The current economy is causing individuals to become creative in the way they make a living for their families. And, many are turning to resell opportunities to generate additional income. What better way to do so than by reselling at a flea market?
Find A Wholesale Source
The first and probably biggest obstacle that many have when becoming a reseller is finding a reputable liquidator to purchase from, whose wholesale pricing allows for a healthy profit margin. While an internet search will certainly bring up a lot of wholesaler listings, there a few key things to bear in mind when deciding which liquidator to purchase from.
Is the Supplier Legitimate?
One of the first key things to look for is how many years the liquidator has been in business. While it’s true that every company has to begin somewhere, it’s best to choose a well-established wholesaler who has been in business a decade or longer. This will help minimize your risks when getting into the flea market business.
Can the Supplier provide Testimonials?
A well-established wholesale liquidator will have reviews from others who have purchased from them. This will enable you to know exactly what to expect, how much damage and throw-away to anticipate from your pallets or truckload purchases, as well as the condition and salability of your desired items.
Buying Liquidation Merchandise to Sell
One of the last things to look for when buying wholesale merchandise from a liquidator is the ability to inspect the merchandise prior to purchase. Some liquidators force you to purchase sight unseen, from mere descriptions. Others offer pictures or videos of the overstocks and shelf pulls they are selling. However, the most reputable liquidator will allow you to make an appointment and physically inspect the goods they are offering prior to purchasing the items to sell at a flea market. While traveling to inspect the wholesale merchandise isn’t always feasible for many, having the option is always an added benefit for someone looking to get into the flea market business.
Once you’ve found a reputable wholesale liquidator, there are a few tips to getting started to sell at a flea market. First, you’ll want to consider what items are hot and in demand and there are a couple of ways to do this. The best way is to physically go and visit the flea market you want to sell at. Walk the aisles, look at which vendors are attracting the crowds, see what is selling and make notes of what purchases customers are carrying around. There’s no better research than getting in the thick of the action!
Another way to learn about hot merchandise and current trends is to look on the eBay Pulse page. eBay Pulse provides you with current information on the most popular searches, the largest stores and the most watched items on eBay. And, since eBay is the number one site for online resellers, it gives you an accurate picture of what people are wanting right now.
Our Flea Market Secrets
Once you’ve decided on what your flea market booth will sell, you’ll want to incorporate some of our basic flea market secrets and tips to make your resell business a success.
- Make sure your booth is easy to navigate. The best way to alienate customers is to make your booth too crowded. Sure, the best way to make sales is to have a variety of products, but displaying those products is also crucial. If you’re booth doesn’t have aisles big enough for even one person to walk around in, it’s likely that people won’t even enter to browse your booth.
- Make sure you stay in one place. Beginning resell vendors make the mistake of moving their booth to a different area of the flea market. Choose one spot and stay there. All types of businesses thrive on repeat customers and a flea market business is no different.
- Rotate your merchandise. While it’s tempting to continue to display the same merchandise, make sure you have enough inventory to change up your product offerings and make your displays look “fresh”.
- Pay attention to your potential customers. The best chance of selling something is to someone who is already in your booth. After all, you’ve done the hard part in attracting them- now keep them there! Engage them in conversation and ask if there’s something specific they are looking for. Who knows, they may be looking for the item that you don’t have out this week, but that you can easily access in your current inventory!
- Don’t get attached to your merchandise. One of the biggest mistakes to make as a new flea market seller is to get emotionally attached to your inventory. View your business as a way to generate extra income and detach yourself emotionally from your products. After all, some people will, some people won’t… so what!
The flea market business is definitely a worthwhile endeavor and can be financially lucrative provided you approach it with the right mindset. By utilizing our tips and tricks, you’ll be raking in the profits from your flea market business in no time at all!