Starting a Market Stall?

[Steven]

I'm trying to start my Own Market Stall but I'm finding it hard to get the information that I need.

So far My research shows that I need a to pay for a few licenses such as Public liability,Product liability etc and that i have to pay for pitch etc, but there is still much information that needed such as how does Tax work and how do to find a warehouse near me that sells to me cheap in order to match other market stall prices. I have a few family members who are interested in helping me and chosen who is the right one to be my partner is hard, when i do is there any benefits that i can claim just in case I don't have a good month ?.

I'm fully aware that is is hard work running a market stall , I know that ill be waking up at 3am and heading to a warehouse for stock, after which ill load my goods into my van, then heading down to the market and being assigned a pitch and setup my stall, then all day selling which after ill pack up head home and then start to sort the bills and eat sleep then repeat though the week. Long hours yes but I'm willing to give it my best shot until i get it right.

I have much research to do still, but can any one point me in a better position for information that is in more dummy terms as I'm not the smartest of people around, a lot off the information is in very hard to understand paragraphs .#

Please can only people who have know age on running company's please answer, I'm very much serious about this. I'm considering what financial options are available for me and asking for help and advice at the Job center with my personal adviser come next week.

[Pr]

Hi, from reading your question I can see you are serious about this venture and are fully motivated.

I am a new entrepreneur myself and unfortunately have no experience of running a market stall. According to one well-known entrepreneur, such is the best training in retail sales.

Yet I can still help. You're speaking to the JCP advisor next week. Ask if there is a grant/loan etc for say your first month or so. To give you some 'cashflow' and 'credit'. Both vital in such business. You will need to buy a starting stock (preferably on credit), yet not too much if it won't sell. A very difficult balance.

Your local council give out the necessary licences. You will also have to start 'Public Liability' insurance. Maybe more.

For insurance and bookkeeping advice either visit your local Business Links office (if in England), plus check their website. All the basics are there.

Regarding tax, either phone HMRC's Newly Self-Employed hotline or apply online. They will choose if you are to be a 'sole trader', a 'business partnership' (as your family member could be such a partner), or even best to be a 'limited company'. The rules are very specific. However, I doubt you'll be a company. Also, they will start your National Insurance payments off. You can choose when to pay.

The first step is to buy one or two of the numerous books on starting a business. These are written by real experts.

Your second step, I advise, is then contact the Business Links advisor. They will help you complete a 'Business Plan', for you to use for market research (vital!) and show the Council official and any money lender (eg. a bank). Do try not to have a regular debit loan; best go for credit.

With regard your Cash & Carry warehouse, just have a look in Yellow Pages etc. Or again online. Any town or city will have several.

Do use modern technology to drive customers (users) to your stall. To let them know you're there! The best, I reckon, is the social media blogger Twitter.

Hopefully your family member will be reliable. If so you could work different shifts at the stall. I suggest you only on Monday-Tuesday; s/he only Wednesday-Friday; and both of you on Saturdays-Sundays (when it's more busy). On the Wednesdays, from your own home, you could do your administration/bookkeeping etc (for the previous week's takings). This gets you both working only 5 days a week, getting 2 days break and not having to do paperwork in the evenings. Just eat and get to bed very early. Win-win!

There's much planning, therefore patience is required. Timing is so important. Too soon and your enterprise will fail.

And once you have started, a balanced and steady cashflow is so important. Right now check out what this is and never forget it.

Hope all this has helped you. And good luck....

[Andrew Strauss]

You can get tax related information from government authority website.