The flea market, also known as a swap meet, continues to be a very good venue to earn a lot of money. Take note that this venue does not only work for people who have old household items which they want to dispose of such as in a garage sale – it also serves to be a potential business opportunity for people who are looking at making money. Just like any type of business, however, this requires planning and strategy for you to become successful.
Business Strategy. Having a business strategy is important. This ensures that you have a plan in mind for something that you will be investing your time and money on. Be on the look-out for businesses which closing down or undergoing clearance sales. Check out advertisements to find these businesses. The items that they sell will be cheaper and can be sold at a profit in flea markets. Another option is sell items that you have made. There are plenty of do-it-yourself projects that will fetch a decent price in flea markets.
Feasibility Study. Just like in any other business, it helps to study how the market behaves. In your case, what you would like to do is to make a list of flea markets that you can visit. This will be the subject for your study and will be the topic that you will observe. Go to these flea market events and try to check out what other vendors are selling. Pay extra attention to the customers. Take note of what they are buying. You can also find out which times is the peak for selling and when there are lots of people or customers visiting the place. This will give you information on what the hot items are and will give you suggestions on what can sell best when it is your turn to sell in a flea market. This will also allow you to choose a spot and make advanced reservations in joining the flea market.
Purchase the items. Go back to the list of stores that are going out of business and the items that you know will make it a hit in the flea market. Purchase them but remember to negotiate. Learn how to navigate a bargain so that you will get lower prices. After all, flea market prices are competitive and the best way to beat the competition is by getting the lowest priced products.
Work on Pricing. When you have all your items ready, the next thing that you need to do is to identify the price of the items that you will be selling. Take note of the cost and work on a price that allows you to make money but will still pose as a good bargain for the customers.
There is money to be made from a flea market. It’s not just a matter of disposing of items, neither is it a matter of luck in terms of the items being bought by customers. Instead, it requires planning and a lot of thought. Go ahead and try it out yourself. For starters, you can work on a small investment to get a feel of what it is like. Keep the tips in mind and soon enough, you’ll become an expert flea market vendor.