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First hand experience and market research

General Conversion Estimate Formula:
This formula is a general estimate for vendors/businesses to gauge how many customers they will sell to/engage with based on a few factors. Although ut can be applied across industries, this is generally geared towards CPG products with a focus on food and beverage.
Estimated Attendees Count: This is harder for a first time market, but if it has been held before, organizers should have a general number of guests who attend.
Market length: Pretty self explanatory-longer markets, longer time for customers to meet you, BUT this is generally tricky for perishable goods, best to ensure food safety first!
Hands on Staff/Guest Turnaround time: There are only 60 minutes in an hour. How many people you can serve directly correlates to how much you will make. If making food fresh, keep in mind cooking time for example.

Attendee count x .10: Amount of people who will most likely pass your booth.

(Attendee count x .10) x .5= General amount of people you will sell to

For example: 5,000 estimated attendees with packaged goods and 2 staff (owner and helper)

5,000 x .10= 500 people at minimum will pass booth
500 x .5=250 people if you are fast and efficient you will sell to

Now of course this will also depend on other factories like weather, strength of marketing of organizers, etc. 250 people at $10/average transaction is $2,500 for an estimated 6 hour market which is a conservative estimate.