A round of applause for the NMTF!
For this blog I want to give a round of applause to the NMTF for all they contribute. You may have seen part 1 on the NMTF, where I gave an overview of what they do, an introduction you could say, but for this blog I will highlight some of the great things they have done and are currently doing for our markets right now. I will touch up on the NMTF and how they’re supporting new and young traders by helping them to the greatest start possible through loans, first pitch schemes, business support, retail training and their m4 markets campaign with NABMA.
Hands down as a blogger of markets I would say NMTF do the most for markets and hope you would all agree. Not only do they contribute a lot, they help, encourage and work with other market organisations in the industry as well as traders and operators, to help get the best of markets full stop. The respect I hold for the NMTF in regards to their contributions is why I will continue to give them an honourable mention and share my knowledge of them with my readers and hopefully, encourage future market traders who have thought about running a market or stall but were not aware of the help at hand.
So to start I will give you an insight into the NMTF and their Mission for Markets campaign with NABMA. This campaign consists of both organisations working together to represent and improve markets. They firstly conducted research, which was the biggest survey of market operators and market traders ever undertaken, which led to them identifying the 6 big issues in the market industry. From this they have set a manifesto and stormed a plan into resolving these issues and so far they have already achieved 2 of the issues when they;
- Lifted the burden of business rates, by highlighting roles played by markets in maintaining the vitality of towns and creating new businesses, achieved when the chancellor announced in 2016, the budget that business rate liability for micro-businesses with a rateable value of £12,000 or less will be scrapped from April 2017.
- Ensured the implementation of European legislation, particularly the European Services Directive, does not undermine the essential characteristics of a market and particularly enables markets to retain a proper balance of trade when Marcus Jones MP, Minister for Markets, assures NABMA and the NMTF that it is “business as normal.”
The Mission for Markets campaign is crucial for market stakeholders as with this campaign all that can come from this is improvement – it can only get better. The market finally has a strong voice, a great collaboration that are getting things done, and putting in the work to find out these problems. The m4 market campaign is great and so far it is getting the job done!
The NMTF has also teamed up with NABMA to encourage youth entrepreneurship on our nation’s markets, through competition with the National Youth Market trader of the year taking home £500, and two others who are highly commended receive £200 each and all 3 of them free NMTF membership for a year. The aim of this campaign, from the outside looking in, I would say is to encourage more youth markets and traders across the country to get up and running, as well as give the youth a chance to showcase and demonstrate their talents and gain experience as markets are great platforms to start a business; but the younger generation seem to be oblivious to this.
To me this is an amazing opportunity for the youth market traders of the future, this enables younger people to gain experience, feel what it is like to be on a market and compete! This gives the youth a chance to develop and adapt. In one of my first few blogs I spoke about the lack of young people on markets, but now I am just glad at this point to see some of the leading organisations in this field are doing something about it, and with a little further help, I think we should brace ourselves in for a new exciting generation of market traders, and ways the market operate.
In addition, there are the start-ups and loans they offer which is accessible for any market Entrepreneurs aged over 18 with less than 24 months trading experience. This is a government funded initiative, with the average loan size of £5,500 with a fixed rate of six per cent the loan can be repaid over one to five years as a personal loan given for business purposes, because the NMTF recognised that the biggest barrier for new market and street traders was accessing affordable finance.
Now I wish I knew this a lot sooner, before I started blogging and when I was looking into starting a market stall, as I would have definitely taken the leap and I think that maybe this is the problem. This information is not known to everybody, especially somebody weighing up the idea, who’s new to this whole market thing, they don’t know where to look. From experience, the first place we tend to look for information on markets is our local councils, which no disrespect are not the best for information, and don’t link back to NMTF for aspiring market traders to find out this kind of information.
The NMTF also initiated the First Pitch scheme which was a trader start-up scheme run by the NMTF and supported by market operators across the UK. The scheme gave entrepreneurs the opportunity to test-trade for up to five days for free on their local markets where 250 entrepreneurs test-traded. This then developed into a 100 of these receiving 12 more months of support, consisting of mentoring, retail training and discounted rent as well as a free membership with the NMTF! From this we gained 35 new permanent market traders! also let in be known In 2014, the NMTF received funding from the RBS Group’s Inspiring Enterprise initiative to run the scheme. I know the team at Head Office are searching for new funding partners to run the scheme again.
What I would say to the NMTF in regards to the First Pitch scheme in a few words would be well done! Great scheme, great looking after the market traders, and thank you for helping produce more.
NMTF gets a round of applause because what other organisation supports new traders the way they do? They offer expert advice on any aspect of markets and market trading. They secure discounts on crucial business support services, such as stock, van and accident insurance, legal and financial advice; they offer liability protection which covers you to trade on any market, festival, fair and street trading pitch within the EU! They have an advice helpline for matters with the HMRC, tax or VAT, and can help you with fees should any problems occur involving these matters. In addition, they offer retail training, workshops, or guides such as NMTF 400 ways to increase your sales guide or the professionally constructed NMTF First guide, which benefits new traders on the markets, as well as looking out for market operators by offering Taster Membership of the NMTF which enables new traders to access membership benefit.
So let’s all give a round of applause for the NMTF, get on their website and check them out! Their contribution is phenomenal.
please note information was gathered from the NMTF webpage and pictures were obtained from the following links ourgreatyarmouth.org, nmtf, bing with a special thanks to Chris savage of the NMTF for providing us with great pictures and information.