Launching your first business
You may have a passion, a hobby, or a talent that for some time you have been reluctant to start a business around.
Maybe you don’t know where to start, or you’re just wary after acknowledging the many start up business hell stories, that so many entrepreneurs have thrown themselves into. Starting a market stall can be a great way to showcase your idea, or a starting point for those who want to prosper into large companies.
But how could a simple market stall have such a beneficial outcome? (You may be wondering).
Successful businesses that began as a market stall
Tesco – yes, one of the largest retailers in the world, started as a market stall, trading at Hackney Market in London back in 1919.
Just like Innocent Drinks – who now sell around two million smoothies per week.
Sass & Bide – That’s right! The label of international fame, who now sell all over the world with a significant presence in all fashion capitals.
My Cupcake Addiction – started at a local market at the Gold Coast, founder Elise Strachan now has 10 million followers drooling over her dream.
Why markets are a good start for your business
Learn from the experts
The atmosphere of your local market can be fun, though nothing beats the experience you will gain from operating your own little doorway to your career dream. To survive in an environment as competitive as the marketplace, you will need to learn marketing techniques, customer relationship management, and exceptional sales skills. Now who better to teach you these tricks of the trade in surviving in one on the most competitive sales environments, than a market veteran! Being able to witness first hand stall holders working their magic, will gain you knowledge second to none. They have been doing this for years, and can not only pass on how to manage or display your stock, but the ins and outs of small business also
Networking is a very undervalued business growth tool, I must say! Nothing beats the benefits you can prosper with than building relationships with neighbouring traders, distributors, operators and of course customers!
By building a relationship with your fellow traders, they can show you the ropes – directing you to the best distributors, teaching you right from wrong, and even little things – like covering your stall while you run and grab a coffee! Having friends in the marketplace can be very valuable!
Networking with customers is an essential step in customer retention. Once you provide an awesome experience for your customer, they are very likely to return over and over, as long as you keep that relationship positive.
Along with positive customer relationships come ‘reference groups’ – this little golden profit has a domino effect and can quickly grow your business extraordinarily if you play your cards right. This is where, your satisfied customers refer you to their friends, and they refer you to their Aunt Jess, and Aunt Jess refers you to her entire book club and… You get the picture.
With a larger customer base, your demand may require you to attend multiple markets, this is an opportunity for you (if you want to grow) to become a franchise in the market stall industry – which in turn provides even further growth opportunities outside of the marketplace.
The more contacts you have in business, the better it is for you. The more you get to know your wholesalers, distributors and other providers, the better chance you have in scooping up fiscal deals. The more people you know – the more you’re looked after.
If you have a long, positive relationship with your business contacts, who will be the first to help you out and give you ‘mates rates’ when you decide to grow into permanent locations? Never underestimate the potential of your business links, it could save you a lot of money in the long run!It is without a doubt that the likes of Tesco, show the potential your market has. This retail giant is a living proof that the marketplace is the perfect platform to plant, water and grow your business.