Being a market trader

[Nadim.c]

I was watching a documentary about Duncan banetyne (from dragons den, don't know if that is the correct spelling). Done some research into how he started out with ice cream vans. Eventually I ended up at the tower hamlets street trading license. I'm surprised to see I can be a market trader at 17! However it looks like I need Public Liability Insurance. Would you know if I could get insurance under 18? And if I do, what would sell well at the market? I live in Tower Hamlets, and there's a large Bengali community, if that helps. I'll have around £1100 to start (that's all my sixth form bursaries and cash I have saved up). Hot/high risk food have a few regulations, so that would not be an option because it'll probably cost a lot for the relevant training.

 

[Mr D]

Have a look at that market. Have a look at other markets around the area.
See what is selling elsewhere that isn't sold there.

Many markets will limit how many stalls can carry the same type of goods so its worth checking with the particular market authorities.

£1100 is considerable amount to start with.

Its often long hours, its very cold or very hot at times. Its even boring when there's no customers.
It can be quite enjoyable.

Also worth checking out these people.
https://www.nmtf.co.uk/

Have a hunt around your local area, may be wholesalers hidden away you can go and buy from. Or there's over the internet suppliers.

 

[Mark T Jones]

Nobody can really answer the question of what you should sell.

Apart from the obvious of what the locals are seen buy, you need to consider what you can source effectively and, ideally what you can add value to

By add value, I mean somehow change the basic form to meet a specific need - which might be real or imagined

An acquaintance did very well in markets by framing pictures of a spitfire (plane, not car). You could buy the same thing framed slightly cheaper, but the perception of personalisation was sufficient to add value, if you get my drift.

 

[MBE2017]

I used to have ten markets on the go a few years back plus several shops. Market trading was my favourite form of B2c trading, since not only did I find it very enjoyable but highly lucrative at the time in the products I sold.

That said, times have changed and most markets are in severe decline, as is the High Street.

As mentioned you need to look at the market and see what will work, if anything can, chances are a lot of things will not. Not only do you need to find a product or range of products that will sell, but ones that work for you. No point dealing in high end clothes if you have no way of moving goods to and from the market, storage etc.

There is always ways around problems, but bear in mind competition can arrive anytime, guard your supplies carefully, keep your dealings to yourself because market traders are some of the cleverest people around.

End of the day though, it is down to your personality, you have to enjoy dealing with people, enjoy having fun with them, and so on, that is what will make you successful. You have to be the kind of person that refuses to accept a rainy day will automatically mean lower sales, you get the idea. The cold stops a lot of people, the heat is always welcome, not so many enjoy breaking ice from the stalls early morning.