Top 10 Tips to Help you Navigate the “Market”

I realize you may be asking yourself, “what the heck is the ‘market’ and why do I need to know about this?”. I once asked myself the same question when other small business owners would ask me, “have you been to market?” or “what markets have you attended?” I would look at them with a blank stare and think, crap, I need to find out what this is all about!

When people use the term “Market” in the Boutique/Home Gift Shop world they are referring to the wholesale events that take place all over the country throughout the year. It is an opportunity for small businesses to purchase items at wholesale cost to sell for retail. Different markets offer different options and I most commonly attend apparel markets.

Four years ago I finally got my act together and attended my first market in Dallas. I had no idea what to expect and quickly learned a ton of great lessons on how to navigate the experience. First and foremost, to be eligible to shop at wholesale markets, you must have a Seller’s Permit in your state with a tax ID number. This proves that you collect taxes on the items that you sell and pay the state the required sales tax. When you register for the markets (which is generally free to attend) you must provide proof of sales permit and often they ask for two invoices from recent orders you’ve placed.

Tip No. 1 – When you’re packing for market prioritize being comfortable over being cute! If you are a boutique owner you are likely all about the fashion, that’s cool, but wear comfortable shoes. You will be on your feet all day long and you don’t want to have to leave market early because your feet as killing you. You’ll see people dressed in all sorts of ways at market, there is no required dress code so I generally try to look professional and wear jeans and a blazer but comfortable shoes. If you want to wear active wear and sneakers, do it!

Tip No. 2- Get plenty of rest the night before. I know it’s super tempting to go out on the town the night before or after market (especially in Nashville) but you’re going to need energy and be clear headed at market. You’re making important decisions about where to invest money in your business, you don’t want to be tired. There are also so many fun things to do and learn at market, you want to be at your best to take it all in.

Tip No. 3- Come prepared. Look at the vendor list and try to identify brands you want to be sure to connect with at market. The first time you go you may not know what vendors you want to see and that’s ok. The more times you attend a market you will know exactly what booths you need to hit and then you can look for new brands to add to your shop.

Tip No. 4 – Bring lots of business cards. When you are connecting with vendors for the first time, you will need to create an account with them. That can take time and in the craziness of market it’s just so much easier to hand them a business card with all of your business info so they can enter it into their system. Once you have placed your first order with many vendors they just look you up and they can process your order. Many vendors may want to get your on their e-mail list to send you more info – so again, it’s easier to just hand them a business card with your contact info.

Tip No. 5 – You don’t have to buy or place an order right away. Take your time. Visit the booths, find out what is attracting you and then come back after you have walked the rest of the floor.

Tip No. 6 – Have a budget. This is HUGE. I am so guilty of going in without a budget and then overspending. Know what season you are buying for when you attend market, what items you need (such as tops, jeans, dresses etc) and then buy accordingly. If you are buying for Fall, don’t even look at the Summer items. I know it’s tough but it is so easy to get distracted by something shiny and then go over our budget.

Tip No. 7- Buy for your customer, not for yourself. This is tough but keep in mind, you need to invest in items that you know are going to sell. I’ve seen plenty of items that I LOVE and I would want to wear but I know that my customers would likely be uninterested. Also, be certain that the items you choose fit in with the “vibe” of your store or your brand. Bright pinks and purples would look completely out of place in my boutiques that generally carry neutral more muted colors. It’s okay to try something new but don’t invest in a ton of product until you know it will sell.

Tip No. 8 – Enjoy the freebies but don’t take too many! Vendors love to give out free tote bags, Last time I was at market with my team they each collected 13 tote bags! That’s awesome but remember (especially if you fly to market) you have to take all of that stuff home! I usually grab maybe one or two of my favorites but keep in mind you also have to carry all of that around. I generally only bring a small purse with the essentials with me to the market. That way your hands are free to do the shopping!

Tip No. 9 – Don’t be rushed. Find booths that aren’t super busy or crowded and if they are, make a plan to come back. It’s more difficult to shop in chaos and other buyers often have the best or the most popular items on their racks. Remember that you can pull as many items off the racks as you’d like and then you can look at everything together together before you choose your final selections. (Eidetic tip – while it’s ok to take a look at things others have on their racks, never remove anything until you have been told the previous buyer is done with it.)

Tip No. 10 – Keep track of what you purchase by taking lots of photos and keeping your invoices organized. To stay on budget, be certain to keep a running total of how much you have spent. Photos help you remember what you purchased after you leave market (believe me, on the way home you’ll be in a daze thinking, “what the heck did I buy?!”) Photos also help you to build collections when buying items that will go together but be from different vendors.

Helpful Resources

MAGIC Fashion Events

Dallas Market Center

Atlanta Apparel Market