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Sports Equipment Retail Business Plan

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Keith's Sporting Goods

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Keith’s Sporting Goods (KSG) will be in the business of selling athletic equipment to people at every fitness level, from aspiring college athletes to weekend warriors. With our knowledgeable staff we will provide an environment where everyone feels comfortable coming in and asking for training advice and discussing equipment needs. 

Based in Eugene, KSG wants to be a recognized sporting goods store. An exact location has yet to be set, but owners are avidly searching for a high foot traffic location. Ideally that location would be in central Eugene where anyone can travel a short distance to find our store.

We fully expect to grow quickly. Many businesses start under the same assumption but due to work ethic, desire, job enjoyment, KSG is expecting to make a profit in the early stages of its life. Sales are forecasted to be conservative in the first month but are expected to increase by 2% each month thereafter, with a first year growth rate of 12%. This assumption appears to be accurate given the fact that the sporting goods wholesale industry is growing at an 11.5% annual rate.

Keith’s Sporting Goods will be filed as an S Corporation where owners will be protected from various forms of liability and tax shields. In the early stages of business, we will be primarily debt financed through a local bank and the Small Business Association (SBA). We have forecasted the need for 60% debt, the owner and operator will invest the rest.

Depending on the timing of financing, we expect to have the store open by January next year and to produce strong profits by the end of that same year.

1.1 Objectives

The primary objectives for the store are:

• Brand recognition. KSG will be a recognized sporting goods and fitness store in Eugene. 
• To be operating at a profit by the end of the first year of business.
• Achieve a 15% growth rate in sales from years one and two, and then maintain no less than a 11.5% growth rate thereafter.
• Maintain a constant gross margin of 40%. If we are able to do this and keep costs fixed, sales will be able to grow faster than total costs.

1.2 Mission

KSG strives toward building long-term relationships with our customers and employees. Working within the community, promoting community service, and encouraging the additional education of our employees will be constantly emphasized by store management. We feel it is extremely important to give back to the community that supports our operations, while also maintaining an atmosphere where our employees have the opportunity to improve as individuals.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

KSG intends to provide customers with the quality products they need to maximize athletic performance and accomplish their physical and mental goals. We will provide our customers with a knowledgeable staff that enjoys working in an athletic atmosphere and helping others. We will be located in Eugene where there is a high concentration of health conscious individuals and a devoted following to both high school and college athletics.

2.1 Company Ownership

With the intent to operate the store I will be considered the owner of Keith’s Sporting Goods. However, I will not be the only one with a capital investment in the company. A local investor will have equal shares in the business. The investor will receive dividends starting in year 2, until he has recouped his initial investment, at which time the owner has reserved the option of buying out his shares.

Under these circumstances, and the fact that the investment is a relatively small undertaking, KSG will be filed as an S Corporation. The ownership will be split up evenly between myself and the other investor, and the rest will be debt financed.

2.2 Start-up Summary

Keith’s Sporting Goods will be financed through a combination of 60% debt and 40% equity. A local bank will provide the debt while the equity will be provided by an equal combination of owner investment and an angel investor. A large portion of the initial investment will be spent on beginning inventory (83%), which we forecast to be sold within the first two months. Total assets will amount to 93.4% of the initial investment.

Keith’s Sporting Goods will be a high quality fitness store that focuses on athletic performance and maximization of athletic potential. In other words, KSG will be designed to supply athletes with the essential products that are necessary for active lives.

The core products we will carry are:

• Athletic equipment

To complement these goods, we will also carry training equipment like:

• Polymeric boxes
• Medicine balls
• Health supplements
• Training literature

Market Analysis Summary how to do a market analysis for your business plan.">

The Eugene community is very active and has a great athletic heritage. It is the location of the University of Oregon, home to many running and hiking trails, and has a youth athletic center called Kidsports. Eugene also happens to be a growing community that has always supported the small entrepreneurs. Taking these factors into consideration, KSG will focus on three main groups.

• Young parents with children active in youth sports
• College students
• Active adults

These groups comprise the majority of athletes in the city, and we find them to be the ones with the disposable income to spend on athletic apparel.

4.1 Market Segmentation

• Parents (Elementary & Middle School)
• High School Athletes
• College Students
• Middle-aged Adults (35+)

4.2 Target Market Segment Strategy

Because there are so many different sports and levels at which to compete, there is a broad range of markets for the company to target. At KSG, we will provide a marketplace that satisfies the needs of each group. We will stock a variety of goods for the wide variety of our customers.

We strive to build long-term, personal relationships with our customers, in order to do this, we will need to attract customers at young ages. Therefore, our primary target market will be parents with young children. By building a trust relationship, we may be able to maintain a family right up through the child’s college years.

It will be important to target these groups because youth sports are growing at an incredible rate. Data has indicated that youth sports has the highest growth rate of any segment within the athletic industry. Capturing the market at a young age will lead to future sales when athletes spend more money on their athletic needs.

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4.3 Competition and Buying Patterns

To an athlete who is serious about achieving particular goals, having the correct athletic equipment is integral. Somebody who runs many miles over the course of a week needs to have shoes that not only last over time, but also protect joints from over use. It is the same for a basketball player who needs to wear light clothing that allows him/her to move freely. In either case, the athlete is looking for the best equipment and is always open to try new, innovative products that might help reach peak performance.

In the sporting goods retailing many companies compete in different ways. For example, Copeland’s tries to sell products more on a cost basis using their capitol power to sell products at the lowest price. When doing this, they sacrifice the customer service and support that many athletes are looking for.

As a smaller company we intend to provide customers the support and knowledge they need to fulfill their goals.

Strategy and Implementation Summary

At KSG, we will use a marketing strategy of developing long-term relationships with our customers. Being seen at various sporting events will be an integral part of getting our name out in the community. We want to be seen as a business that cares for our customers and wants to see them accomplish all of their goals.

