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Making The Most of Markets and Craft Fairs
As we see Covid restrictions lifting, we’re seeing markets and craft fairs reappear up and down the country. For individuals that make candles, wax melts and other home fragrance products, markets and craft fairs are a great way to get your business out there and boost sales, even more so as we gear up for the Christmas season. Now, finding where to sell your products is only the first hurdle, there are lots of other things that you need to take into consideration such as insurance and how you’ll take payments. This blog will guide you through everything you need to know about setting up shop on a market stall.
You can read more about selling your products during peak times in our blog Seasonal Marketing; Boosting Your Sales.
Things to remember!
• Check out the competition before taking the plunge, head to a few fairs before you do one yourself so you know what to expect
• Research your customer base, what will be your average demographic?
• Get your numbers together, think about footfall, average sales and the cost of your stall, will it be beneficial and profitable for you
• Market on your social media channels what craft fairs you’ll be at, when and where
• Market while you’re there, ask customers for pictures, get some action shots and film your stall, it's all promotion and is great to use later down the line
• Have marketing materials to hand, business cards flyers etc should be found on your stall for customers to pick up and take away
• Remember your finishing touches such as signs, lights, stands, tablecloths etc
• Take a variety of products as well as your best sellers ensuring you have enough stock
• Think about storage, if it's particularly hot, wet, windy or otherwise, could this affect your products?
• Will you need help, be it staff, friends or family
• Stationary! Pens, receipt books, paper, calculator etc
• Don't forget packaging, paper bags, stickers, bubble wrap and tape
• Covid safety, you may want to wear a mask, offer hand sanitizer and wipe down your stall or products that have been picked up by customers
• You! Represent your business with a branded t-shirt, apron or other accessories
Insurance
First and foremost, you can’t head off to market without the right insurance. Things such as ‘arts and crafts insurance policies’ are perfect for makers who sell their products to boutiques, gift-shops or market and craft fairs. It will help protect your business if something goes wrong.
You have to ask yourself how you would cope if someone injures themselves visiting your studio or trips over something at your market stall? There are two main areas of insurance that you can look at, these are ; public liability cover, which will help protect you against claims made by members of the public – while employers’ liability covers you if a staff member gets hurt while working for you.
In more simple terms, insurance companies will tend to offer a wide range of cover that will help protect your business if you’re selling at craft markets or fairs. Usually, they can offer a small extension on your contents insurance, in regard to exhibition and fairs. And if you sell at market stalls, they can help you protect your goods when they’re on display or in transit, and their public liability cover will protect you against third party damage or injury.
If you’re employing volunteers or staff members in the manufacture of your products or to help you sell at fairs, you’re legally obliged to have employers’ liability insurance to cover them too, so remember to keep that in mind. If you’re unsure, you should reach out to either your current insurance provider or ask around for quotes from other companies to find out more about what they can offer and for what costs.
We have more details on regular trading insurance in our Candle Making Insurance Blog here.
Payments
Next up is payments. Do you plan to be cash-only or in an ever contactless world, will you be accepting cards? Now, cash is a perfect choice in terms of avoiding card machine fees and new technology, but you can also run the risk of theft and loss. You may want to invest in a small lockable money box or secure bum bag for the event if you plan on accepting cash.
Card machines are great if you don’t want to think about the safety of your money and having to sort through loose change. Last year, card and contactless payments officially became the most used payment method in the UK, according to UK Finance. Contactless card readers are faster and more convenient which offers a more streamlined and seamless experience for you and your customers when taking payment.
If you rent a card terminal, you usually enter into a fixed-term contract that can be 12, 18, 24 or 36 months – even up to 5 years. You can rent for the short term, but this is often more pricey and only recommended for one-off situations where you want the best card machine for e.g. a day, weekend or up to a month. You may also have to pay a setup fee and or transaction fee so its best to think about whether the amount of transactions you will be making will be worth the cost of the machine as a whole, if you only plan on using a card reader for small events here and there, it may not be your best choice. We recommend that you shop around for the best deals and read the fine print before entering into any contracts!
You may also want to think about the cost of your products. When you are selling at a craft fair, you may need to adjust your pricing up or down. If you are at a large perhaps costly event you may need to increase your pricing to cover your costs of running your stall. Alternatively, you may want to lower your price or offer discounts with multiple products such as 3 for 2 or buy one get one free, where your customers may end up spending more because they feel like they’re getting a good deal.
If you’re looking to understand your pricing structure you can read our blog Budgets, Payment and Pricing here.
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