How To Start a Sporting Goods Business?

Posted by Deepa Desai on February 8th, 2018

If you’re a sports enthusiast with keen business acumen, then it would be a good idea to start a sporting goods store. Even though it may be pricey to get it off the ground, sports shops can eventually be fruitful for sports buffs. They deliver a connection to community teams and an opportunity to assist potential athletes. Prior to starting work, conduct research. Decide how you can focus your business interests to a specific sport, make yourself stand out from local competitors and draw a specific target audience.

Research

Start with penning down a business plan for your sports store. Research in-detail about your local competitors and determine who your target audience is. Determine how you can make yourself stand out from the crowd from present competition. Decide whether the sporting store would be specific or if the equipment will cater to all sports. Determine if the store will merely be a sporting apparel shop or if it will offer equipment rentals or lessons. Do conduct research on the cost of rental spaces and equipment. Decide the number of employees needed to run the store. Conceptualize a marketing strategy to promote your services.

Apply for business license and insurance

Acquire the necessary forms and applications. Fill them and wait to get approval prior to proceeding. Do discuss necessary insurance decisions such as the requirement for liability and other insurance to shield yourself in case of a customer injury at your store with a dependable insurance agent.

Set up Shop

The condition of the store you rent will decide the extent of time, money and energy that must be spent to get the space ready for retail sales. If you wish to save money, track down deals on second-hand shelves, counters and hanging units that can hold football jerseys, branded caps, ski pants and so forth. A store need not be a physical store. It can also be an internet portal where one can buy cricket bat online or a badminton racket.

Choose Location

If it’s a physical store where one can visit to shop, then choosing the right location is of paramount importance. It is vital to find a storefront place in a place that will drive traffic to the shop. For example, if you’re setting up a badminton shop, then do consider setting up near recreational areas or shopping malls. Ensure there is adequate space for your equipment. If you’re low on budget then establish your shop online and then rent space when sufficient capital is available.

Equipment and Supplies

To buy superior quality equipment and supplies, conduct enough research online to secure the best deals. If you wish to purchase in bulk, then do concentrate on wholesale sporting goods suppliers who deliver the best deals. Do visit estate sales, auction websites, yard sales and place local classified ads to procure affordable and used equipment.

So these are a few of the decisions that one has to consider before starting a sporting goods business. Apart from physical stores, internet portals have also been gaining more prominence as it’s much more convenient to buy products from the comfort of your home with just a click.