We want our customers to have complete trust in what our employees are saying. We want them to know all the information about what they are buying and what is best for them. If customers have a good experiences with what they purchase, not only will they more likely be repeat customers, but also they will tell friends about the quality of operations at KSG.

5.1 Competitive Edge

The number one competitive edge KSG enjoys is providing customers with unparalleled service. As a smaller operation it will be impossible to compete with Copeland’s and Play it Again sports on a price basis. Providing a group of knowledgeable employees who enjoy what they are doing is the only way that KSG can provide the best customer service. Once this trust is built our competitive advantage can be sustained.

The type of equipment that KSG will provide will also be a source of competitive edge. Much of the equipment found at Keith’s will not be found at larger chain stores. For example, it is tough to find polymeric equipment. In fact the only way one can buy high-quality equipment is through catalogs. It is the same for many types of shoes. Stores like Copeland’s tend to only sell shoes that are trendy. Trendy shoes are not a sign of high quality; they are a sign of great marketing. KSG will provide quality equipment and will be able to educate customers on why certain equipment is better than the typical mainstream brand equipment.

5.2 Sales Strategy

Our sales strategy will be built around fully educating customers about their purchases. Many of the activities that our store is promoting impacts the human body. It is important for the customer to be fully aware of the repercussions of the activity and how each piece of equipment effects him/her. With that in mind, sales people will take care of customers on a first come first serve basis. We want to build customer relationships without discriminating other potential future customers.

Employees will be paid on an hourly wage with no commissions at the beginning of operations. After the store has a history, a commission package based on sales and education advancement can be implemented.

KSG will carry a relatively low amount of inventory and have frequent order repurchases in an attempt to maintain inventory levels and storage costs. Finally, all sales will be in cash to prevent the problems brought along by late accounts receivable payments.

5.2.1 Sales Forecast

The primary products at KSG will include athletic shoes and apparel. We will also sell equipment, supplements, and health literature, but we forecast shoes and apparel to drive sales. We expect strong growth in the first year due to intense marketing and exposure in the Eugene market. Forecasted sales are expected to increase by 2% from month to month in the first year and then grow at the industry average of 11.50% per year.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

The owner of KSG will also be the operator and decision maker. The philosophy behind the workforce will be one of total customer satisfaction and education. Since many customers are not aware of the many repercussions brought on by athletics, employees will be encouraged to continually gain new knowledge and insight.

6.1 Personnel Plan

Keith’s Sporting Goods will begin operations with a relatively small work crew with the intention to grow as the business grows. The owner/operator will have a base salary of $3,000/mo and that will be a fixed expense.

We plan on starting with one full time employee who will be the store manager. The manager will work closely with the owner. During slow hours, they will work closely implementing new strategies and making store changes. The manager will work 40 hours per week, and will have the weekends off. The manager’s salary, below, includes benefits (paid sick time, holidays, and insurance coverage).

The owner will work the weekend with the other employees. Aside from the owner and manager, KSG will need an estimated 51 man-hours over the course of the week. There is no estimated number of employees needed; we just need to fill the extra 51 hours. Employees will make $8/hr, and will be looked upon as an integral part of the operation.

Financial Plan investor-ready personnel plan .">

Keith’s Sporting Goods will regularly monitor all financial statements because they have a direct correlation with the health of our business. We have forecasted into the future with a steady but moderate growth rate where sales will grow by 2% every month. All sales will be in cash leading to positive cash flows whenever asset acquisition is maintained. Profits will be reinvested into the business in hopes of future product and store expansions. If no appropriate investment opportunities present themselves excess cash will be placed into the market through a respected financial consultant.

7.1 Important Assumptions

Key assumptions:

• Growth rate of 2% per month
• Daily sales: shoes six per day @ $80 each, and apparel 24 items/day @ $25 each
• Growth will be steady throughout the year.

7.2 Break-even Analysis

The following table and chart show our break-even point.

7.3 Projected Profit and Loss

7.4 Projected Cash Flow

As a retailer, we do not sell on credit, but all of our invetory purchases are made on account. Our net cash outflows are largely a result of repaying the initial loan.

7.5 Projected Balance Sheet

Among the importance of monitoring liabilities and assets, cash will be of particular importance to our organization. We will monitor this section of the Balance Sheet constantly. Without cash we will be unable to react to market changes or survive through tough economic cycles. Our net worth will improve as we grow and pay off the initial loan.

7.6 Business Ratios

The table below contains important business ratios from the sporting goods shops industry (5491), as determined by the Standard Industry Classification (SIC) Index.

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A Sample Sporting Goods Store Business Plan Template

Are you about starting a sporting goods retail store? If YES, here is a complete sample sporting goods retail store business plan template & feasibility report you can use for FREE . Okay, so we have considered all the requirements for starting a sporting goods retail store.

We also took it further by analyzing and drafting a sample sporting goods retail store marketing plan template backed up by actionable guerrilla marketing ideas for sporting goods retail stores. So let’s proceed to the business planning section.

Why Start a Sporting Goods Retail Store?

There are businesses that someone with little schooling and no serious business background and training can start. One of such businesses is to open a sporting goods retailing store. The major things you need to have in place to make success from this type of business is a good location, easy access to wholesale supply of quality sporting goods and good customer service cum accounting skills.

The truth is that if your store is located in an area with good human and vehicular traffic, a place with the right demographic composition (sports men and women) and you have quality sporting goods from different brands, you may not have to struggle to get people to visit your shop and make purchase.

The truth is that, it is one thing to have a fantastic idea cum business plan, it is entirely another thing for the business plan to translate to money (profits) that is why it is important to assemble a team of dedicated workers to work with if you want to be successful with your sporting goods retail store business; you can hardly run this type of business without the right network with wholesale supplier quality sporting goods.

Below is a sample sporting goods retail store business plan template that will help you successfully write yours without much stress;

A Sample Sporting Goods Retail Store Business Plan Template

1. industry overview.

