Getting started is easy!
Markets can be a quick way to start your own business and become your own boss. However, it is not always the easiest way to make a living but it can be lucrative and rewarding. In the end your success will depend to a large extent on your own judgement and initiative.
There are several types of retail markets, but the two main types of market for start-up businesses are the covered market hall, which are the predecessors to the covered shopping malls and out of town retail centres or open markets, where traders often provide their own stalls.
Choosing a product line
If you do not already have an established business then the first thing you must do is to decide which line you would like to sell.
Assess the competition
Your entire success may be determined by the line you sell and it may well be worthwhile undertaking some research into the likely competition you may be facing from established traders, both on your intended market and in that particular town centre.
Visit the markets to assess competition and customer needs so that you are able to identify a strong product line that is new and interesting and not currently being sold on the market.
Calderdale's markets service regulates goods sold and in some cases will limit the number of traders selling certain lines.
Seek advice from other traders
If you know other market traders seek their advice, especially in relation to where to source your goods. Established traders have had many years of experience and can often point out the pitfalls.
If you need further information or help contact the markets service on 01422 393584 or e-mail us at: firstname.lastname@example.org.
We will be happy to advise you on how the markets work and give advice on becoming a trader.
Opportunities for new traders
We have some great opportunities to help new traders:
- Traders could receive up to 50% discount on rental prices for a fixed period, plus other reductions for continued occupancy and / or new unrepresented goods;
- 'My first market stall' is a scheme for new traders from within the borough (subject to availability). Your rent is free for month 1, then discounted at 75% for months 2 and 3, 50% for months 4-6, 25% for months 7-9, and then full rental for months 10-12. There is also a package of support on offer including:
- 1 to 1 advice meeting with our Business Enterprise Officer: learn about self-employment, starting a business, business plans and cashflow forecasts, plus what help is available, followed by a follow-up meeting after four weeks;
- advice / mentoring service by telephone or email;
- two months public liability insurance cover;
- National Market Traders Federation (NMTF) advice on how to increase sales;
- support and guidance on promoting your business.
Operated by market traders for market traders, the National Market Traders Federation (NMTF) was formed to collectively represent the interest of market traders.
The National Market Traders Federation can provide advice and information on any aspect of markets, market trading and business insurance. The federation also represents traders on a local, national and international level with the aim of enhancing the industry and preserving the livelihoods of its members.