Here’s a great way to test your product

Often times, when retailers and vendors think of Spring, images of a fresh start to a new season come to mind.  

Many have had to recover from the stress of the holidays and are now re-ordering and preparing for new opportunities which are now just around the corner. 

With fresh starts in mind, BEDC and EEZA held their most recent Retail and Vendor Matters seminar. The seminar targeted retailers and vendors preparing for the upcoming season. It was a golden opportunity to learn from local professionals on a variety of topics including customer service, display tips and detecting counterfeit currency. The event was well attended, and will also be on CITV in the near future.  

Many times, people ask me how to start a business and often I refer to the vendor markets as an ideal opportunity to test out one’s product or business idea. It is an excellent vehicle to determine how popular the product is to customers; a place where a vendor can receive immediate feedback from customers with regard to taste, quality, packaging, price, additional product ideas, salesmanship, etc. 

With a relatively small investment, entrepreneurs can test their business ideas by doing a season or two as part of the vendor markets before investing in traditional brick and mortar locations.  While there are many examples, one of my favourite vendor teams in the east end is Kelli and Rose Clair Thompson who have recently opened Saltwater Jewelry Design in St. George’s. The mother and Daughter team operated as vendors for 14 years before opening their own store.  Vending provided them the opportunity to test their product and develop a customer base. Even though they now have a full-time store, the pair plans to continue vending at the Olde Towne Market to entice new customers and keep up with developing trends.

Vendor Markets are great learning experiences that allow participants to hone their entrepreneurial skills and learn from others who may have been in business for a long time.  While there are some who buy the cheapest items while looking for quick returns, experienced vendors will often tell you that the most successful are those who offer quality and authenticity. These attributes are important, as most customers who shop at vendor markets like to meet the producer of the merchandise they are buying and learn the story of how the product was grown or made.

Once you decide on what you are going to sell, it is important to be prepared. Vendor markets are hard work. Not only does it require a commitment to be there each week, but vendors must transport and set up in a timely manner, and present a clean and organized display that is visually appealing to customers. 

Vendor Markets are social events; encouraging customers to come and support the local economy.  They   present a unique shopping experience that cannot be replicated in a retail store. Residents can mingle with visitors while enjoying the relaxed family friendly atmosphere that the markets offer.

For those who are considering participating as a vendor, the Olde Towne Market in St. George’s started last week for the 2013 season.  

This year, the weekly event will be held on Sundays from 2pm to 6pm along Water Street, with a $25 weekly vendor fee.  

For more information, visit www.oldetownemarket.com  or call 704-9057. n

Raymond Lambert is the Economic Development Officer for the St. George’s EEZ.