Monday, December 31, 2007
Chatuchak Market
An excellent market for the quantity buyer, I have been there several times and picked up bargains that I have taken back to Australia for resale.
It’s a sticky crowded market and if you can stand the heat and narrow isles for more than an hour you are doing well. All the goods are offered at low prices that could go much lower, provided you bargain hard enough
Browse through clothes, handicrafts, "antiques," orchids, pets and even army surplus. It’s all there. You could spend all day here and still not hope to have explored everything the market offers.
What appeals to me is the opportunity is there to make some great money.
Many of the stalls are owned by small factory owners that want to cash in on the hordes of tourists. For those that are savvy enough, it provides the chance to buy in quantity without trekking out to the factories in the provinces.
Thai silk items are a great buy and the range to choose from is amazing. Just show them your wad of cash and bargain your way into a great deal.
Where else in the world can you buy great merchandise that has a considerable amount of hand made input at these prices?
My Buying Trip To Bangkok
Several years ago I went to Thailand with the primary purpose of establishing trade contacts in the finished leather goods market.
I had researched the trade directories and had compiled a shortlist of potential suppliers to call when I arrived.
My initial attraction to the idea of developing a trading relationship with Thailand stemmed from the fact that other business associates had successfully established flexible and long lasting relationships with Thai exporters.
Buoyed with enthusiasm, I packed my bags.
The first morning of my arrival I rang most of the factories on my list with mixed results.
Many did not speak English beyond the basic greetings, so my list was growing smaller.
This is one of the problems when you research suppliers on the net. On the internet they appear well established and communicative but in many cases it is only perception. In reality they are not the model you had hoped for.
Nothing beats face to face business meetings, so an initial trip to your potential supplier is a good investment. After a few of these business trips I am now able to pick up the phone, order from overseas and the production gets underway. Sometimes I do this by email or sometimes just a phone call suffices. This is the kind of relationship any small business owner would dream of.
I had researched the trade directories and had compiled a shortlist of potential suppliers to call when I arrived.
My initial attraction to the idea of developing a trading relationship with Thailand stemmed from the fact that other business associates had successfully established flexible and long lasting relationships with Thai exporters.
Buoyed with enthusiasm, I packed my bags.
The first morning of my arrival I rang most of the factories on my list with mixed results.
Many did not speak English beyond the basic greetings, so my list was growing smaller.
This is one of the problems when you research suppliers on the net. On the internet they appear well established and communicative but in many cases it is only perception. In reality they are not the model you had hoped for.
Nothing beats face to face business meetings, so an initial trip to your potential supplier is a good investment. After a few of these business trips I am now able to pick up the phone, order from overseas and the production gets underway. Sometimes I do this by email or sometimes just a phone call suffices. This is the kind of relationship any small business owner would dream of.
Saturday, December 29, 2007
Pratunam market
Pratunam Market in Bangkok is one of the two major markets in Bangkok. It is a maze of alleyways, backstreets and basement areas that aggregate into one large retail and wholesale market.
Essentially it is a clothing market that has something for everybody, because although the area is geared to wholesale business, the small shops will gladly sell you a sample of their product at retail price.
The concept is different to other markets. Usually markets consist of makeshift stalls that are taken down at days end but Pratunam consists of permanent shops and also roadside stalls both fiercely vying for the consumer dollar.
You will find the Pratunam area deluged by international buyers who are there to export finished Thai products in to their own country. Unlike China, there are great opportunities to buy wholesale with out having to place very large orders with the suppliers.
Best buys are T-shirts, jeans, ladies fashion and souvenirs of Thai made products.
It is also a great place to sample Thai food made freshly for you by roadside vendors. Eat it there or take some soup home in a plastic bag. Either way it’s “ aroi” as the Thais say. The word means delicious.
Thai food has a reputation for being just that.
Pratunam Market in Bangkok is one of the two major markets in Bangkok. It is a maze of alleyways, backstreets and basement areas that aggregate into one large retail and wholesale market.
Essentially it is a clothing market that has something for everybody, because although the area is geared to wholesale business, the small shops will gladly sell you a sample of their product at retail price.
The concept is different to other markets. Usually markets consist of makeshift stalls that are taken down at days end but Pratunam consists of permanent shops and also roadside stalls both fiercely vying for the consumer dollar.
You will find the Pratunam area deluged by international buyers who are there to export finished Thai products in to their own country. Unlike China, there are great opportunities to buy wholesale with out having to place very large orders with the suppliers.
Best buys are T-shirts, jeans, ladies fashion and souvenirs of Thai made products.
It is also a great place to sample Thai food made freshly for you by roadside vendors. Eat it there or take some soup home in a plastic bag. Either way it’s “ arroi” as the Thais say. The word means delicious.
Thai food has a reputation for being just that.
Friday, December 28, 2007
Selling Products At A Market
Selling products at a market for a living was a lifestyle choice I made many years ago
I have been a trader of Leather goods for most of my working life and even after all these years, market life is a lifestyle I would be hard pressed to give up.
Why did 1I choose the market to make my living?
I initially trained as an accountant but after a short stint as a 9 to 5 worker, I very quickly had enough and it was a case of asking I who I really was and how happy I wanted to be.
If you are serious about starting a business as a market trader or if you are only interested in visiting great markets of the world then welcome all the same.
