Assistance for a part time business

[Aspired_youngster]

Hello everyone,

I'm an 19 year old full-time student. During my spare time I've done two car boot sales, I didn't really break even because I only had stuff in the house to sell and I made a mistake of pricing items too high because I underestimated their actual value, and also making a loss on selling aftershaves for -2 pound. I've got good communication skills, and I finished my work experience placement at Tesco last week so I've got more experience from products, promotion etc. I feel like setting up a market stall selling fruit and veg, and because I was out really late last night at an entrepreneurs boat party, I got in late and was knackered, but I still went out around 1 in the afternoon and went around my borough recording pricing structure and promotion for fruit and veg. Afterwards I went straight to the local council, I was told to ring a number from a telephone inside, and didn't get through, but I left a message inquiring information about a street trading license, and whats needed to set up a market stall on the weekend, which was followed by my email address and I repeated every letter of it, but am not too sure whether they'll reply to me. I'll appreciate all advice given for those who are experienced in the sector, and this will determine whether to still continue with boot sales, go into fruit and veg market trading if there's an opportunity, or go for online selling via Ebay.

Many thanks to those are concerned,

kindest regards,

John.

 

[WJP]

Just a suggestion, you'd probably get a better response to this if you asked some specific questions about things you want help with.

 

[90DC]

'I didn't really break even'

What you're saying is you've made a loss. There is absolutely no issue with this and atleast you know and admit this.

I welcome anybody that decides they want to do what they feel like doing, in your case, fruit and veg. I am also glad you have made a start in looking at the local prices charged for fruit and veg, but there are other factors to be considered, which you may not have thought about.

1, Is the local market popular enough for your venture? (Spend a little time observing it, who is going there, are they buying, what are the other traders selling)
2, How much are you going to sell? (You don't want to purchase ten cases of brocolli, only to have to throw five cases because people simply don't want it) Fruit and veg has a short shelf life and you need to calculate how much you are going to sell, and be realistic. It is highly likely that you will not sell it all (But rather than throw it away, pass it on to a charity)
3, Have you considered the time associated with starting a fruit and veg stall?
4, Is this really what you want to do and are there other things you'd rather be doing (I'd rather start out doing something I want to do than something that I feel has lower start up costs or I feel may be 'easier')

Finally, I am surprised you have been a member since September 2010 but this is your first post, welcome.

With regards to eBay. There is very healthy competition, although the post I made prior to this one has some good examples of how you can best sell on eBay by selling certain goods cash on collection, you may wish to take a look at this if you're following the eBay route.

 

[Runner900]

You're starting off in business, good for you.

My suggestion is, for any business venture - to test and test and test.

Only when you are absolutely sure the time will be well spent growing the business should you continue.

Consider starting the business and working on it for a month to gauge interest. If interest is minimal, drop it and go onto something else.

 

[Root 66 Woodshop]

Hi John.

Firstly, good on you! Trying something even though you've made a loss is a great start to be honest, it's good experience, especially when you know you've made the loss in the first place... What could have happened is that you continued to make a loss, not noticed, thought you were doing really well and ignored all the negative point's while selling the way you are.

As above, with what 90DC has said, you may have a long way ahead of you, but you've seen the mistakes you've made, now do something about it.

Personally, I'd stay away from Ebay, you'll run up cost's of items that don't sell in the long run, it's only really worth it (in my eyes and in my opinion) if you're selling everything of a high value and not selling the low value items... other than that, I can't possibly see anyone making a go of selling on Ebay when there is so much competition there already.

Good luck in the future!

 

[Aspired_youngster]

Thank you all for your kind words, am taking everything on board and you guys are brilliant coming up with solutions. It's possible to continue doing the boot sales, gaining experience, then going on to market trading.

 

I have a mate who set himself up selling Fruit & Veg from a van. He simply agreed whatever he needed with the local council, goes to a local farm for Spuds, Eggs, etc, a local Veg shop bulk sells him the rest (he splits it up), and he goes around certain areas once per week.

He makes approx 100% markup on everything, and is doing a roaring trade.

My point is, you might well do ok at this, people do like fresh fruit & veg brought to them, or at least somewhere handy for them to get it.

100% for attitude btw, I wish you luck.

 

[Aspired_youngster]

Thanks for sharing your mates experience Comspec. Thats one problem which needs a solution to, if I trade on the streets I need the fruit and veg transported straight from the wholesaler, or from my house. Will I be better off with finding a man with a van who can do the transportation for me, or should I ask friends and family as they're more reliable and it can keep my costs lowered. I want to give it a go anyway to see where I end up, I really appreciate your advice Comspec, thank you. (I really should start taking driving lessons soon)

 

[shpangle]

Hi John,

Most markets I know of have well established fruit/veg stalls and may not want any competition. I think the best thing to do is talk to them and/or your local market manager who should be around on market days.

One thing you would need is public liability insurance (you get this if you join the National Market Traders Federation (nmtf.co.uk).

Good luck with everything!

Mick

 

[Aspired_youngster]

Hi Mick, I was actually thinking of this whilst I was at Shepard's Bush Market yesterday. Think too many would mean it'll be hard for everyone else, and they don't need anymore. So do I need to purchase this public liability insurance to trade on a market or on the streets? (I'm just wondering, as am only after the legal aspects of setting up) Thanks very much for your post Mick!

 

[90DC]

Yes, you would need Public Liability Insurance, but I think if you sign up to the National Federation of Market Traders, it doesn't work out that much.

 

[Aspired_youngster]

Thanks 90DC, that I can discuss with the person who I talk to in terms of the street trading license, I'll have this noted down as one of my requirements. This forum is really handy for legal advice on start ups. I'm loving the feedback I've been given, by everyone!

 

[90DC]

Well stick around then, share your future experiences and get advice when you're finding it tough.

Like somebody else said, I wouldn't have a stall on a market which already has a fruit and veg stall (Unless it's a big market). Market traders are different to people in shops and when you're working in such a close vicinity to them, it's best you make friends than rivals/enemies.

Shops are different. You don't open a shop to make friends with the other retailers. You don't have to see or hear them!