Spring is just around the corner and with the warm weather will come thousands of would-be vendors anxious to try their hand at the outdoor vintage markets.
Sadly, statistics show that over 50% of them will not make it past the two year mark. Why, when resale vintage is such a popular way to shop, do so many fail?
There are a number components that go into the success or failure of being an entrepreneur. Through my 30 years in this business people have often ask me the “key” to success. I have come to the conclusion that there are three things that must be in place to make a living in vintage resale…a good location, proper pricing and choosing the right merchandise.
As in any business a key factor is location. Everybody looks like a “rock star” on social media, but Facebook hype can be deceiving. It is imperative that you go in person and scout locations. Does the market you are considering have a good crowd? Are people actually buying or is it full of lookers? Check out the parking facilities. Is there plenty of near by space for shoppers or will they need to walk several blocks? Stroll, observe, take notes and talk with the established vendors. You will find in most cases that those who set up at market love to share about their experience, so don’t be afraid to ask questions.
Pricing can be confusing to the novice. It has been my observation that many who are new to the field of resale use the internet sites as a guiding for pricing. This often results in inflated prices and their merchandise, while quite desirable, just sits on the shelf. Ebay, PoshMark and Etsy are set up to sell to a nationwide customer base. What you want to establish is “fair market value” as it applies to the area where you will be selling. There are a number of good ways to learn pricing. Local auctions are a reliable barometer of what people are actually willing to pay for an item, as are your neighborhood Facebook sale pages. Visit and revisit a few vendors who are selling merchandise comparable to yours. If they have fresh stock at each show it is a good indication that they have established a successful price point. When you see the same things over and over at every market, their prices may be out of line.
Selecting desirable merchandise to sell requires constant research. Take time to study the age demographic at the venues you are considering. There will always be those booths that people pass by and those that are bustling with customers. When I first started I specialized in Victorian home decor, but love it as I did, I had to adapt to a changing market. As a result my merchandise has seen many changes over the past 25 years. Take advantage of the internet to help you see what is in vogue. Remember, if you are not offering what people are wanting, your merchandise won’t sell at any price!
Once you have your location and your merchandise priced, put the finishing touch on your display by with your personality. Don’t be one of those vendors that sits on a chair reading a book. A cheery smile and a friendly welcome help potential buyers to feel at ease and when people are comfortable, they tend to spend! Making conversation with the people who stop by can also help you with knowing what your customer base is looking for. This will help you as you hit the road in search of merchandise for you upcoming markets.
Don’t give up too soon. It takes time and hard work to establish a buyer base. “Overnight” success can take many years. Be patient, you can do this! Until next time . . . Linda
Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the liquidation of estates and may be reached at 317-258-7835 or lkennett@indy.rr.com
