During our college days, the UST Entrepreneurship program instructed their students to establish their own businesses. Whether it be a big or a small business, it had to be a new established business. One of the biggest challenges that we had in establishing our business is getting a location to which we could generate sales in. Though as to what our professors told us, business is all about location, location, location; getting the right location with the factors of price, foot traffic, and having the right target market to come to your location is a bit more challenging than what low capital startups could afford. So, one of the best things that startups could do is to try and join different events and bazaars. So this is what we did. This way, you’re actually trying to reach your customers by going to them instead of having them to go to you. There are quite a few advantages and disadvantages in joining bazaars and events.
- Travelling with your setup could be more than just a hassle
When you’re joining an event, you need more muscle to move your products and setup around. You need a stable source of transportation and the distance from your house to the event or one event to another should be put into factor. Though you can cut this problem if you choose your events wisely. Looking for better bazaars or events then sticking to those events that are good.
- There are a lot of bazaars but not all has great foot traffic
This is another factor that you can actually cut. Just a little research about the event and the place, then you can already have an idea about this. As we know, foot traffic is very important if you want to generate some sales. And not having sufficient foot traffic will definitely challenge that.
- There are added costs to event/bazaar hopping (time and money)
Joining different events would mean that you have to spend some time searching and trying to catch those great events that are both well in your budget and are close to your area. This would mean that you would need to put in some hours of researching, cold calling, and inquiring just to be able to join these bazaars and events.
- You can’t really work in your own time (depends on the bazaar)
Since you’re actually renting the space and the time inside an event, you can’t really choose on what time you would want to open and on what time you would want to close. This is especially true when it comes to bazaars with a lot of rules and a lot of penalties to those rules.
Though these challenges are a bit intimidating, there are still quite a few advantages that would get you to want to actually jump on the bandwagon and join different events and bazaars.
- There are more people who are invested in shopping
What this means is that people go to these bazaars with one thing in their mind, to shop. They are there for a purpose and that purpose is to spend money. So, when you’re at a bazaar, you know that there are more people that have the potential to buy than to just browse.
- It costs relatively lower
In these times, a lot of events and bazaars are trying to compete with each other and because of this, they would create these bundles or promos that would get you to become their concessionaire at lower prices. Top it off with having partners or other businesses to which you could share the space and the cost with. And since you’re only actually paying for the peak times and not the whole month worth of rent, you’re actually getting a bargain because you won’t have to deal with the down times or the non-peak days.
- There are potentially higher chances of generating more sales
Again, since people that are coming to these events and bazaars have a sole purpose of shopping and spending money, you’re potential of generating sales is higher than to have a place where not everyone is invested in buying things and are just there to browse.
- You could pick the bazaar/event to suite your target market
Different bazaars call for different markets. If the bazaar is themed for Christmas, then expect a lot of people looking for Christmas stuff. You don’t have to join every event or bazaar that you will see and that’s the beauty of it. You can focus on joining bazaars that are great for your target market. Just make sure that you already know who your market really is.
- It has a double purpose of both sales and advertising
Bazaars will be beneficial if you take care of your business well and you know how to engage with your customers. When you join these events, you’re not only getting a venue to generate sales, you’re also getting a venue to get your brand out there and noticed.
There are a lot of factors that would both benefit and challenge your startup. But as you progress and grow, you’ll realize that it was all worth it. Establishing your business would mean nothing if there are no challenges that can be overcome. Joining bazaars can be very beneficial when you know what to look for. In our experience, there is really a lot of potential in joining different events. Just as you meet new people, you also get to meet new customers and more insights about the business that you have. While along getting more experience and new ideas from new customers and new people in every event. When you’re in a bazaar, you’re able to get ideas not just from the people or customers but also from your fellow concessionaires. The idea of joining bazaars is for you to be able to establish your brand as a business and gather more people and acquaintances that would help you to build better relationships with other businesses and get more reach. Along the way you would understand your market better all the while generating those sales that you are targeting.