Every successful market stall makes its grand entry with one simple thing – the perfect idea. We come across ideas day in day out, but a unique, innovative and irreplaceable one can be that of a drop in the ocean.
Every day, we are faced with various issues. Whether it be something as simple as nail polish chipping off, or as complex as creating an eco-friendly house. Nevertheless, the solution to each and every one of these daily issues, may very well be your next potential business idea!
Create a journal of inspiration
It’s said that for every nine ideas there’s one good one. So, create your very own ideas journal and put pen to paper, every day! Take your little journal of inspiration everywhere you go, you never know when and where you may be inspired by something worth brainstorming. Don’t limit yourself, no idea is too small. Take note of every single issue you encounter, you never know how many consumers are seeking that solution.
After you have a filtered your brain for every idea possible, it’s time for the next crucial step: research. Research your idea, your target audience, the market you will be selling at and the supply and demand of your big idea. If your idea is to sell decadent milkshakes, but there are three other stalls in the marketplace that do just that, then back to the drawing board you go. If you have an alternative idea to approach this product that will differentiate you from those three stalls, i.e. being the only one that offers vegan, dairy or lactose free options, then jump on board.
Follow your passion and skills
In saying this, do what you do! If you have an interest, talent or skill, then stick with it. Launching a new business is not the time to learn how to sew or sketch if it’s not something you are passionate about. Remember, you are one step ahead by utilising the knowledge and skills set that you already have. The most important part is to differentiate yourself from other likeminded marketeers.
Find a market that suits you
If you are restricted as to what you can sell due to over-supply in that particular market, or a policy that limits you from competing with established stalls, go elsewhere. Your passion for what you do is a key element in the success of your business. Find a market that suits you, rather than tailoring your idea to suit a restricted marketplace. The perfect idea surrounded by boundaries will stop you from flourishing in your chosen industry.
Be one step ahead
Consider the practicality of sourcing your product to and from your market stall. Each and every product and service has its own set of logistical requirements. Construct a plan that will allow you to utilise the contact time you have with consumers. The longer it takes to set up, or get your product to your customer, the lower interest you will receive. If you have a large collection of fragile items, it may be worth while displaying only a few and having a photo album that features the rest of your collection. This way, customer’s items can be pre-packaged and ready to go, and set up will take a shorter amount of time.
If the plan is for your market stall to be your full-time income, rather than a hobby, then your product or service must be one for all seasons. Any marketeer can sell something once, but the very best are those that have regulars returning on a weekly basis. Therefore, you must be season-proof! Going back to our decadent milkshake idea, this type of store may not be very popular in the middle of winter. Who wants an icy cold shake topped with ice-cream on a bitter Winters day? Not me! A product line featuring hot beverages that compliment your Summer menu, i.e. a loaded snickers milkshake and a snickers hot chocolate, will keep your regulars intrigued all year round.
What are you waiting for? Embrace your inner passion and challenge yourself to stand out from the crowd.