The Market Stall Business Plan

The Market Stall Business Plan

The UK’s market culture is both versatile and thriving, ideal for the opening of a market stall business. This kind of venture is ideal, whether you are looking to test a product or whether you’ve always wanted to run such a business. The market stall business requires working long hours in unpredictable weather. If you’re determined, however, this business can mean you obtain priceless feedback on your products, as well as turn a good profit.

Standing Out

How will your market stall stand out from the rest? Needless to say, it will have to be attractive to potential customers, as well as welcoming. A distinctive stall front will be a definite way to distinguish your stall and make it appealing. A stall selling food can entice customers with free samples, for instance. Whichever ways you choose to differentiate yourself, you’ll want to make sure they’re all included in your business plan.

Sales Experience

You don’t need a diploma to run a market stall. You do, however, need to possess some sales ability. Unlike other sales positions, being a market stall owner also means you’ll need to be prepared to haggle with deal-hunting customers. In the market stall world, your ability to haggle will mean the difference between getting and losing a sale. You’ll also want to ensure that you can have a friendly rapport with customers. All of these are important to your business plan and therefore need to be included.

Pricing

How will you price your products in the market stall realm, especially considering the haggle-friendly environment of the market culture? Your business plan needs to include detailed research about how your pricing came about.

The first thing to do is define your market stall according to the type of market. Some markets have products sold by farmers, while others are retail markets. You’ll also want to think about whether your stall will be located indoors or out, and whether the market will take place only on weekends or throughout the week. All of these factors will influence your business, as they will all bring a different type of customer.

Are your products higher end? If so, a high-end market may be the best place for you, as it will allow you to charge more. The most important thing is to choose a venue that most closely matches what you plan to charge for your products. Otherwise, your prices will be too low or too high in comparison to other market sellers.

The Social Media Side

These days, you have more outlets than ever for getting the word out about your market stall. When writing your business plan, you’ll want to include social media in your marketing strategy. Social media can be used to make contact with potential customers, nurture relationships and provide answers about your products. All of these serve to increase customer confidence. Social media platforms are ideal for showcasing what makes your stall special, as well as providing you with a great way to generate buzz about new products.

Permanent Or Temporary

You can choose to work your market stall business full time, or you may prefer to have it as a side venture on weekends only. You’ll find that both have their good points. If you are just starting out with your business, a weekend-only scenario may be of more benefit, as it will provide you with plenty of flexibility, as well as fewer costs. You can also move your stall to any number of market locations.

Legislation

Selling food and drink products at market stalls come with a comprehensive set of regulations. If you’re planning on selling these items, you will need to ensure that you are current with these regulations. You will also need to ensure you are registered with the FSA. Acts like the Sale of Goods and Trade Descriptions Acts are also important to be aware of, as they deal with the authenticity and honesty of market stall product sales.

With a sound business plan in place, your market stall venture can be very rewarding and profitable.

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