One of the biggest challenges when selling at markets is having enough change for purchases.
I was helping a friend at a market and we found we very quickly ran out of $5 notes as the most popular product was $15 and most people paid with a $20 note.
Another story I heard was a friend who ran out of 5 cent coins as most of her products needed 5 cents in change.
There is no magic formula for the amount of change you need at a market, however one suggestion I was told a while ago is to round all our prices to the nearest dollar, so you don’t need to worry about having enough “shrapnel”, or silver coins.
If you have a lot of products that will need change in a one or two dollar coin or five dollar note, make sure you have plenty of these. There is a chance you will get people who have the correct change and will be happy to give you smaller amounts when they buy, however the last thing you want to do is to scramble for change when you have people wanting to buy from you.
One thing that is worth remembering is that most ATMs only give out 20 and 50 dollar notes. When thinking about your change, remember this.
Before the market, write down the change you take with you, and following the market, do an analysis to see if you had enough change for your needs. If you had more than enough, that’s wonderful, if not, then adjust the change you take with you for next time.
Do you have any tips for change at markets, anything that makes life easier, especially if you have a lot of people wanting to buy at once? If so, share them here.