Three Steps To Organizing Your Next Market
As market season approaches, it's time to roll up your sleeves and start planning for your next event. Here’s three steps to organizing your next market.
We understand that the prospect of organizing a market can be daunting, but with a strategic approach and a focus on intention and community, you can create an event that attracts your ideal vendors, shoppers, and partners. Here are some essential tips to help you get started:
Establish a Plan
The first step in planning your market is to establish a comprehensive plan. Create a timeline that outlines the various stages of the planning process, from initial brainstorming to the day of the event. Decide on the systems you'll use to streamline your organizational tactics, whether it's your favourite project management software, or good old excel spreadsheets - do what feels best for you and for the size of your market. Having a clear plan in place will help keep you on track and ensure that nothing falls through the cracks.
Budget Outline
Mapping out your budget is important for the success of your market. Identify your financial targets and cash flow projections, taking into consideration expenses such as venue rental, marketing materials, cost of insurance, necessary permits, associated costs for hosting vendors, and labor such as staff and contractor wages. Don't forget to set aside funds for GST and taxes payable, as overlooking these expenses can lead to financial headaches down the line. By creating a detailed budget outline, you'll have a clear understanding of your financial commitments and can make informed decisions throughout the planning process.
Spread the Word
Once your market is planned and budgeted, it's time to spread the word and get people excited about your event. Don't be shy about promoting – remember, people need an average of eight touches before a sale converts. Utilize a variety of marketing channels to reach your target audience, including social media, email newsletters, local newspapers, targeted ads, bus shelters, organic marketing and community bulletin boards. Consider partnering with complementary businesses or influencers to expand your reach and attract new attendees.
Depending on the size of your event, planning a market can feel like a big undertaking but with careful planning and attention to detail, you can create an event that delights both vendors and shoppers alike. By establishing a clear plan, mapping out your budget, and effectively promoting your event, you'll set yourself up for success and ensure that your market is a hit. Do you have any additional tips for organizing a market?