Operators in the Sporting Goods Stores industry mainly retail new sporting goods, such as bicycles, camping equipment, exercise and fitness equipment, apparel, footwear and other sporting goods and accessories. Supplies are sourced from sporting goods manufacturers and wholesalers and then sold to the general public via retail stores. It is important to state that department stores, mass merchants and retailers that exclusively sell apparel are not part of the sporting goods stores industry.

A close study of the Sporting Goods Stores industry shows that the industry has indeed done pretty well and this is due to the strong demand for sporting goods from sport enthusiasts and health-conscious individuals. With the sports participation rate anticipated to rise in the nearest future, more consumers would purchase athletic apparel, footwear and other sporting goods for their fitness regimens and exercises.

Even though time-strapped individuals will find it difficult to incorporate fitness and sporting activities into their daily regimen, rising health consciousness and per capita disposable income will spur demand for sporting goods over the next half a decade.

The Sporting Goods Stores industry is indeed a thriving line of business in most countries of the world. In the united states of America, the industry generates a whooping sum of well over $47 billion annually from more than 39,814 sporting goods retail outlets scattered all around the United States of America.

The industry is responsible for the employment of well over 284,960 people. Experts project that the industry will grow at a 2.1 percent annual rate between 2011 and 2016. The establishment in this industry that has dominant market shares in the United States of America are; Academy Sports & Outdoors, Cabela’s Inc., Dick’s Sporting Goods Inc., and REI.

A recent report published by IBISWORLD shows that the Sporting Goods Stores industry is highly fragmented and characterized by a large number of small players as well as several companies that each contribute about 10.0 percent of the total revenue generated in the industry.

The report further stated that many industry operators are family owned or independently operated and cater to a market niche of local consumers. For instance, about 50.0 percent of total industry establishments are non – employers, meaning they are sporting goods stores that are owner-operated with no additional employees.

However, although there is a large amount of non – employers, these establishments are expected to account for only 3.5 percent of total industry revenue. As mass merchandisers enter the Sporting Goods Stores industry, the landscape for the industry has changed.

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which the sporting goods stores industry contributes greatly.  This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S.

In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing / sporting goods stores industry negatively which may result in the closure of some furniture retail stores.

Over and above, the sporting goods stores industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can choose to start on a small scale in a street corner or you can choose to start on a large scale with several outlets in key cities through the United States of America and Canada.

2. Executive Summary

Jerry Carlton Sports Store®, Inc. is a standard and registered sporting goods retail store business that will be located in one of the busiest streets in Charleston – South Carolina.

We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the design of the kind of standard sporting goods retail store that we intend launching and the facility is located in a corner piece in between the largest residential estate James Island Recreational Sporting complex in Charleston – South Carolina.

Jerry Carlton Sports Store®, Inc. will retail sporting equipment, athletic apparel, athletic footwear, athletic uniforms, bicycle (except motorized), bowling equipment and supply, diving equipment, exercise equipment, fishing supply, golf equipment and supply, other sporting goods (e.g. scuba, skiing and outdoor) and saddlery et al from different manufacturers (brands) from the United States and abroad.

We are set to services a wide range of clientele in and around Charleston – South Carolina. We are aware that there are several large and small chains of sporting goods retail store outlets all around Charleston – South Carolina, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors.

We have an online – service option for our customers, and our outlet is well secured with various payments of options. Jerry Carlton Sports Store®, Inc. will ensure that all our customers are given first class treatment whenever they visit our sporting goods retail store.

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to. We will ensure that we get our customers involved in the selection of brands that will be in our store and also when making some business decisions.

Jerry Carlton Sports Store®, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.

Jerry Carlton Sports Store®, Inc. is a family business that is owned by Jerry Carlton and his immediate family members. Jerry Carlton has a B.Sc. in Business Administration, with well over 5 years of experience in the retailing stores industry, working for some of the leading brand in the United States.

Although the business is launching out with just one outlet in Charleston – South Carolina, but there is a plan to open other outlets all around major cities in the United States and Canada.

3. Our Products and Services

Jerry Carlton Sports Store®, Inc. is in the sporting goods retail stores industry to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to make available a wide range of sporting goods from top manufacturing brands in the United States and other countries of the world.

We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;

• Sporting equipment
• Athletic apparel
• Athletic footwear
• Athletic uniforms retailing
• Bicycle (except motorized) retailing
• Bowling equipment and supply retailing
• Diving equipment retailing
• Exercise equipment retailing
• Fishing supply retailing
• Golf equipment and supply retailing
• Other sporting goods (e.g. scuba, skiing and outdoor) retailing
• Saddlery retailing

4. Our Mission and Vision Statement

• Our vision is to become one of the leading brands in the sporting goods retail stores industry in South Carolina and to establish a one stop sporting goods retail store in Charleston – South Carolina and in other key cities in the United States of America and Canada.
• Our mission is to establish a world – class sporting goods retail store business that will make available a wide range of sporting goods from top sporting goods manufacturing brands at affordable prices to the residence of Charleston – South Carolina and other key cities in the United States of America and Canada where we intend opening of chains of sporting goods retail stores and franchise.

Our Business Structure

Jerry Carlton Sports Store®, Inc. do not intend to start a sporting goods retail store business like the usual mom and pop business around the street corner; our intention of starting a sporting goods retail store business is to build a standard and one stop sporting goods retail store outlet in Charleston – South Carolina.

Although our sporting goods retail store business might not be as big as Academy Sports & Outdoors, Cabela’s Inc., Dick’s Sporting Goods Inc., and REI et al, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers). As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Store Manager
• Human Resources and Admin Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

• Accountants / Cashiers
• Sales Agents / Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

Store Manager:

• Responsible for managing the daily activities in the store
• Ensures that proper records of sporting goods are kept and warehouse does not run out of products
• Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
• Interfaces with third – party suppliers (vendors)
• Controls sporting goods distribution and supply chain inventory
• Supervises the workforce in the sporting goods sales floor.
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of sporting goods from different manufacturers are purchased and retailed in good price that will ensure we make good profit
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Manages the organization website
• Handles ecommerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Manages the organization’s CCTV
• Handles any other technological and IT related duties.

