You want to open a sporting goods store.It's great!Where to start?We will take you through all of the factors you need to consider when starting a business, step-by-step.
Step 1: You should study the market.
Before you can open your own store, you need to know what your competition is like and what kind of need there is for another store.If you want to open a sporting goods store in the area, you should check out the other stores that sell sports and hobbies.Catering to the under-represented sport that you think still has an interested consumer base is a good idea.This could be an opportunity for you to capture the market.Stay current with new trends and up-and-coming sports, such as at- home circuit training or extreme outdoor sports which might introduce new demands or equipment into the market.It is possible that there isn't a strong enough customer base to support a certain sport or market if there is no one covering it.Ideally, you want at least one other store in the same field, but one that you think you can surpass with better services, products, or prices.
Step 2: You should study your surroundings.
Take some time to get a sense of what sports, hobbies, or activities are popular in your area and if they are a good fit for you.Hiking or kayaking are popular pastimes with a lucrative market if you live near a natural park.If more bicycle lines and paths are installed in your town, there will be increased interest and demand for bicycle equipment.It might be a good time to open a sporting goods store that sells, rents, or repairs bicycles.
Step 3: Pick your market.
There are a number of national sporting goods chains that cater to every type of sports fan, from basketball to badminton, to fly-fishing.If you want to become a go-to expert retailer, consider focusing on specialty sports, like hunting and fishing or golf, instead of following this approach.If you focus on a niche market, you will be able to cover every aspect of a particular sport without having tons of inventory.You can carry a wide array of products geared towards kids if you focus on amateur and youth sports.It is possible to cater to a professional market base with only high-end equipment.You can choose to focus on sports items rather than equipment.
Step 4: A business plan is a must.
A business plan is a road map for success.It is a written description of what you plan to do with your business.The best way to start is with a mission statement or summary.What will make you stand out in other stores?Do you want to supply specific products or services?How much money you need to open your business, as well as store rent, inventory, equipment, employee wages, insurance, utilities, permits and licenses, and how much you currently have to invest and/or borrow, are included in a basic financial projection.Think about how to promote your business.Think about what you would like to achieve in the next few years, and then come up with some steps to accomplish it.To get pre-approved for a small business loan or another line of credit, you can take your business plan to a bank or loan office.This could be useful when renting store space, buying inventory, or paying employees before turning a profit.
Step 5: You can research store locations.
It is important to decide where you want to open your store, as well as what kind of store space is best for you.There are other options for where you can locate your store.Consider opening a store in a place where sports are played.If you want to be located in a populated area with good foot traffic and accessibility, you should look for a mall.If you are selling large items that people will need to transport in their cars, look for a location with plenty of parking.If rent prices and building overhead expenses are too much for your budget, consider opening an online only store or subleasing a part of another store.Stand-alone storefronts have higher startup and overhead costs.
Step 6: Register your business.
You can legally register your business after all the research and planning.An attorney can help you with the legal documents needed to register your business.Depending on your state requirements, it can be difficult.You can register your business with your local, state, or county business council by coming up with a name.If you are opening a store in the United States, you should have an Employer Identification Number.Once you register your business, you can get any licenses or permits that are required by your state or rental space.
Step 7: You should stock your inventory.
Now that you have decided on your store location and niche market, the next step is to stock your inventory so you can start making money.Decide what lines you want to carry.You can get a sense of what the most popular products and brands are by talking to sports enthusiasts, attending conventions, and reading sports-specific magazines.You can find out what companies are in your area.The National Sporting Goods Association has a website.Vendors may require a minimum opening order or may offer special promotions for new retail clients.It is cheaper to place a wholesale order rather than individually or in small batches.
Step 8: Hire people.
Depending on how busy your store is, you may need to hire a staff of employees.Your staff should be knowledgeable about sports.Customers are more likely to trust people who are passionate about sports at a sporting goods store.If your budget can't support paid help, consider teaming up with a local college and starting an internship position where you can show a student the ropes of running a business in exchange for their help in the store.
Step 9: A strong web presence is important.
A strong web site is important to your business success even if you have a physical store.Start with your location, hours of operations, and general information about your products.As you grow, consider including a full online inventory of your merchandise so that people can browse at home and even make purchases from out of town.It is important to offer a safe shopping experience for your customers.Make sure your website is up to date with its security features.
Step 10: You should promote your store.
Getting people through your doors is the next step.A good marketing and advertising strategy is required for this.If you can afford it, consider hiring an advertisement firm to come up with a logo and some promotional materials.You can offer a store gift card to the winner of a design competition for local high school or college students.Newspapers and media outlets should take out some advertising space.If allowed, hang a banner at the sports field.If your product vendors have their own marketing materials, you can use them to promote their product at your store.There are promotional deals for sports clubs and organizations.To become their official outfitter, you have to forge a connection with the leaders of these clubs, and offer to print up their jerseys, fulfill trophy orders, or take special requests for custom gear.There are athletic teams at the local school.You have the ability to reach all of the kids on the team, as well as their parents and the other teams they come into contact with.
Step 11: There are features unique items.
If you want to succeed and grow your business, you need to set it apart from your competitors and do something better than they can.You should be at the forefront of new equipment styles.Try to find and sell unique items that are not found elsewhere.
Step 12: Diversification and expansion.
A company that is growing will be able to branch out into new areas.When your business is up and running, look for other sports related opportunities.Consider organizing your own sporting events.Think about other auxiliary markets that intersect with your niche, like nutrition bars for hikers or medical practices that specialize in treating sport's injuries, and see if you can team-up with them to forge mutually beneficial business relationships.