How To Source Products For Your Flea Market Business
by Melissa Oaks
This article will introduce you to some methods of product sourcing and also give you some tips to find flea market items to sell.
Local product sourcing is the most common method of obtaining flea market items. As a flea market vendor, you probably use some local product sourcing methods to obtain products for your flea market business. Below are some common local product sourcing methods that you can use.
- Browse through the yard sales and garage sales section of your local
- Ask family members, friends, or neighbors for their unwanted items.
- Check out the local auction listings.
- Contact the local Self-Storage facilities in your area.
- Take a trip around town to find local merchants that you can obtain
- Partner with the local business owners or service providers
There are numerous ways to increase your product selection using local sourcing methods. You can also find quite a few wholesale flea market items on eBay. Other product sourcing methods that you can use to obtain flea market items for your flea market business are:
- Light Bulk Wholesaling
- Drop Shipping
- Liquidation Buying
- Overstock/Closeout Buying
No single product sourcing method should be used to support your entire business. Using multiple product sourcing methods is the real key to success. Most flea market vendors use a combination of these methods as well as a few local sourcing methods. Each method has its own benefits and drawbacks. Each flea market business is different so finding the right balance of product sourcing methods will vary.
Determining Which Flea Market Products to Sell
Choosing which products to sell is one of the biggest things that flea market vendors struggle with. There are many methods and tools that you can use to help you decide which products to sell. One of those methods is Market Research. Market Research is just as important as proper product sourcing. Market Research is done by gathering information and determining the demand and competition of the products you wish to sell. You should choose the products you sell based on market research.
When trying to choose a product for your flea market business, think about the type of people that come to flea markets. You also may want to think about different ways that people can use the product. There are different reasons that people buy products (as gifts, to use themselves, to make money with the product, to decorate their homes, to save money, etc.) There are also different types of people that buy products (gift buyers, crafters, resellers, decorators, frugal shoppers, etc.)
Get Legal or Get Cheated
You must work directly with real wholesale suppliers to be truly successful in your flea market business. You cannot buy from a real wholesale supplier if you are not a legal business. Anyone who allows you to purchase wholesale products for resale without legal business paperwork is not a real wholesaler, and is taking profit that should be yours. The basics for making your business legal (in the US) are:
- File your Business Name
- Obtain a “Tax ID”
- Open a Business Bank Account
- Open a Merchant Account
Complete the necessary steps to make your flea market business legal. Be sure to ask if you need any additional licenses or permits for your state, city or county. As a flea market vendor you should already have most of these set up. Once you are set up as a legal business, you will be able to work with real wholesalers and obtain the best wholesale prices for your products.
Locating Genuine Wholesalers
In order for you to make the most profit from your flea market business, you need to work with legitimate wholesale suppliers. To find factory authorized wholesalers, you need to ask the manufacturer. To find the manufacturer of a product, look at the owner’s manual or model and serial number sticker.
About the Author:
Melissa Oaks provides tips, articles, courses and more for flea market vendors on her site: www.flea-market-vendor-resources.com
Read her Product Sourcing Course for more product sourcing tips and also a free ebook and video.
Note to Publishers and Flea Market Owners: You may reprint this article in your newsletter or on your website as long as the article remains intact. Including the "about the author" information and active links. You can view and download all my articles on Ezine Articles.
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