In the last two issues, Market Mafia has shared tips and tricks for vendor success from fellow makers and local market organizers. This month we wrap up keys to success for selling at in-person markets, festivals and community events.
Multiple Revenue Streams
Vendor success varies from person to person and can include: in-person sales, online sales, wholesale opportunities, connections made, or commission work secured. All of these positive outcomes can occur during an in-person event or as a result of having participated in one. That’s what makes vending at markets one important piece of the puzzle for the financial success of a small business owner.
“Income stream diversity is important,” stresses Evan Neidich, owner of Fox & Crow Paper Co.
Market events could be an element in a small business owner’s revenue stream that’s worth adding to your repertoire. Consider the benefits.
Easing the Ups and Downs
Having diverse revenue streams helps offset the natural ebb and flow of income that can occur. Weather and holidays, for example, can drastically affect vendor earnings. While the downside of participating in market events means extensive preparation and hard work day-of, the upside includes immediate cash in hand for sales as well as the possibility of making in person connections that could lead to collaborations, future online sales and commission projects.
“I couldn’t survive on just my online sales. The markets are my bread and butter,” said Julie Dye, owner of Blossom and Shine.
On the flip side, if you’re only selling at in-person events you might be missing out on income that could sustain you and create a sense of stability during inevitable fluctuations. One such income opportunity may be wholesale accounts.
Constant Reassessment
Continuous evaluation helps. It’s crucial to track what works well or doesn’t and when, for any small business owner looking to compare revenue streams.
“Be willing to make yourself uncomfortable,” said Julie Angerosa, owner of REJuled. This includes trying something new or allowing yourself to make changes when you’ve determined something isn’t working for your business. Find value in trial and error, and test all options.
Know Your Capacity, Know Your Worth
Don’t spread yourself too thin. For example, more isn’t always better; consider the number of online outlets at which you’re selling your goods and if you can realistically keep up with demand.
Track your return on investment as best you can. Consider cost of materials, time required to make products, event costs like “tent rent”, time spent working an event or creating online products. Then compare your investment to revenue generated.
Analyze your pricing; don’t arbitrarily pluck a number out of the sky. “In the beginning, you’re afraid to overcharge,” said Dye, “but if you’re pricing too low, people won’t see your goods as valuable and you’re detracting from the people pricing appropriately.” Reevaluate your pricing at least annually.
Consider if markets are a piece of the revenue puzzle that may be missing and beneficial for your company’s income stream. Find a full list of upcoming makers’ markets to attend or apply to become a vendor at these markets. This information is available on our website marketmafia.com. Shop the makers mentioned in this article by visiting their websites. We hope you’ll celebrate the return of market season this October and #HitTheMarket with us!
