| Flea market selling is very different from other kinds of | | | | today?". Customers are always looking for bargains, |
| selling. Most flea markets generate high volumes of | | | | give them what they want. |
| customers and restrict you to a relatively small selling | | | | Never over price your merchandise. You are in a flea |
| space. So the key in flea market selling is turnover. | | | | market, people expect bargains so don't disappoint |
| Without turning merchandise quickly you cannot | | | | them. Think turnover turnover turnover. There is an old |
| survive. One of the ways to do this is to carry a loss | | | | story about merchandise turnover, two guys are selling |
| leader. Sell an item that is well known but also related | | | | widgets (yes it's always widgets). One guy is selling |
| to the products you carry, advertise it as a super | | | | each widget for $1.00. The guy next to him is selling |
| special with a large and bright sign. Make a small | | | | each widget for $1,000,000. The guy selling widgets for |
| margin percentage on the item or break even on it. | | | | $1.00 is raking in the dollars hand over fist while the |
| Customers will come over to your booth and buy that | | | | other guy is sitting there. Finally the guy selling the |
| product, but while they are there many of them will | | | | widgets for $1.00 asks the other guy why are you |
| buy other products you carry. The big box stores use | | | | charging so much. He responds, "well I only have to sell |
| this method constantly. Note how they stack up a | | | | one right?" I have the strange feeling that mister |
| product on a corner aisle and mark it down. Watch the | | | | non-turnover is going to be waiting a lifetime and still |
| customers as they buy that product and then buy | | | | not sell that one widget. |
| other products which the big box store will make | | | | Pushing out merchandise and generate cash is a |
| money on. It's a tried and true method, but one most | | | | major key to success. This gives you the ability to |
| flea marketers and small businesses are afraid to try. | | | | now purchase from your suppliers in quantity, thereby |
| Get away from the mentality that you have to profit | | | | lowering the cost of your purchases. This feeds on |
| on every item you sell. | | | | itself as your suppliers begin to respect you as a top |
| An advantage of using a loss leader is to also knock | | | | customer and treat you differently. They will do things |
| out any competition you may have. Sounds evil, but it is | | | | such as tell you what the hot sellers are and what is |
| necessary and a function of our economy. Anyone | | | | not, save key merchandise for you and give you the |
| who shies away from competition does not belong in | | | | first chance at any closeouts they may have. Being |
| business. You want customers to look at you as the | | | | friendly with your suppliers and of course paying them |
| low cost flea market booth, the booth they make sure | | | | on time or with cash helps you tremendously. Never |
| they visit when their looking for bargains. You want to | | | | be past due on your bills to a supplier, this is a sure |
| save the customer money and keep them happy. | | | | way to get on their blacklist. You want to be their ideal |
| Think of all the customers you will make happy and | | | | customer, one that they will take care of. One that |
| the one competitor you will not. Not a bad trade off. | | | | means something to their business. |
| Another turnover method is to closeout merchandise. | | | | Successful flea market dealers know how important |
| Take items that have been sitting around and | | | | turnover is. Try these turnover methods and see how |
| advertise them as closeout merchandise. Sell them for | | | | quickly your sales rise. Your profits rising will soon |
| a loss if necessary. Move product and keep it fresh. | | | | follow as customers purchase more, you acquire more |
| Let your customers see new and different | | | | repeat customers and your suppliers treat you with a |
| merchandise, give them a reason to stop by your | | | | new found respect thereby giving you the inside track |
| booth. This will generate repeat customers which | | | | with them and lowering your cost. |
| many of them will ask, "You have any closeouts | | | | |