BusinessHABFresh thyme farmers market: Fruit markets offer customers an inexpensive option for purchasing fresh and local fruits and produce. Learn how to start your own Fruit Market Business and whether it is the right fit for you.
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1. Always Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns.
Fresh thyme farmers market
2. Have some skills and experiences
A successful fruit market owner should have great experience in the cultivation and preparation of fruits and vegetables. Education in or time spent working in the agriculture industry will be quite beneficial.
Since you will be interacting with the general public, experience in retail or grocery store management will also be helpful. You should also have experience in small business finances.
Read on: Fruit/Vegetable Business Processes
3. Know the costs involved
There are a few options for the type of fruit market you might open. Costs will vary accordingly, but should be relatively inexpensive to get started. If you set up a roadside stand, your overhead costs will involve the construction of the fruit bins, a temporary structure to cover your produce from the elements and the fruits you are selling. If you are operating from a farmer’s market or other permanent location, you will need to include the monthly rent on a stand location or an actual brick and mortar location. For all types of locations, your fruit costs must also be factored in, whether you grow your own or buy wholesale from other farmers. In addition, you will need a business operating license and business insurance.
4. Know the growth potential for the business
More and more customers are searching for healthy and cost effective options for their groceries. A fruit market offers both of these options to consumers. Fruit markets tend to also be fairly low cost to run. Additionally, many communities are trending towards support for local and regional businesses. As long as you have a regular supply of fruits to sell, growth potential should steadily rise.
Fresh thyme farmers market
5. Know the ongoing expenses
A majority of your operating costs will reflect the cost to stock your shelves and bins. If you are buying your fruits from farms and wholesalers, your overhead will be the market costs. If you are selling your own fruits from your farm and/or orchard, your costs will also reflect the money spent cultivating and growing your products.
See also: The Best San Pedro Fish Market in town!
6. Know the targeted market
Your target market will consist of consumers looking for fresh fruits and produce at low prices. You will attract both residential shoppers, as well as chefs and cooks, looking for fresh or local alternatives.
7. Know how the business make money
A fruit market makes its money from the sales of fruit and produce to retail customers as well as local and regional restaurants.
Fresh thyme farmers market
8. Know how you can charge your customers
Pricing for the various types of fruits you sell will depend on seasonal availability and market or competitor pricing. You will want to research how much other fruit and produce markets are charging and look to match or beat those prices, when possible, while still maintaining profitability for your own business.
9. Know how to make profit
Fruit market profitability can fluctuate, depending on your location within the country, fruit and produce availability, and customer support. Annually, profits can range anywhere from $25,000-60,000.
See also: 25 Ways to Become a Successful Farmers Market Vendor
10. Know how to make your business more profitable
In addition to selling fruits and produce, you can consider selling related foods and spices. Honey, cane syrup, fresh herbs, canned fruits, jams and jellies, and baked goods such as breads and cookies are also good ways to increase your sales. Ask customers what they want or are looking for and aim to fill that niche. Often, customers are searching for unique items not available in supermarkets or chain stores. Your market can begin to service the needs of the public and support locally owned business growth in your area.
11. Set up business account
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Read on: Top 14 Potential Fruit Selling Business Guides
Fresh thyme farmers market
12. Know the food regulations
When selling food, you will need licensing from a local health department; all establishments serving food are required to pass a health inspection.
13. Know how to promote & market your business
As mentioned previously, advertising and marketing via social media and a business website gives you access to a large audience. You, therefore, have to make sure you make the most of your opportunities. Kink your website or Facebook and Instagram accounts with other local related retailers and entrepreneurs and any local or regional organizations who are active in your community. Remember, the idea with all advertising is to familiarize the public with your “brand” or name. Frequent activity on social media will help build the recognition factor and will help direct people to your location.
There is also the option of creating and buying signage and billboard space, if you have the finances in your budget. You can even print or paint your own signs as a-frame and roadside bandit and/or lawn signs. These can be quite effective locally, especially if you choose to operate a roadside fruit market. Either way, the additional signage will help potential customers find your location and shop your wares.
Read on: 23 Tips to Start Interchange Farmers Market
14. Know how to keep customers come back
Your customers are your business’ life blood. Without a consistent stream of customers, your operation will suffer. That’s why it’s so important to build individual relationships with your regulars. By creating dialogue and familiarity with your customers, you will in turn build trust and a strong reputation for great customer service.
The other part of this equation is your fruit and produce quality. You should constantly strive to have quality fruits, a good selection, and fair, competitive pricing. Inspect your harvest or shipments and work as a quality control element for what you offer your customers. And, as a reward for their continued patronage, offer your return customers pricing specials or seasonal “freebies”, now and then. Small concessions can lead to big wins.
Fresh thyme farmers market
15. Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
See also: 17 Insight To Typical Tortilla Market Startup in Nigeria
16. Know Day to day activities
Day to day activities at a fruit market are dominated by customer service and re-stocking your store’s fruit and produce. If you are selling fruit grown by other farmers and orchards, coordinating deliveries and orders will also be part of the daily schedule. If you are selling your own farm’s fruits, harvesting and stocking will be a large part of your day.
17. Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Fresh thyme farmers market
18. Have some insider tips
Advertising is always a necessity for alerting the public of your presence. Make the most of social media and a business website. Both mediums give the ability to spread word of your business, both locally and beyond your regional area.
See also: How To Start Fruit Juice Business
19. Build a team
For the fruit market, one or two people will be able to effectively run the shop successfully. You may want to add a few more employees, as your business grows, or you open additional locations. It’s best to operate with as few employees as you can, when first getting started, in order to maximize profits.
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