Yorkshire village market sets up scheme to find new 'traders of tomorrow'

The Hovingham Village Market, in picturesque Ryedale, has monthly stalls from independent sellers trading everything from honey to crafts.

It now looks to broaden its reach with a traders' scheme to build in new opportunities for young entrepreneurs.

There is a peppercorn-rent, hands-on training and mentoring, and a traders' competition to be crowned national champion.

Murray Stewart is vice chair of the Hovingham Village Market. He said: “We know there are many young people out there with great business ideas. But it’s hard to get a toehold; set-up costs can be high, and the red tape can feel daunting. Our new scheme aims to take the pressure off, by giving young entrepreneurs a low-cost, low-risk route in."

A review, by the then Prince's Trust in 2021, found that more than half of 18 to 30-year olds dream of setting up their own business, but only eight per cent are self-employed.

It identified three key barriers to young people realising their entrepreneurial ambitions; access to finance and support, managing confidence and expectation, and access to networks.

The new project aiming to deliver all three, linking to the National Market Traders Federation (NMTF) Young Traders Markets Campaign.

Joe Harrison, chief executive of the NMTF, said these are the traders of tomorrow.

"Markets are the ideal platform to test, develop and grow a new business to whatever ends the young traders' aspirations and ultimate goals for their business are," he said. "Whether that be continuing on a market, moving into bricks and mortar retailing or wholesaling and manufacturing at a much greater level."

The scheme is open only to those who live within a 30-mile radius of Hovingham, and who are aged between 16 and 30.

It is aimed at young people who will actively manage their own stall, making key decisions on what to sell and how.

Market leaders are particularly interested in those who might make or grow their own products, or who might have an environmentally conscious focus. Passion is key, they said, while all products should be distinctive and of good quality.

For the first three months, the chosen young traders will be asked to pay just £30 rent, a saving of nearly 60 per cent, followed by £45 for the next three months.

At the six month mark, they may choose to stay on as a regular trader and as part of the Hovingham Village Market "family".

Application forms are through the village market website or email [email protected].

Rob Thompson, market advisor for Hovingham, said this was about inspiration: "Launching a new retail business is more than just a great product.

"It’s about understanding your target market and communicating your offer with confidence and wit. It’s about selling yourself.”