This post is part of a 6 part series explaining steps to take when starting a flea market business selling merchandise sourced from the liquidation industry
Today, I’m starting a new series of posts entitled “Selling at the flea market,” where I plan on reviewing the steps I would take if I were starting a retail business on shoe string budget. My goal will be simple: start a part-time weekend business selling customer returns, closeouts, shelf pull, and excess merchandise sourced from a wholesale liquidator. My plan is to generate $500-$1000 in revenue each weekend. Buckle up, this should be fun!
I’m starting this flea market business with $1500 to cover inventory and other miscellaneous costs associated with getting started. I will review the miscellaneous costs as the series goes on, but let’s get started with step one:
Locating the best flea market – sounds obvious, huh? Well, there’s a lot of research and planning involved in site selection. I would start by performing some basic research about all of the flea markets within a hundred mile radius of any one location. This step is critical because of several factors including:
Market traffic flow – get general statistics about each market including average traffic on Friday, Saturday and Sunday.
Days open – Find out what days the market is open including holiday schedules. This is also a good time to review market hours.
Cost and ability to set up shop – What are the costs associated with setting up for the day and weekend? How are these fees paid? Daily or monthly? Will you have the ability to rent a specific section of the market ongoing, or is it first come, first served? Some markets will actually have stall or booths that can be rented ongoing. If you find a good market, you want to have the ability to setup a permanent location within. Some markets have lockable stalls that inventory can be kept in, which can serve as a store within the market.
Once you’ve gathered all the above information, review all stats before making a commitment to any one market. You may have to travel to a flea market within a neighboring city if it offers better amenities and traffic. There is no sense in starting a business at a slow flea market!
In part two of this flea market series I will review the necessary permits, licenses, and equipment you will need to get you flea market business up and running..stay tuned!
Our 2017 Liquidators Guide chronicles 12 years of wholesale product sourcing experience and includes my personal black book of direct source contacts! As an industry expert, I'll share the success I've enjoyed along with the mistakes I've made buying and reselling liquidation merchandise.
If you are thinking about buying pallets of liquidation merchandise from a liquidator, broker, or direct from department stores, you need to check out The Liquidators Guide