Street vendors are everywhere and often make a colorful and interesting addition to the local milieu in any location, big or small! If you’ve ever wondered how you could be a part of this scenery by becoming a street vendor, some helpful information is provided in this article.
- To begin with, do your homework/research thoroughly – check with other street vendors, seek professional advice on setting-up a street business, etc. Estimate the cost of becoming a street vendor and line up your finances accordingly.
- Research the local laws and regulations to find out the requirements of starting a business as a street vendor in the town/city where you reside or operate your business. State laws on street vending businesses differ depending upon location and type of goods/services to be sold.
- Choose the products you want to sell as a street vendor – food, beverages, clothes, shoes, leather accessories, newspapers/magazines, books and many, many more such consumer products. You can stock a single product or multiple, related items, depending on your business budget and licensing considerations.
- Once you have your budget and product idea(s) in place, you will need to apply for the necessary licenses and permits as per laws applicable in your area. Generally, you will need to register your business, get a tax ID and business license; a street vendor’s permit for the location where your street cart/storefront will operate; if you will be vending food and/or beverage items, then additional permits and licenses may be required.
- Consider your capital investment requirements – you will need a street cart or “mobile vending unit”, the price of which ranges from $2,000 to $50,000; food/beverage carts falling in the higher range. The second consideration is to find a trustworthy supplier or manufacturer from whom you can source your product inventory. You may also need storage or warehouse space where you can store surplus inventory and this will need to be as close to your regular place of business as possible to make quick and convenient replenishment during business timings.
- An important part of becoming a successful street vendor is choosing the right location to carry out your business. Your best bet would be commercial or downtown areas, where there is a significant amount of foot traffic, or areas such as hospitals, malls, office complexes, movie theatres and stadiums. Also, spots in and around public transport hubs, such as the bus station, subways, etc.
Make sure you follow the guidelines provided above, in order to own and operate as a successful street vendor.