Considering a business?
One of the first things you will need to determine is your suitability to the demands of a physically demanding market business because one of the daily tasks of your new business venture will be setting up and dismantling your stall
Nearly every city has a market of some description so it is easy enough to further your research by attending a weekend market.
Things to look for
As I mentioned, you will need to determine if you have the physical energy required to be able to setup and dismantle your stall.
Take note of which traders are only part time seasonal traders because if you become a trader you may find yourself in a business that only has seasonal profits.
Capital Requirements.
Different businesses need varying amounts of investment.
Clothing traders will always large inventory costs due to sizes and colors.
g proSelling products at a market for a living was a lifestyle choice I made many years ago
I have been a trader of Leather goods for most of my working life and even after all these years, market life is a lifestyle I would be hard pressed to give up.
Why did 1I choose the market to make my living?
I initially trained as an accountant but after a short stint as a 9 to 5 worker, I very quickly had enough and it was a case of asking I who I really was and how happy I wanted to be.
If you are serious about starting a business as a market trader or if you are only interested in visiting great markets of the world then welcome all the same.
Considering a business?
One of the first things you will need to determine is your suitability to the demands of a physically demanding market business because one of the daily tasks of your new business venture will be setting up and dismantling your stall
Nearly every city has a market of some description so it is easy enough to further your research by attending a weekend market.
Things to look for
As I mentioned, you will need to determine if you have the physical energy required to be able to setup and dismantle your stall.
Take note of which traders are only part time seasonal traders because if you become a trader you may find yourself in a business that only has seasonal profits.
Capital Requirements.
Different businesses need varying amounts of investment.
Clothing traders will always large inventory costs due to sizes and colors.
ducts at a market for a living was a lifestyle choice I made many years ago
I have been a trader of Leather goods for most of my working life and even after all these years, market life is a lifestyle I would be hard pressed to give up.
Why did 1I choose the market to make my living?
I initially trained as an accountant but after a short stint as a 9 to 5 worker, I very quickly had enough and it was a case of asking I who I really was and how happy I wanted to be.
If you are serious about starting a business as a market trader or if you are only interested in visiting great markets of the world then welcome all the same.
Considering a business?
One of the first things you will need to determine is your suitability to the demands of a physically demanding market business because one of the daily tasks of your new business venture will be setting up and dismantling your stall
Nearly every city has a market of some description so it is easy enough to further your research by attending a weekend market.
Things to look for
As I mentioned, you will need to determine if you have the physical energy required to be able to setup and dismantle your stall.
Take note of which traders are only part time seasonal traders because if you become a trader you may find yourself in a business that only has seasonal profits.
Capital Requirements.
Different businesses need varying amounts of investment.
Clothing traders will always large inventory costs due to sizes and colors.
products at a market for a living was a lifestyle choice I made many years ago.
I have been a trader of leather goods for most of my working life and even after all these years, market life is a lifestyle I would be hard pressed to give up.
Why did I choose the market to make my living?
I initially trained as an accountant but after a short stint as a 9 to 5 worker, I very quickly had enough and it was a case of asking myself what I really wanted.
If you are serious about starting a business as a market trader or if you are only interested in visiting great markets of the world then welcome all the same.
Considering a business?
One of the first things you will need to determine is your suitability to the demands of a physically demanding market business.
Remember one of the daily tasks of your new business venture will be setting up and dismantling your stall
Nearly every city has a market of some description so it is easy enough to further your research by attending a weekend market.
Things to look for:
As I mentioned, you will need to determine if you have the physical energy required to be able to setup and dismantle your stall.
Take note of which traders are only part time seasonal traders, because if you become a trader you may find yourself in a business that only has seasonal profits.
Capital Requirements.
Different businesses need varying amounts of investment, because
clothing traders will always have inventory shortages of colors and sizes.
Pricing and Suppliers
Ok You have decided to go into business. In order for your stall to make a profit you will soon realise that cheap prices are what people expect at markets.
You will need to sell a product that is roughly about 30% less in cost to the public as compared to what they see in regular stores.
In order to achieve this you will require some cash money so you can approach suppliers directly.
Most smaller suppliers have end of line items, samples and one offs that they wil clear for cash.
Remember if you buy well you sell well.
.Stock your stall with merchandise that suits your market stall's demograpics. Items that sell at one market will not necessarily sell well at a different market.4
From my trading experience, this logic applies to markets in the same cities. A good idea would be to spend some time at various markets before you trade so you can take notes on the patrons.
Look for signals. Guage what they buy and how much they send on each purchase. Information like this is in invaluable and will put your project on the right track.
Handling Competition
As with most things, competition in any business exists and market traders are not excluded.
Your competition is both your enemy and your friend. Too little competition makes for an inefficient market place. Buyers soon get tired of market places that have limited competition because competitors fighting for the consumer dollar are forced into efficient selling practices.
A competitive market place makes for a bustling market place.
When you decide what you are going to sell, evaluate your market share.
What quality of the same product will you sell?
Will it complement the range all already available in the market place?
Do you have the contacts and buying power to stay the course?
Competition is not only an issue between competing stallholders, because you will always be competing for the consumer dollar. You will need to rate your stall highly as a spending magnet because if your stall is less of a magnet than other stalls, your products will be low in priority on consumers lists.
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