WHERE TO START
Below you will find our easy to follow stages for starting your own part time/full time market stall business.
HOW TO START
Presuming that you have been successful reserving a stall or 'pitch' on Petticoat Lane Market you are now ready for the next stage. Before you reserved the stall you probably had a good idea of what you wanted to sell.
WHAT TO SELL
Traders at Petticoat Lane Market sell a variety of goods and services every Sunday. These goods and services include:
ladies/mens/childrens clothes and accessories, leather jackets and jeans, shoes/boots/trainers, beauty/hair products, household goods/cleaners, automotive accessories, computer hardware/software and accessories, computer games, mobile phone accessories, hardware/tools/gardening, music and DVD's, electrical goods, fruit and veg/flowers, food and drink.
Be wary of introducing something new to the market. The current customer base may not be right for such a product or service.
If you are still unsure at this stage the best bet is to go for something you happen to like yourself. It's far easier and more productive to sell something you like or use. You will then have a natural enthusiasm for it which will be communicated to the customer.
Once you have settled on line to sell you will need suppliers. Obviously, the cheaper you can buy the more you can make on each sale.
The next stage is to price your goods/services to be competitive. When pricing remember, customers may be wary if the price is too good to be true or will only browse if the price is too high.
Be prepared for haggling. Some customers like to haggle, so build a small leeway into your pricing.
GETTING A STALL FRAME
Fortunately, unless you are looking to set up a large pitch or have a mobile catering van you can hire stall frames from us. Stall frames are free of charge (for the first 4 weeks of trading) but there is a £10.00 returnable deposit to pay per individual stall frame. Each stall frame has a 6" x 3" table attached and extended roof bars on the front and back. You will have to supply your own cover in case it rains. The cover needs to be at least 7" X 7" in size and you will also need at least 4 clips to hold it on to the frame. There are many stall cover and clip suppliers. If you wish you can try www.tarpaflex.co.uk.
SETTING UP AND SELLING
How are you going to get to the market?
Hopefully you will have some sort of transport. If not then hopefully you have got small items to sell like jewellery. Either way, you have got to plan how to get to the market. If by car or van you will be able to park for unloading around the entrance to Middlesex street at the Aldgate end. Once unloaded you are advised to move your vehicle as soon as possible. The best places to park are on a parking meter bays in the City of London as currently they are not chargeable on a Sunday.
Setting up the stall
Get your cover on first. Lay out your stock in a clear, easy to see way. Customers will walk straight by if they can't see what exactly you are selling. Remember, you only have about 1-1.5 seconds to gain their attention.
Selling from the stall
Your stall is just one of over 250 stalls at the market. You must make sure that customers realise you exist. You don't necessarily have to do the market trader banter although this does work. Look at the customers approaching your stall. Could they be interested in your goods? If so, grab an item off the stall and, if clothing, put it up to yourself as if you are looking to buy it. If you have a friend with you get them to do it. People notice people when they are doing something. If you are selling perfume, spray some samples onto a passer by. They may stop if the like the smell, or may come back later. These are just a few ideas. I'm sure you can come up with some yourself which is applicable to your stock. The one thing you must not do is just sit there behind your stall looking glum and fed-up. Even if you haven't made a sale be bright and positive or you will go home empty handed.
A stall in a market is like any other business. It will take time to establish itself. provided that you have the products and pricing right and you work the stall and sell yourself to customers it will work and be successful (successful can mean different things to different people). Be patient, you are not going to make a million on your first day nor your second but provided that sales increase every week then you know you are doing the right things. REMEMBER, Petticoat Lane Sunday Market has been trading for over 400 years. It supports over 250 traders every Sunday. If your market stall business fails it's not due to the market.
ACCOUNTING AND LEGAL
Now that the money is rolling in it needs to be accounted for. If your turnover exceeds £64000.00 in any 12 month period or less it will be necessary to register for VAT.
If the market stall business is your only income you must also make National Insurance contributions.
As operators of petticoat Lane Sunday Market we are obliged to provide Public Liability insurance that covers the whole of our market site. Depending on what you are selling you may find it prudent to insure areas of your business.
If you are selling perishable products (food) you should be aware of the Food Hygiene Legislation.
