Starting a Flea Market – Sample Business Plan Template
1. Know What You Are Going Into
It is very important that you to a large extent learn and master the trade that you are about to go into. This is so that you may be armed with very adequate information that would be able to help you scale through some hurdles. You may consider turning to the ‘almighty’ internet where you may research a whole lot. One of the resources that can be used would be the Google search engine. The Google search engine helps you find loads of results on any topic you have typed in. You may also consider reading some e-books, as well as physical books.
2. Learn From Experts
Check around you to see if there are some folks whom you might be lucky to come across that have already started this line of business. You really would be amazed at the number of information that you are able to garner when you turn to these experts to put you through things that might be vague. You may have to take advantage of the opportunity by asking as much questions as you can. Consider asking questions like; how they started, the amount of startup they used in starting, the various vendors they have, as well as how the flea market is run in itself.
3. Determine the Type of Flea Market to Start
There are different types of flea markets. There are those that specialize in decorations, discount toiletries and what have you. Now that you have some back ground knowledge about what a flea market is all about, the onus now lies with you to determine which type you may want to specialize in. On the other hand, you may want to do a blend of this or that.
4. Determine the Dimension It Would Take
As the planner of the flea market, it is important that you decide the way things may go during the bazaar. Things like; how the place may be decorated, whether it would be an indoor or outdoor affair, etc. That means that you have got to figure out whether it would be in an indoor space like; a gymnasium hall, a warehouse, and a hall. Or outdoor as in a parking lot, under an outdoor tent, and what have you.
5. Decide On How Often To Have Your Flea Market-: Since you might have taken time to attend some flea markets yourself, it is now time that you determine whether to make yours a monthly affair, an every weekend affair, a bi monthly thing, as well as whether it might be quarterly or yearly.
6. Gather Your Startup Together
It is worthy to note that you might have to be the only one bearing the financial brunt of financing this event, only except if you have got partners with whom you are starting this market with. This means that the fee that might be charged you for the rental of space, decoration, as well as the purchase of the tables and furniture might be solely your business. This might not cost a lot, especially if you already have a space, and are looking to save cost.
7. Advertise Your Flee Market
Just before you begin to get vendors who might be willing to display their good at your bazaar, you have first of all got to do the needful things first. What might that be? It would mean that you let the public know about you flea market. You may consider adopting the various social media platforms where you are able to reach a lot of people on the event. One of the sole reasons why your vendors may trust you overtime might be the fact that they are assured of traffic. Getting massive traffic therefore means that your vendors would be assured of massive sales and people troop into the various booths.
8. Be Sure Your Booths Are Well Priced
Since you are a newbie in this line of business, it is very advisable that your booths are moderately priced so that you do not scare the various vendors that might be interested. One of the ways to strike this off would be that you check the prices of other flea markets, and perhaps look to coming a bit low. Since you might have other competition, make your price affordable so that you may gain more popularity.
9. Approach Vendors
Your next step would be to approach vendors. Look at the various categories of vendors that you are targeting and then approach them telling them about your flea market. You may consider flyers, brochures, as well as word of mouth to get the awareness known.
Would these steps really get you started? You bet they would get you started in the right manner. Why is this so, you might ask? This is so because these are the same steps those who have become veterans in this line business have followed and have had success stories to tell.
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