If you enjoy sports and like the idea of owning your own sports goods store, here is a quick 7 steps guide to help you get started the right way.
Sports is really a big business today. Despite stiffer competition, there are ample of sports business opportunities that await the attention of entrepreneurs. Although starting a sports shop does require relatively high investment, however, it doesn’t necessarily demand you to be an experienced person.
1. Business plan
Develop a business plan, a formal document that provides right direction to your business. It should highlight your business objectives, financial figures, marketing strategies etc
Though it would be much better if you could write it by yourself, however, you can contact an expert if it’s beyond your ability.
2. Get registered
Pursue business registration step once you finish formulating your sports business plan. Search, visit and obtain license and other necessary documents from concerned local authorities. Additionally, you will need to obtain a TIN number from local taxation department.
3. Capital assessment
Estimate total costs that will be incurred for business registration, buying sports supplies (such as cricket bats, footballs, gloves, wickets, uniform, volleyball, football etc), renting a store, paying salaries to your employees(if you want to hire any) and the expenses for other utilities.
4. Source Suppliers
Take some time to research out your suppliers( from whom you’ll buy your supplies). Select those who could help you earn good margins and can deliver supplies as needed. Once procured, stock your store and start offering to your customers.
5. Store Decoration
Decorate your new store as it will enhance the shopping experience of your customers. Clean all of your store’s premises – whether inside or outside. Just make it attractive enough so that your customers would love to shop at your store.
6. Hire People
If required, hire one or two employees who’ll help you handle customer orders. If you can manage orders by yourself, then there is no need to increases your expenses.
7. Promote Business
Once you successfully finish up first 6 steps, advertise your business to the market you intend to serve. Use effective communication channels such as local newspaper or TV channels to promote your products to your customers.