Accountant / Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries (answer customer queries regarding the store and the merchandise)
• Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
• make suggestions and encourage purchase of products
• Provides information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
• Bag or package purchases and gift wrap merchandise
• Responsible for cleaning all the sporting goods and the store facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the store facility
• Handles any other duty as assigned by the store manager.

6. SWOT Analysis

Our intention of starting just one outlet of our sporting goods retail store in Charleston – South Carolina is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in South Carolina and key cities in the United States and Canada.

We are quite aware that there are several sporting goods retail stores all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

Jerry Carlton Sports Store®, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.

This is the summary of the SWOT analysis that was conducted for Jerry Carlton Sports Store®, Inc.;

Our location, the business model we will be operating on both (physical store and online store), varieties of payment options, wide range of footwear and our excellent customer service culture will definitely count as a strong strength for Jerry Carlton Sports Store®, Inc. So also, our team of highly qualify staff members is also a plus for us.

A major weakness that may count against us is the fact that we are a new sporting goods retail store outlet in Charleston – South Carolina and we don’t have the financial capacity to compete with multi – million dollars sporting goods retail store outlets like Academy Sports & Outdoors, Cabela’s Inc., Dick’s Sporting Goods Inc., and co when it comes to retailing at a rock bottom prices for all their sporting goods.

• Opportunities:

The fact that we are going to be operating our sporting goods retail store in between the largest residential estate James Island Recreational Sporting complex in Charleston – South Carolina provides us with unlimited opportunities to sell our sporting goods to a large number of individuals, sport clubs and corporate organizations.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our sporting goods store outlets; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new sporting goods retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.

7. MARKET ANALYSIS

• Market Trends

If you are conversant with the Sporting Goods Stores Industry, you will quite agree that the changes in disposable income, consumer sentiment, and ever changing trends are major growth drivers for sales in this industry. No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Sporting Goods Stores industry.

So also, the rising demand for trendy sport wares, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as sporting goods retail stores keep prices low to attract more sales amid growing competition.

A close watch on the sporting goods stores industry activities reveals that, the industry has indeed done pretty well and this is due to the strong demand for sporting goods from sport enthusiasts and health-conscious individuals. With the sports participation rate anticipated to rise in the nearest future, more consumers would purchase athletic apparel, footwear and other sporting goods for their fitness regimens and exercises.

Lastly, in recent time, the sporting goods retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical shoe retail store is located.

8. Our Target Market

Possibly it will be safe to submit that the sporting goods retail stores industry has one of the widest range of customers; almost everybody on planet earth need one form of sports ware or the other especially if they can afford it.

In view of that, we have positioned our sporting goods retail store to service the residence of Charleston – South Carolina and every other location where franchise cum outlets of our sporting goods retail stores will be located all over key cities in the United States of America and Canada.

We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of sporting goods to the following groups of people and corporate organizations;

• Men and women
• Bachelors and Spinsters
• Corporate Executives
• Business People
• Sport Clubs
• About to wed couples
• Sports men and women

Our competitive advantage

A close study of the sporting goods retail stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiffer competition and we are well prepared to compete favorably with other leading sporting goods retail stores in Charleston – South Carolina and throughout the United States and Canada.

Jerry Carlton Sports Store®, Inc. is launching a standard one stop sporting goods retail store that will indeed become the preferred choice of residence of Charleston – South Carolina and every other location where our outlets will be opened.

Our sporting goods retail store is located in between the largest residential estate James Island Recreational Sporting complex in Charleston – South Carolina We have enough parking spaces that can accommodate well over 30 cars per time.

One thing is certain; we will ensure that we have a wide range of sporting goods from leading manufacturers available in our store at all times. It will be difficult for customers to visit our sporting goods retail store and not see the type of sports ware they are looking for.

One of our business goals is to make Jerry Carlton Sports Store®, Inc. a one stop sporting goods retail shop for household, sports clubs, schools and corporate organizations. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups sporting goods retail stores) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Jerry Carlton Sports Store®, Inc. is in business to retail a wide range of sporting goods to the residence of Charleston – South Carolina. We are in the sporting goods retail stores industry to

• Athletic uniforms
• Bicycle (except motorized)
• Bowling equipment and supply
• Diving equipment
• Exercise equipment
• Fishing supply
• Golf equipment and supply
• Other sporting goods (e.g. scuba, skiing and outdoor)

10. Sales Forecast

One thing is certain when it comes to sporting goods retail stores, if your store is well stocked with various types of sporting goods and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Charleston – South Carolina and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the sporting goods retail stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – South Carolina.

Below are the sales projections for Jerry Carlton Sports Store®, Inc. it is based on the location of our business and other factors as it relates to sporting goods retail stores start – ups in the United States;

• First Fiscal Year-: $250,000
• Second Fiscal Year-: $450,000
• Third Fiscal Year-: $750,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same sporting goods brands and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for Jerry Carlton Sports Store®, Inc. we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Charleston – South Carolina. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the sporting goods retail stores industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – South Carolina.

In other to continue to be in business and grow, we must continue to sell the sporting goods that are available in our store which is why we will go all out to empower or sales and marketing team to deliver. In summary, Jerry Carlton Sports Store®, Inc. will adopt the following sales and marketing approach to win customers over;

• Open our sporting goods retail store in a grand style with a party for all
• Introduce our sporting goods retail store by sending introductory letters alongside our brochure to organizations, households, sports clubs, schools and key stake holders in Charleston – South Carolina
• Ensure that we have a wide range of sporting goods from different brands at all times.
• Make use of attractive hand bills to create awareness and also to give direction to our sporting goods retail store
• Position our signage / flexi banners at strategic places around Charleston – South Carolina
• Position our greeters to welcome and direct potential customers
• Create a loyalty plan that will enable us reward our regular customers
• Engage on road shows within our neighborhood to create awareness for our sporting goods retail store.
• List our business and products on yellow pages ads  (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing and sales
• Encourage the use of Word of mouth marketing (referrals)
• Join local chambers of commerce and industries to network and market our products

11. Publicity and Advertising Strategy

Despite the fact that our sporting goods retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our sporting goods retail store.

