In a world that is becoming more and more aware of the health benefits linked with an active lifestyle, sports in all their guises are continually surging in popularity. Retailers are understandably taking this growth on board, with the demand for a range of specialist products across the board meaning there is great scope for either an all-encompassing retail store or a niche shop that caters to a specific market. However, there are a few things to consider before setting out.
Do you fit into a niche?
Maybe you’ve got specialist knowledge in a very niche area such as netball drills, or perhaps you have an interest and knowledge base in the broader arena of athletics. Deciding what your niche is early on saves lots of time when it comes to choosing suppliers and actually setting up a physical store or an e-commerce site. There are several options of business out there and some very successful ones including rugby and tennis and even ones that sell discounted Football Kits from suppliers. These businesses all started from scratch and are now doing very well.
Research your financial options
For new businesses, a start-up loan is your best bet. You can apply for these directly from the government in some cases, or choose to go with a franchised bank. The most important thing is to thoroughly research your options and be sure that you have a fully comprehensive plan with which to approach lenders because you will be asked plenty of questions about the direction of your business.
Find the space
If you are starting a physical store, having premises for this is essential. The location matters, as does the financial factor. Consider the local demographic. If you have a niche following but there aren’t many organizations that cater to this in the area, you may struggle.
Find your suppliers
Once you have a premise, secured a loan, and decided on your niche, it’s time to get stocked. Phone around to find the best deals that balance cost with shipping. It’s all very well to have access to a supplier that has great prices, but if they’re at the other end of the country, chances are you’ll end up totting up costs on delivery. Be sure to ask for vital information such as minimum order requirements and whether or not they provide updated brochures as their stock changes. This is particularly important if your sport is seasonal and you are planning for surges in demand at a given time of year.
