Having a vacation in Ooty but also looking for ideas to open a small business? Head to the Tibet Walk market full of exciting shops and get some fancy woollens. As the name suggests, most of these shops are owned by Tibetans who have made Ooty their home. This market is famous for woollen items for tourists and locals, which work well in Ooty climate that can get very chilly.
Tibet Walk is located in the area of Vannarapettai. The market is open from 11 am till 8 pm. In this article, we shall look at the interesting aspects of this market, and you can get some tips on opening your own small business.
Why should you visit the Tibet market in Ooty?
Tibet Walk-in Ooty is a flea market. It is one of the most popular Ooty visiting places for shopping, and every visitor is recommended to visit the market at least once. There are a variety of available woollen products, from modern hoodies to traditional shawls. You can get jackets, warm pants, caps, gloves, and all other items that can help you get cosy in winters.
All the items are reasonably priced, and they also ensure good quality. Most of the shops have a policy of fixed price that cannot be bargained. However, one should know that as a local flea market- the prices are already low compared to other markets in India. While the market is popular for woollen clothing, you can also find other rare items, including Tibetan handicrafts and decorative items for your homes. One must carry cash to such markets in Ooty, where most vendors don't have other forms of payment.
Benefits of Having a Business in a Popular Flea Market
Looking at this popular flea market in Ooty visiting places, you may wonder if it could be beneficial for vendors to sell items at low prices. There are various challenges that businesses can suffer in a flea market. As a flea market consists of various shops selling similar items, there can be a sense of competition.
One has to be very careful about the prices as most customers don't expect to give large cash for any item in such a market. However, there are also multiple benefits as follows-
1. Low maintenance cost
Depending on the location of the flea market, you will have to rent a space for your shop, which will ideally be a medium-sized space. It would be just enough to stock your items and a little space for customers to enter and check the displayed items.
Since the space occupied is relatively smaller, maintenance charges are way reduced than proper retail shops. Not many staff members are required, and most of the things can be managed by two to three people.
2. Less capital required
Having a small flea market booth doesn't require a huge capital investment. You can use some of your savings and open a shop by stocking the items you want to sell. You can also explore a lot of choices while opening your shop. You can either stick to the other popular items sold in the particular flea market or bring in something relevant to the incoming visitors. You will have to decide what can work best for you in comparison to the other shops.
3. Flexible timings
Most flea markets have a fixed time of opening and closing that all the shops follow. However, no one is supposed to keep track of your shop, and you can set up your work hours. You can also employ a staff member who can change shifts with you.
4. No need to quit your day job
You can maintain a flea market shop while keeping up at your day job. You must keep this as a side option that may or may not work out depending on many factors.
The success of your flea market shop would depend on the type of customers, the aesthetic appeal of your shop, the kind of products you chose to sell, and the kind of prices you set. It may sometimes take a lot of time to get all these things right, and you may have to experience some hits and trails. You will have to keep exploring, so you should not quit your day job working on this.
5. Less expense in marketing
All the markets in Ooty have their selling points. For example, Tibet Walk-in Ooty is famous, and the individual shops often don’t need advertisements. Visitors in a flea market often tend to visit as many shops as possible to get the best deal on an item of choice.
Every market has its niche in a particular area. Tibet Walk is known for woolens. Other Ooty visiting places for shopping like the Commercial Road for leather items and the Main Bazaar for ornaments and jewellery.
Reasons to build a small business in Ooty
If you have decided to open a small business in Ooty, there can be a variety of benefits. Ooty is a hill station that has a regular influx of visitors from various locations. Tourists often visit the flea markets because they want specific items and just explore the local culture. Flea markets have a great way of imbibing the culture and also historical importance at times.
Ooty can be a great location for a small business. You should note that you must get comfortable with the culture. You should also be aware of the local commercial practices and then think about starting a business.
1) Is meal delivery a good business idea?
2) What are the best small business ideas in big cities?
3) Can I open a current account for a home-run business?
4) OkCredit: All you need to know about OkCredit & how it works.
Q. What tools and materials should I have to open my shop in a flea market?
Ans- Start by renting a space in the market of your choice. Get in touch with the local legal authorities and begin the paperwork. You should have a stock of your merchandise along with a vehicle that can help you move your items. You should have the necessary equipment to display your items, whether they are clothing items or decor pieces.
You can also have a computer, phone, and internet access to ease your customers’ payment methods.
Q. Should I apply for a loan to open a shop in a flea market?
Ans - It is often unnecessary to take a loan as a flea market does not require huge capital. However, if you feel that you have a huge expense, including the merchandise and transportation, you may apply for one. You must ensure that you have a good credit score and a good application to get your loan approved.
Q. What are the most popular shopping destinations in Ooty?
Ans - Ooty is famous for various items like handmade chocolates, aromatic oils, organic and fresh fruits, tea, jewellery, and handicrafts. While the Tibet Walk is famous for woollens, other markets in Ooty, like Commercial Road, are famous for chocolates, jewellery, and handicrafts. Higginbotham is famous for the multiple bookshops.
Nilgiris Super Market is famous for tea leaves, grocery items, and essential oils. It would help if you also explored the Main Bazaar, Lower Bazaar Road, Ooty Lake, and Charring Cross for delightful and unique items.
Q. How can I make my small flea market shop profitable?
Ans - Flea markets can be very profitable if you are selling the items that are in demand. You should also spend time researching to understand what items can be more in demand by the customers. You should be careful that you find a place where you can find your items at low prices. Your inventory should have more appeal in the market.
You should try to get items that are fresh and unique. Used items also sell well in flea markets if they are in good condition. Antiques and handicraft items are also very popular in profitable businesses. You can make your own collection of unique antique items and sell them at convenient prices.