Jerry Carlton Sports Store®, Inc. has a long-term plan of opening outlets in various locations all around South Carolina and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Charleston before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Jerry Carlton Sports Store®, Inc.;

• Place adverts on community based newspapers, radio stations and TV stations.
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+  and other platforms to promote our business.
• Ensure that our we position our banners and billboards in strategic positions all around Charleston – South Carolina
• Distribute our fliers and handbills in target areas in and around our neighborhood
• Contact corporate organizations, households, landlord associations and schools by calling them up and informing them of Jerry Carlton Sports Store®, Inc. and the products we sell
• Advertise our sporting goods retail store business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to sporting goods retail stores, it is normal for consumers to go to places (sporting good retail outlets) where they can get sport wares at cheaper price which is why big player in the sporting goods stores industry like Academy Sports & Outdoors, Cabela’s Inc., Dick’s Sporting Goods Inc., and co will attract loads of corporate and individual clients.

We know we don’t have the capacity to compete with Academy Sports & Outdoors, Cabela’s Inc., Dick’s Sporting Goods Inc., and co but we will ensure that the prices and quality of all the sporting goods that are available in our store are competitive with what is obtainable amongst sporting goods stores within our level.

• Payment Options

The payment policy adopted by Jerry Carlton Sports Store®, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Jerry Carlton Sports Store®, Inc. Will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards / Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for our sporting goods purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our products.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a sporting goods retail store business; it might differ in other countries due to the value of their money.

This is the key areas where we will spend our start – up capital on;

• The total fee for registering the business in the Unites States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• Marketing promotion expenses for the grand opening of Jerry Carlton Sports Store®, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring business consultant – $2,500.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• The cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
• The cost for shop remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for start-up inventory (stocking with a wide range of sporting goods from different manufacturing brands) – $350,000
• The cost for counter area equipment – $9,500
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
• The cost of launching a website: $600
• The cost for our opening party: $7,000
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our sporting goods retail store in Charleston – South Carolina. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funds / Startup Capital for Jerry Carlton Sports Store®, Inc.

Jerry Carlton Sports Store®, Inc. is a private registered business that is solely owned and financed by Jerry Carlton and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Jerry Carlton Sports Store®, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality sporting goods a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Jerry Carlton Sports Store®, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of six years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the shop: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Compilation of our list of products that will be available in our store: Completed
• Establishing business relationship with vendors – manufacturers and suppliers of sporting goods: In Progress

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How to Start a Sporting Goods Business

Last Updated: June 2, 2023 Approved

wikiHow is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 16 people, some anonymous, worked to edit and improve it over time. wikiHow marks an article as reader-approved once it receives enough positive feedback. In this case, 88% of readers who voted found the article helpful, earning it our reader-approved status. This article has been viewed 123,501 times. Learn more...

You’ve decide to open a sporting goods store. Great! But where to start? There are a number of factors you need to take into consideration when getting your business off the ground, and we’ll take you through all of them step-by-step.

Researching and Planning

• Pay a visit to the other sporting goods stores already in the area you think you might want to open your shop, and see what sports or hobbies they cover particularly well and not so well.
• If there is an under-represented sport that you think still has an interested consumer base, consider catering to them. This might be an opening 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. [1] X Research source
• Be aware, though, that if there is no one covering a certain sport or market, it might mean that there isn’t a strong enough customer base to support it. Ideally, you’d want at least one other store in the same field, but one that you think you can surpass with better services, products, or prices.

• If you live nearby natural parks or preserves, outdoor activities like hiking or kayaking might be popular pastimes with a lucrative market.
• If your town is installing more bicycle lines and paths, there might be increased interest and demand for bicycle equipment. It might be the right time to open a sporting goods store that specializes in renting, selling, or repairing bicycles.

• Focusing on a niche market will allow you to cover every aspect of a particular sport without having tons of inventory or spreading your resources to thin.
• You can focus on amateur and youth sports, as an example, and carry a wide array of products geared towards kids. You can also decide to go towards the other end of the spectrum and cater to a professional market base with only high-end equipment.
• You can also chose to focus on sports memorabilia and apparel rather than equipment.

• Start with a mission statement, or summary of your business and its greatest features or unique strengths. What will set you apart in the amongst other stores?
• Think about what specific products or services you would like to supply.
• Come up with a basic financial projection, including how much money you need to open your business (including store rent, inventory, equipment, employee wages, insurance, utilities, permits and licenses); how much money you currently have to invest and/or how much you need to borrow; and what kind of profit margins can be expected.
• Develop some ideas about marketing and how to promote your business.
• Think about what you would like to achieve in 3-5 years, and develop some specific steps or strategies for accomplishing these goals.
• You can take your business plan to a bank or loan office to get pre-approved for a small business loan or another line of credit. This might come in handy when renting store space, buying inventory, or paying employees before you start to turn a profit.

• Consider opening a store nearby major areas, parks, or places where sports are played. [3] X Research source
• Ideally, you’d want to be situated in populated areas with good foot traffic and accessibility, like a mall, though this can also lead to higher rent prices.
• If your selling particularly big or bulky items that people will need to transport in their cars, look for a location with ample parking. [4] X Research source
• If rent prices and building overhead expenses (like rent, utilities, and insurance) are too much for your budget, consider alternative options like subleasing a part of another store, securing a small kiosk in a mall, or opening an online only store. These alternatives to traditional, stand-alone storefronts have lower startup and overhead costs.

