuff people want.

You can sell anything on a decent market if the price is right.

Pembroke

Longships wrote: »

Plenty of markets will take casual traders - you just ring up the market manager the day before and check they have a space for you.

Sorry to go a bit O/T on your thread OP.

Longships, I sort of get what a Casual is, also a Pitcher. I'm assuming a casual will use the market's tables and equipment and just bring their goods, a pitcher will also bring their own tables.

But on that Market Traders website that RFW highlighted they also have a category called 'Demmers' so my question is what is a Demmer? I can't see any definitions on the web.