4 Tips to Become Market Trader

Filed in Business Idea by on October 14, 2022 0 Comments

4 Tips to Become Market Trader

What is a market trader?

4 Tips to Become Market Trader: Becoming a market trader is a great way to start your own business Or to test if a business idea is viable.

As it’s a fairly low-cost and straightforward industry.

What’s more, there has never been a better time to set up a market stall and start trading.

People seem to be more and more ingredient and food market traders. That’s created a genuine interest in reconnecting with simple products that are not heavily processed, and knowing the producers that make them.

According to a report by the Retail Markets Alliance; Markets in major cities largely outperformed high street shops during the recession as people increasingly sought original and inexpensive bargains.

The findings of this research revealed that the Nigerian retail and wholesale markets sector has an annual turnover of 7.6bn, generated by 47,000 small to medium businesses. And in addition, the Nigerian 10,000 markets employ around 95,000 people.

As a self-employed trader, you can enjoy working in a friendly environment and among like-minded people while selling products you’re passionate about. Or perhaps’ that you have made yourself if you’re not planning on selling your own goods.

Deciding what to sell and then finding the right products are often the hardest parts about selling in any type of the market. It’s worth investing time and effort into sourcing your merchandise because if it doesn’t sell, your business won’t survive for long.


Read also: Top 20 Part Time Business 

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See also: How to Start Akara Business

1. Evaluating your working hours:

Before setting up a market, it’s important to be aware of what the job entails.

While running a market business can be flexible, traders tend to work long hours, and depending on the type of goods.

The working day may start extremely early in the morning especially if the trader needs to attend wholesale markets first thing.

Setting up the trading business in an eye-catching and presentable manner is crucial and may take an hour or two, so factor this in mind when evaluating your working hours.

Some markets are outdoors, and some are covered, while some run everyday, others once a week or just at weekends and others may only be on a monthly or seasonal basis.

It’s not uncommon for traders to work at a number of different markets during a given week. So you may decide it’s more lucrative to spread yourself over a number of markets depending on where you’re based and how feasible it is to do this.

2. Market trader Qualification:

To become a market trader you don’t need any specific qualifications. Although good numeracy skills and a strong grasp of English are important.

It’s hugely beneficial to have a personable attitude and a flair for sales because ultimately this is what will determine your success.

It was explained that solid retail expertise and knowing what sells are crucial attributes of a successful trader as well as strong communication and negotiating abilities, excellent customer service skills and heaps of enthusiasm will go a long way to help you achieve your goals.

3. Market trader Qualified Age:

It’s important to bear in mind that market traders must legally be 17 years or over.

Most training will be informal and will involve practical experience by learning on the job and observing others at work. However, there are a few courses available via local authorities, which you may find useful.

You may also benefit from lessons in bookkeeping or short business courses, although these are not obligatory to set up your own business.

It is possible to learn basic business skills without signing up for a course. However, make sure you know how to work out profit margins and calculate your costs and that you’re comfortable with the financial aspects of running a trading business before launching.

4. Market traders must have enough information:

Above all, before you commit to setting up any trading business make sure you’re aware of what the job entails.

Days can be long, with many hours spent standing on your feet in the open air. Although this is what tends to appeal to people desperate to escape from the business.

Before you invest too much time and finances to your potential project/career change, you need to know it’s suited to you.”

Don’t forget to run through the steps for how to start a business 

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