Opening Your Store

• You might want to hire an attorney to help you with the legal documents needed to register your new business. It can get tricky, depending on your state requirements.
• Come up with a name for your business and register it with your local, state, or county business borough.
• Be sure to establish an Employer Identification Number with the Internal Revenue Service (if opening your store in the United States).
• Once you’ve registered your business, you can proceed with getting any licenses or permits as they might be required by your state or with your rental space.

• Decide on what lines you’d like to carry. Get a sense of what are the most popular or sought after products and brands by talking to sports enthusiasts, attending conventions, and reading sports-specific magazines.
• Find out what companies operate and ship products to your area. You can look through trade magazines or visit the National Sporting Goods Association’s website.
• Contact vendors to find out if they require a minimum opening order or if they offer any special promotions for new retail clients.
• See if you can place a wholesale order; usually it’s cheaper to order items this way rather than individually or in small batches.

• Ideally your staff should be passionate and knowledgeable about sports. Your customers will be more inclined to listen to and trust people who are passionate about sports at a sporting goods store.
• If your budget cannot 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.

Growing Your Business

• In the beginning, start with the basics like your location, hours of operations, and some 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 outside of your local neighborhood.
• When creating an e-commerce website, it’s important to offer a safe shopping experience for your customers. Make sure your website is up to snuff with its safety settings and security features. [5] X Research source

• If you have the budgetary flexibility, consider commissioning an advertisement firm to come up with a catchy company logo and some promotional materials. You can also hold a design competition for local high school or college students, and offer the winning designer a store gift card for their work.
• Take out some advertising space in local print or media outlets. Or hang a banner at the local sports field, if allowed.
• Find out if your product vendors have their own marketing materials that you can utilize to promote their product at your store.
• Offer promotional deals for those involved in local sports clubs and organizations. Forge a connection with the leaders of these clubs, and offer to become their official outfitter, to print up their jerseys, fulfill trophy orders, or take special requests for customized gear.
• Sponsor the athletic teams of a local school. You have the potential to reach all of the kids on the team, as well as their parents and the other teams they come into contact with.

• Be at the forefront of new equipment styles, models, and innovations.
• If you’re specializing in sports memorabilia, try to find and sell unique items not found elsewhere.

• Consider organizing your own sporting events, tournaments, or expos for enthusiasts. [7] X Research source
• Get inventive and 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.

Community Q&A

You Might Also Like

• ↑ http://www.entrepreneur.com/article/56778
• ↑ https://www.sba.gov/writing-business-plan
• ↑ http://www.startupbizhub.com/How-to-Start-a-Sporting-Goods-Store.htm
• ↑ http://www.entrepreneur.com/article/84250
• ↑ http://www.businessnewsdaily.com/1200-workforce-diversity-good-for-business.html

About This Article

If you're passionate about sports and have some business experience, you can open up your very own sporting goods store. To make your business successful, find a niche and a location where your store will be highly in-demand. For example, if you live near a lot of schools, you might open up a youth sporting goods store. Or if you live near a National park, you might sell outdoor equipment like hiking gear. Once you have your idea, develop a business plan to layout information like what products you’ll sell, how much money you need to open your business, and how you’ll advertise. Remember that you’ll need to cover costs like store rent, utilities, inventory, employee wages, and business permits. Bring your drafted plan to a bank or loan office to apply for a business loan. When you’re ready to get off the ground, you’ll need to register your business with your local county business bureau, stock your inventory, and hire employees. To learn how to use advertising to grow your business, read on! Did this summary help you? Yes No

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How to Start a Profitable Sporting Goods Business [11 Steps]

By Nick Cotter Updated Feb 02, 2024

Business Steps:

1. perform market analysis., 2. draft a sporting goods business plan., 3. develop a sporting goods brand., 4. formalize your business registration., 5. acquire necessary licenses and permits for sporting goods., 6. open a business bank account and secure funding as needed., 7. set pricing for sporting goods services., 8. acquire sporting goods equipment and supplies., 9. obtain business insurance for sporting goods, if required., 10. begin marketing your sporting goods services., 11. expand your sporting goods business..

Starting a sporting goods business requires a thorough understanding of the market landscape. This crucial first step will help identify potential opportunities, understand customer needs, and gauge the competition. Here's how you can perform an effective market analysis:

• Analyze current market trends in the sporting goods industry, including growth rates, emerging niches, and technological advancements.
• Identify your target customer segments, including age, gender, geographic location, and purchasing behavior to tailor your product offerings.
• Examine competitors by evaluating their product range, pricing strategies, market share, and customer service reputation.
• Assess the demand for specific sporting goods by conducting surveys, focus groups, or analyzing sales data from existing retailers.
• Investigate supplier options and distribution channels for cost-effectiveness and reliability to ensure a smooth supply chain.
• Understand regulatory requirements and compliance standards for sporting goods in your region to avoid legal pitfalls.
• Consider economic factors such as consumer spending patterns and the overall health of the economy that could impact your business.

Are sporting goods businesses profitable?

The profitability of a sporting goods business depends on a variety of factors including location, inventory selection, customer service, and effective marketing. However, in general, sporting goods businesses tend to be profitable as long as they are managed well and the owner has a good understanding of the industry.

Creating a business plan is a crucial step in launching your sporting goods venture. It serves as a roadmap that outlines your business goals, strategies, and how you plan to achieve them. Here's a structured approach to drafting your plan:

• Executive Summary: Briefly introduce your business, mission statement, and the products or services offered. Highlight the key points of your plan and what you aim to achieve.
• Market Analysis: Research your target market, including customer demographics, market trends, and competition. Explain how your business will meet the needs of your market.
• Organizational Structure: Describe the management and personnel structure of your business, including roles and responsibilities.
• Products and Services: Detail the sporting goods you will sell, emphasizing unique features or competitive advantages.
• Marketing and Sales Strategy: Outline how you will attract and retain customers, including pricing, promotion, and sales tactics.
• Financial Plan: Provide projections for startup costs, sales, expenses, and profitability. Include a break-even analysis and funding requirements, if applicable.
• Appendices: Attach any additional documents such as resumes, product pictures, or detailed market research that support your plan.

