Do you want to start a flea market business full time or part time? Do you have a bunch of stuff sitting around taking up space that you don’t want, but don’t want to just throw out? Are you a current flea marketer and just want some tips on making more money? Then read on, as I have been working flea markets for over 20 years starting as a youngster with my father and moved on to working for myself. I will tell you the three rules of successful flea marketing, the five top selling items, how to arrange your items for maximum exposure and where to get inventory free or cheap once you cleaned out your basement/attic and friends and families basements/attics.
My first experience selling at a flea market was in 1995. A new market was opening in the NJ town I now lived and worked in and I was excited to become a vender and make a lot of money. I did everything wrong. I spent about $1000 on the wrong inventory, a banner I didn’t need and was too long, a pegboard display that fell over from the wind and a canopy that I wasn’t allowed to use because it wasn’t anchored. I don’t think I cleared over $100 that first day. The next week wasn’t any better. I had to find another flea market that was established, inventory that would sell and a way to present my items for sale so people wouldn’t just glance at my stand and keep walking.
Today I have a successful flea market business with repeat customers, inventory that is turning over constantly and little to no overhead. More importantly, I choose when and where I work, make a decent profit and have fun.
The five rules of successful flea marketing:
Location: Just like real estate flea marketing is all about location, location, location. What good is have gold bricks for sale for 50% below the spot gold price if the market you’re selling at has no visitors/traffic. The bigger and more established the flea market the better you will do. Check out www.fleamarketguide.com for a flea market near you.
Inventory: Either specialize in one type of item or have a medley of items for sale. I see lots of venders sell just one type of item that they are very knowledgeable about and know what the items are worth. Others, like myself, sell a variety of stuff from DVDs, tools and office/computer equipment to VHS tapes, software and watches. Get your inventory for free or very very cheap. Empty out your closets, basements and attics and anything you haven’t used in over a year sell. Hit up your neighbors, family and friends for their unused stuff too. This will give you valuable experience without laying out a bunch of money for inventory that might not sell.
Price: People buying at flea markets know what they want to spend and have a limit. A lot just show up for something to do and have a look around. Some are pickers (people buying to resell) and a lot are regulars and show up week in and out looking for good buys. It’s a good idea to visit the mart before you sell and take note of prices of stuff you have to sell and what kind of stuff people are selling. Are there tons of people selling the same type of stuff or do you have some one of a kind item. Check out www.ebay.com and do a “completed” search to see what your inventory is selling for. And lastly, people know the prices of stuff they buy and use regularly and if your prices are too high they’ll let you know. Price your items right and it will sell.
The five top selling items:
Movies: Whether it’s DVDs, VHS, Blue-Ray or HD DVDs, people love movies. Get all the movies you can from your collection, your friends and families and price them the same or lower then your competition. Buy 2 get one free works great here. People love free/extra stuff.
Tools: Hand tools, power tools, lawn and garden tools and automotive tools sell.
Home Decor: Women love this stuff. They are always on the look out for something to fit in to their home decorations or nick knacks.
Food: The people making money steady every week are the food vendors. From funnel cake, ice cream and pretzels to cheeseburgers, hot dogs and drinks. Food sells. Even the vendors get hungry and buy food.
Electronics: If it’s in decent shape electronics sell, if it’s in the original box even better and if it’s brand new well, that’s the best. The choices here are limitless, DVD players, computer hardware and software, digital scales, printers, speakers, walkie-talkies and more. If you can plug it in to show it works they will sell even faster. Sell batteries too or include them with the item for extra sales.
How to arrange your items for maximum exposure:
You should have a few folding tables to use even if the place you selling at provides a table. Customers look at the stuff on the tables first and maybe only at the stuff on the tables. The people have to see what you’re selling. Put it up on a table for higher visibility and access.
Tarps are good too if you are selling items too big or bulky for your table. Lay down a small tarp and arrange like items together.
Put high turn over items that are cheaply priced at the front of your area. This will create traffic at your spot and when people see a bunch of people at your stand they will come over with more intent incase they are missing out on something. I put all my old hand tools in the front in small boxes separated by type. People like to stop and dig around them and because they are priced to sell buy several.
Think of your vending area spot as a half circle with yourself at the center. Put the cheaper stuff on the edge and the more expensive items closer to you. Most buyers are there for a good time, fun and are honest, but there is theft and you need to be careful your profit doesn’t walk away. Be on the look out. Keep scanning the people at your spot and keep an eye one your stuff. Bag the items yourself to ensure what they are buying. Keep your money on your person. If you have a lot of $20 then put them in a separate pocket. Keep the “change” money in the other.
Now that you sold all your stuff, friends, neighbor’s stuff and your families unwanted items you have the lots of experience. Now what. Do you want to continue? Did the flea market bug bite you? Do you enjoy the extra money you made and the extra space in your house now? Want to keep selling but don’t know what to sell or where to get it?
Where to get inventory free or cheap once you cleaned out your basement/attic, your friends and families basements/attics.
The key to making money in this business is no different then any other. Buy low and sell high. I like to make at least 400% + profit on everything I sell. Even better is getting stuff for free and selling that. But where do you get your inventory once you run out? Here are some places I use to get items to sell.
· Other venders: Walk around and see if anyone is selling something you want to sell. Say hi and talk to them. Are they moving and selling their household items? Did they have a death in the family and now selling everything that they didn’t want? Pick up everything you are interested in and ask them what they want for the whole lot. If it’s a bargain then take it. Is it more then you wanted to spend make them a counter offer. Some items I’ve gotten from other venders include, 200 VHS movies in excellent condition for $50, 100 LP records for $20 also in excellent condition, 10 small rubber made containers filled with misc.hand tools for $10 and more. Its just business, if it’s too much money walk away. Figure out ahead of time what you can sell the stuff for and divide that by 4 or 5 to get the wholesale cost.
·. Figure on doubling or tripling your money at best. Don’t go crazy and buy a lot. A few items her and there for $20 isn’t that high an investment.
· Ebay: Search www.ebay.com for “wholesale” items or items sold in “lots”. Remember to include the shipping cost in your bid and the 400% rule here.
· Craigslist/Freecycle: www.craigslist.com and www.freecycle.net are two sources of local people either giving away stuff or selling stuff. I get lots of old computer parts from both sites and have gotten TVs, VCRs, DVD players, sewing machines and tons of other great stuff all for free. Just don’t tell them you want it for resale because they hate that for some reason. Matter of fact, the TV in my living room is a Sony 36 inch pip TV that I got from freecycle and it works perfect. They said it kept shutting off but it has been working flawlessly for me for over 6 months now.
·. There are bargains here; you just need to keep an eye out.
· Wholesale411. www.wholesale411.comis a site that is a search engine for wholesale items. Type in what you want and see what pops up. Most companies have a low minimum order and will sell to you. Buy out of state so you don’t have to pay sales tax.
I only go once a week and make between $100 and $500 depending on what I’m selling and what people want. Good luck and remember if you are just starting that there is a learning curve. One last piece of advice, put out your best items about an hour after the market has opened to avoid the “pickers” from bugging you with their “low ball” offers
