Hovingham Village Market Launches Young Enterprise Award

Hovingham Village Market is giving young local entrepreneurs the opportunity to run a stall at our award-winning monthly market. Successful applicants will be charged super-low rents for the first six months and given access to hands-on training and mentoring.

The scheme is linked to the National Market Traders Federation Young Traders Markets Campaign. Young traders at Hovingham Village Market will be encouraged to enter the annual Young Trader Market competition, with the chance to become regional and maybe even UK champions.

Why are we doing this?

We aim to encourage and support a new generation of local entrepreneurs; the traders of tomorrow.

The Young Entrepreneurship Review published by the Princes Trust (now the Kings Trust) in 2021 found that while 53 per cent of 18 to 30-year olds in this country dream of msetting up their own business, only 8 per cent are actually self-employed.

The report identified three key barriers to young people realising their entrepreneurial ambitions:

  • Access to finance and support
  • Confidence and expectation
  • Access to networks

Our Young Enterprise Award aims to reduce all three barriers, by providing financial support, practical guidance to build skills, and mentoring from more experienced
traders.

As Murray Stewart, Vice Chair of Hovingham Village Market puts it:

“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”

National Market Traders Federation CEO Joe Harrison believes that:

“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. Whether that be continuing on a market, moving into bricks and mortar retailing or wholesaling and manufacturing at a much greater level”

Of course, running a successful business is not just about money, it’s also about having the right skills and the right mindset. Rob Thompson, Hovingham Market Advisor says:

“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.”

As well as supporting young entrepreneurs, the scheme will benefit Hovingham Village Market in many ways, including recruiting new traders, attracting new customers and – last but not least – bringing in fresh ideas, products and ways of thinking.