How does a sporting goods business make money?

A sporting goods business makes money by selling items such as athletic equipment, apparel, footwear and accessories to customers. The business can also increase revenue by providing its customers with services such as repair and customization. An example of a target audience for this type of business could include athletes, coaches, teams, leagues, schools and universities. Additionally, the business can focus on a particular population or group such as golfers or outdoor adventurers in order to drive more sales. Another strategy for the sporting goods business is to offer discounts or promotions to attract new customers.

Creating a brand for your sporting goods business is crucial as it gives your company a distinct identity and helps connect with your target audience. A powerful brand will differentiate you from competitors and foster customer loyalty. Here are key steps to develop a sporting goods brand:

• Identify Your Niche: Focus on a specific segment of the sporting goods market, whether it's outdoor sports, fitness equipment, or team sports gear, to tailor your branding effectively.
• Define Your Brand Personality: Decide on the personality and tone of your brand. It might be rugged and adventurous or sleek and high-tech, depending on your products and target customers.
• Choose a Memorable Name and Logo: Develop a brand name and logo that are easily recognizable and resonates with your consumers. Ensure they reflect your brand's personality and niche.
• Develop a Brand Story: Create a compelling narrative about your brand's origins, mission, and values. This story should inspire and connect emotionally with your audience.
• Consistent Branding Across All Channels: Apply your branding consistently across all marketing materials, packaging, and online platforms to reinforce brand recognition and loyalty.

How to come up with a name for your sporting goods business?

Choosing the right name for a sporting goods business can be a challenging task. However, it is important to create a name that accurately reflects your brand and stands out from competitors. To come up with a good name, start by brainstorming words related to sports and athletics. Think of words that evoke strength, energy, and enthusiasm, as well as words that represent the mission and values of your business. Once you have some ideas, you can use online tools to help you come up with unique variations of the words and make sure your desired name is available. Keep in mind that choosing a catchy name will assist in Brand Awareness and help you reach your target audience!

Formalizing your business registration is a pivotal step in establishing your sporting goods business as a legitimate entity. This process can vary by location, but generally includes several key actions to ensure you're ready to operate legally and professionally. Here's a guide to help you through this crucial phase:

• Choose a Business Structure: Decide whether your sporting goods store will be a sole proprietorship, partnership, LLC, corporation, etc., based on your needs for liability protection and tax considerations.
• Register Your Business Name: Check for the availability of your chosen name and register it with the appropriate state or local agency. If you're forming an LLC or corporation, this is typically part of the formation process.
• Obtain an Employer Identification Number (EIN): Apply for an EIN through the IRS for tax purposes, especially if you plan to hire employees.
• Register for State and Local Taxes: Depending on your location, register for applicable state and local taxes, which may include sales tax and unemployment insurance tax.
• Obtain Necessary Permits and Licenses: Research and secure any required local, state, or federal permits and licenses to operate a sporting goods store.
• Open a Business Bank Account: Set up a bank account specifically for your business to keep personal and business finances separate.

Resources to help get you started:

Access vital resources designed specifically for sporting goods entrepreneurs to gain insights on market trends, operational efficiencies, and strategies for business expansion:

• Sporting Goods Intelligence (SGI) : Offers in-depth market analysis and trends in the sporting goods industry. Link
• SportsOneSource : Provides news, market research, and analysis specifically focused on the sporting goods and outdoor industry. Link
• Outdoor Industry Association : Access to market research, education, and professional development resources in the outdoor sports industry. Link
• National Sporting Goods Association (NSGA) : Offers research reports, industry insights, and networking opportunities for sporting goods businesses. Link
• Sporting Goods Business (SGB) Online : Features the latest news, trends, and business insights in the sporting goods sector. Link
• Euromonitor International : Provides detailed market research reports and statistics for the global sporting goods market. Link

Starting a sporting goods business involves understanding and complying with various legal requirements. Before opening your doors, ensure you've secured all necessary licenses and permits to operate legally and safely. Here's a guide to help you navigate the process:

• Business License: Obtain a general business license from your city or county clerk's office, which is a basic requirement for operating a retail business.
• Resale Permit: If you plan to purchase goods wholesale and resell them, you'll likely need a resale permit from your state's department of revenue.
• Employer Identification Number (EIN): Apply for an EIN from the IRS for tax purposes, especially if you plan to hire employees.
• Specialty Permits: Depending on your location and the types of goods you sell, you may need specialty permits. For example, selling firearms requires a Federal Firearms License (FFL).
• Zoning and Land Use Permits: Check local zoning laws to ensure your business location is zoned for retail and obtain any necessary land use permits.
• Health and Safety Permits: If you have a physical store, obtain health and safety permits to ensure compliance with local fire and health codes.
• Signage Permits: Some localities require permits for storefront signs, so check with your local government for any signage regulations.

What licenses and permits are needed to run a sporting goods business?

To operate a sporting goods business, you will need to obtain licenses and permits from both state and local government. Depending on the type of goods you are selling and where you are located, your business may require a sales tax permit and a business license from your state's department of revenue. You may also need to obtain an occupational license that allows you to sell certain types of goods. Additionally, you will likely need to obtain zoning permits, health permits, and other local permits that vary by jurisdiction.

Opening a business bank account is essential for managing your sporting goods business finances effectively, while securing the right funding will provide the financial backbone for your operations. Here's a guide to help you get started on these crucial steps:

• Research banks and credit unions to find the best business banking services that suit your needs, such as low fees, easy access to funds, and good customer support.
• Gather necessary documents including your business license, EIN, ownership agreements, and personal identification to open your business bank account.
• Consider different types of funding options like small business loans, investors, crowdfunding, or personal savings to finance your business.
• Prepare a detailed business plan to present to potential lenders or investors, demonstrating the viability and profitability of your sporting goods business.
• Explore grants and small business incentives that may be available in your region, especially those aimed at retail or sporting enterprises.
• Keep personal and business finances separate to maintain clear financial records, which will be beneficial for tax purposes and potential audits.

