Product Sourcing Course for Flea Market Vendors Lesson 5: Choosing Products That Sell With Market Research
In this lesson you will learn about using market research to determine which flea market products to sell.
Step 1: Read Chapter 5 – Market Research: Picking Products That Sell (pages 16-20) of the “Successful Product Sourcing” e-book.
Step 2: Review the key points below.
Key Points of This Chapter:
-Key Point # 1: Market Research is just as important as proper product sourcing.
-Key Point # 2: Market Research is done by gathering information and determining the demand and competition of the products you wish to sell.
-Key Point # 3: Demand is the amount of people searching for the product and competition is the number of retailers (vendors) selling the product.
-Key Point # 4: Not all wholesalers are willing to work with small businesses because they only deal with large quantity orders.
-Key Point # 5: You should choose the products you sell based on market research.
-Key Point # 6: Find a real wholesaler for the product you want to sell before you do your market research.
-Key Point # 7: Compile a research list of the products you like, the products your family and friends like, and products from unrelated categories.
-Key Point # 8: Don’t get discouraged when you find products that are selling for less than you can buy them for at wholesale.
Step 3: Review the brainstorming and action steps below. Then complete the action steps.
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. Check out our beginners course for some ideas and tools to help you.
Market research is an important part of determining which products you will sell. 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.)
Action Step # 1: Review the research information in this chapter as well as the ideas in the beginners course, then do some market research.
Once your market research has revealed some profitable products for you to sell, let’s move on to finding and contacting wholesalers to buy the products from.
Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6
* Some of the information in this course is extracted from the “Successful Product Sourcing” e-book which is Copyrighted by Worldwide Brands, Inc.