Sales is terrible.
I already treat the cost price of materials as donation to charity, and was hoping to just break even. Nonetheless, it was a great experience, although hectic experience, trying to be a teacher giving supplementary in the morning, a administrator handling department work and a stall owner in the afternoon.
This is what I learn:
1) Revenue can be deceiving
My cost of materials is about $200, I am selling for stuff for 100-250% profits, because I know for sure, it will not be a sold out. Surprisingly, the blank DIY kites do move, there are customers buying them for their kids to decorate the kites. SO I reduce the price of the decorated kites. Still no takers.
Last hour, everything go at below cost price, since I want to move the cost money into cash as much as possible to contribute as much as possible to charity. The day revenue is $85, I have more than half the goods left, which can be used during the school's carnival, but it pretty quite sums up the risk of looking at revenue growth only especially when profits is negative. It is not a sign of turnaround, since it could be due to clearing of inventories.
2) Luck play a part
The Chinese Painting Kites are beautiful, I do not mind keeping a few of them as decoration for my cubicle. In the last 30 minutes, I am already packing and keeping them when a lady came, asked about the Chinese Painting and asked to see all the paintings. She even ask for number in case she need more. Too bad, every thing is going at below cost price then. She took 3 decorated kites and 2 blank DIY kites. I could have earned 200% more if she was earlier by 1 hour.
3) Cost is important
Remember my colleague collect used stuff toys from pupils to sell. They bundle up the items for sale. They had the highest sale because the items are really dirt dirt cheap because they are free of cost anymore. It reminded me that when Lee metals is still a stockist, it used to buy scrap and sell them back as steel, although this supposedly low margin model is detest by investors, I see it in a different light now. Too bad, the poor steel market makes the merchandising arm of lee metals dying off.
4) Market analysis
Demand is always more important than cost management. Those who brought kites are parents who wanted something for their kids to do. However, many who walked past the flea market include many tourists and young couples who have no need for my product. Of course, my price is not attractive too. Ability to navigate the market is important.
How I feel:
Kids are really adorable! I was wondering if they will get bored or lazy. Nope, their energy level just keep going up as the day draw nearer to a close. My girl also went to a nearby cafe to tout which I quickly put a stop to and explaining why we cannot do that. However, A* for effort. Although her intention is fun more than advertising, she did try to use the small open area to fly the kite. LOL
I have a boy who has homework problem. He however is the one to keep doing the rounds, approaching strangers to buy the kites. The best part is they do not seem to be affected by rejections at all. The quiet girl however, really is still a quiet girl, but serve as a very responsible and reliable stall owner to take care of the cash box. 天生我才必有用，千金散尽还复来
So, although it is a long and tiring day, if you ask me to do it again next year, hell yes! But no kites