Here are the steps in the process toward building a "powerful inventory." Vendors who sell at flea markets, swap meets, auctions, and trade shows will find the information in this series of article a revelation in respect to the antiquated marketing efforts so many inexperienced vendors practice, throughout the country today.
Let me explain exactly what I mean when using the term "powerful inventory." Simply put an inventory that is of good quality, unique, appealing, sells like hotcakes, and can be purchased for pennies on the dollar; is what I refer to as a "powerful inventory."
To acknowledge such an inventory and to incorporate it's concept into your plan will place you in a league far superior than that of your competitors.
Before I get into the mechanics of building a "powerful inventory" through mainly the purchase of wholesale products there is one issue which needs to be addressed. And though I consider this issue to be an important factor in the grand scheme of the things it is often overlooked by both veteran, and rookie vendors alike.
There are two categories flea market items fall under; those being new and used items. A relevant question that needs to be answered in order to start the process is "should I sell new, or used items?" The answer is "you should sell a combination of both." A combination of both will give you the power to attract customers who are looking to purchase either preference.
For instance, if you were to only sell new items you would only attract the attention of buyers who are looking to buy new items. By offering a combination of both you will now attract customers from both groups to browse your table. There's a good chance that a customer stopping to rummage through your used items may come across a new item that catches their eye, and you make a sale; and so on. Your objective is to draw as many buyers to your table as possible.
Not a major one, but still another advantage, to selling a combination of new and used flea market items is when a market restricts the selling to that of only new items, or only used items you have an inventory that will qualify you to sell either way.
Now that we have that out of the way the next step is to choose a niche market. This will distinguish you from all the other vendors.
In my recent article "Make a Living as a Flea Market Vendor" I touched lightly on niche markets by stating, "Don't jump on the bandwagon just because everyone else is." I would like to support my statement by pointing out - there is a galaxy of niche markets just waiting to be exploited by anyone with a little imagination, and ingenuity. Those choosing to take the easy way out by climbing onboard a good thing will quickly learn that life on the bandwagon is very short lived.
Your niche market could be a hobby you dabble in; maybe you enjoy cooking and consider yourself a self-proclaimed master chef, but for now let's say that you have a child who is 15 months. This is not your first child, and perhaps not your last; through the years you have gained a good knowledge about children's clothing and accessories. You are familiar with the trends, the styles, what is practical, and the median the price ranges. You know which accessories are necessary, and which are consumable.
Consumable products are a wonderful thing because they guarantee repeat sales as long as the product is of good quality and the price is right. Consumers can be fickle creatures and predicting their buying habits is very difficult to say the least. For that reason I take back the guarantee part.
It's time to break down your niche market. First make a list of at least 4 categories minimum. If you would like more, that's up to you, but I suggest at least 4 of them.
This chart represents 5 categories with their respective sub-categories listed in the columns below them. Your chart should be similar to this sample, once you have completed it. Take your time and refine it as you see fit until you come up with something that works for you.
(this list replaces the chart that would not display)
Kid's Clothing - Shirts, Pants, Socks, Pajamas, Tee Shirts
Kid's Shoes - Dress Shoes, Booties, Sneakers Slippers
Toys - 1 to 6 mos., 6 to 12 mos., 12 to 18 mos., 18 to 24 mos.
Accessories - Diapers, Bottles, Pacifiers, Safety Pins, Sippy Cups
Instructional - Books, CD's, DVD's
A way to begin building your inventory is by looking for reputable wholesalers online; as a source for the percentage of your inventory which will consist of new items. You will find there are hundreds if not thousands of wholesale companies out there; so do the homework and choose wisely.
Before spending your entire budget all at once and with just one wholesaler I suggest that you shop around, and order a variety of sample products from several different companies. This will give insight on how each wholesaler conducts business, and it will also give you a chance to inspect the quality of their merchandise. Another word of advice is to be sure that you read and understand all of their policies and disclaimers in relations to privacy, shipping, payments, credits, returns, etc.
Before you commit to buying from a particular wholesale company it is a good idea to "Google" the company name to find any available information, positive and negative. Believe me if there is any information, good or bad, you will find it. If the search comes up with no results this could be an indication that they have only been in business for a short time; use your gut feeling. The point I'm getting at is that you want to know as much as you can about the company before dealing with them.
Another point I would like to make is that it's difficult to find wholesale distributors that are willing to sell you branded merchandise. Most wholesalers dealing in branded merchandise distribute exclusively to major outlet stores, and in protected areas.
In some cases you can purchase branded merchandise through a "Liquidation Wholesaler." This is a gamble because you have no way of knowing the condition of the merchandise unless you go to the location to physically inspect it. Don't let me discourage you; I have talked to vendors whose inventory consists entirely of liquidation items, and they do very well with it.
Generally "Liquidation Wholesalers" sell pallet loads of merchandise. These pallets are made up of either a variety of items, or a selection of items that are of close relation. If you choose to take this route remain loyal to your niche market by purchasing only those types of items you have listed on your chart.
I hope you found this article interesting. Please check our website later to read PART II of this three part series of articles.
I hope you found this article interesting. Please check our website at [
http://www.metalmarkenterprise.com]Metalmark Enterprise to read PART II of this three-part series of articles. Until next time... learn it, love it, live it!
Until next time... Learn It, Love It, Live It!
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http://EzineArticles.com/?How-to-Build-a-Powerful-Inventory-for-the-Flea-Mark...] How to Build a Powerful Inventory for the Flea Market Vendor - Part I
