- Brand does not matter - Irregardless of the brand, prices will always be slashed to rock-bottom. Be prepared to let go of the item if your initial intention is to cover cost. Otherwise, make sure you have a reservation price in mind, since you will not be objective at that point in time.
- Size matters - This is important if you are selling clothing. You need a variety of sizes. One size does not fit all. You can have many people interested in your clothes but if they are not of the right size, the sales cannot be completed.
- Minimise costs - Keep costs low. This obviously translates to higher profit.
- Share your setup cost - If you can find a partner who is willing to share half the stall with you, you instantly reduce your rental cost by half. On top of that, if the partner has great marketing skills, your partner may be able to help close a few sales for you. So why not?
- Start early - As the saying goes, the "early birds get the worms". Set up your stall as early as the terms of the flea market allow. You can make sales before the other vendors come in. You are also likely to sell your items at better prices before competition intensifies. This brings me to my next point.
- Know your customers - This is rather tricky. You have to learn to read how interested your customer is by their body language. If they seem very interested, quote a slightly higher price (as they will definitely slash prices further, that is what flea market is all about). The rest depends on your negotiation skills and how willing are you to part with your item. Good luck on this one.
- Customers know you - Some customers are out to make a "killing" especially at the time when you are packing up. So you either sell them the items or be prepared to bring the unsold ones back (unless you are doing another flea market in the near future).
- One man's junk is another man's treasure - If you think that something looks awful or is not valuable, you will be surprised. There will always be some buyers for some of your items at the right price. That is why it is called a flea market. So instead of letting your items collect dust on your shelves or in the storeroom, why not sell it to others who see more value in them. You can do your part by recycling some of these items and indirectly saving the planet. What more can I say?
Finally the success of your flea market really depends on the crowd for the day, the competition (i.e. other flea marketeers) and whether you have the right stuff to close the sales. Of course, you definitely need a bit of luck and lots of friendly smiles. So all the best to you!