Setting the right price for your sporting goods services is crucial for profitability and customer satisfaction. You need to balance competitive pricing with the quality of the services you offer. Here are some key points to consider when establishing your pricing strategy:

• Cost-Plus Pricing: Calculate the total cost of providing your service, including overheads, and add a markup percentage to ensure profitability.
• Market Analysis: Research competitors' prices to ensure your rates are in line with market expectations, but also reflect the value you provide.
• Value-Based Pricing: Consider the perceived value of your services to your customers, and price accordingly, especially if you're offering specialized or premium services.
• Dynamic Pricing: Adjust prices based on demand, seasonality, and special promotions to optimize sales and attract different customer segments.
• Discounts and Packages: Offer bundled services, loyalty discounts, or introductory rates to new customers to encourage bulk purchases and repeat business.
• Psychological Pricing: Use pricing tactics such as pricing just below a round number (e.g., $19.99 instead of $20) to make the price appear more attractive.

What does it cost to start a sporting goods business?

Initiating a sporting goods business can involve substantial financial commitment, the scale of which is significantly influenced by factors such as geographical location, market dynamics, and operational expenses, among others. Nonetheless, our extensive research and hands-on experience have revealed an estimated starting cost of approximately $72500 for launching such an business. Please note, not all of these costs may be necessary to start up your sporting goods business.

Starting a sporting goods business requires careful selection of equipment and supplies to meet the needs of your target market. You'll want to offer a range of products that cater to various sports and activities, ensuring quality and affordability. Here are some guidelines to help you acquire the right items for your store:

• Research Popular Sports: Identify the most popular sports in your area and the equipment typically needed for each. This ensures your product mix matches local demand.
• Find Reliable Suppliers: Look for reputable manufacturers and wholesalers who offer quality products at competitive prices. Consider their delivery times, return policies, and customer service.
• Consider Variety and Quality: Offer a range of products for different skill levels and budgets, but don't compromise on the quality of goods.
• Attend Trade Shows: Visit sporting goods trade shows to see the latest trends, network with suppliers, and negotiate deals.
• Secure Bulk Discounts: Buying in bulk can often secure you a discount, which can increase your profit margins.
• Invest in Customization Services: Providing customization services for items like team uniforms can differentiate your business and add value for your customers.
• Manage Inventory Wisely: Use inventory management software to keep track of stock levels, avoid overstocking, and ensure you can replenish popular items quickly.

List of software, tools and supplies needed to start a sporting goods business:

• Point of Sale system - $200 - $1,000
• Accounting software - $100 - $800
• Website Hosting and Design Services - $100 - $2,000
• Shopping Cart Software - $50 - $400
• Barcode Scanning System - $50 - $500
• Credit Card Processing System - $0 (if you use a third party) to around $1,000/mo.
• Computer Hardware/Software for Office Use – Varies; could be minimal cost to several thousand dollars.
• Office Supplies such as stationary, filing cabinets, printers, etc. – Varies
• Business Licenses and Permits – Varies
• Inventory of Goods – Varies; could be minimal cost or several thousand dollars.

Securing the right business insurance is a crucial step in protecting your sporting goods store from potential risks and liabilities. Different types of insurance cover various aspects of the business, from property damage to customer injuries. Consider the following types of insurance to ensure your business is adequately protected:

• General Liability Insurance: This is essential for any retail business, covering injuries to customers or damages to their property.
• Product Liability Insurance: If you're manufacturing or distributing sporting goods, this insurance can protect you in case your products cause harm to users.
• Property Insurance: Protect your store's physical assets from fire, theft, or natural disasters.
• Business Interruption Insurance: This can help cover lost income and expenses if your business must temporarily close due to a covered event.
• Workers' Compensation Insurance: If you have employees, this is legally required in most areas to cover injuries or illnesses that occur as a result of their job.
• Commercial Auto Insurance: If your business involves vehicle use for deliveries or travel, this insurance covers accidents while using your business vehicles.

Always consult with an insurance agent or broker to determine the specific needs of your sporting goods business and ensure you have the right coverage.

Once you've laid the groundwork for your sporting goods business, it's essential to get the word out to attract customers. Effective marketing strategies will help to build brand recognition and drive sales. Here are some key steps to kickstart your marketing efforts:

• Develop a Strong Brand Identity: Create a memorable logo, choose a color scheme, and develop a unique selling proposition (USP) that sets you apart from competitors.
• Optimize Your Online Presence: Design an engaging website, ensure it is SEO-friendly, and maintain active social media profiles to connect with your audience.
• Leverage Social Media Marketing: Use platforms like Instagram, Facebook, and Twitter to showcase products, share customer testimonials, and run targeted ads.
• Engage in Community Events: Sponsor local sports teams or events to increase visibility and demonstrate your commitment to the local community.
• Email Marketing: Collect email addresses and send out newsletters with special offers, new product announcements, and sports tips to keep customers engaged.
• Partnerships and Collaborations: Partner with gyms, sports clubs, and influencers to tap into their networks and gain credibility.

Growth is a critical phase in the lifecycle of your sporting goods business. To ensure success, it's vital to implement strategies that can help you expand effectively and sustainably. Consider the following key points to broaden your business horizons and strengthen your market position:

• Introduce new product lines that complement your existing offerings, catering to a broader customer base.
• Explore e-commerce to reach a wider audience, investing in a user-friendly online store and robust digital marketing strategies.
• Partner with local sports teams and clubs to become their go-to supplier, enhancing brand visibility and loyalty.
• Expand to new geographic locations, either through physical stores or by targeting specific regions online.
• Invest in community engagement initiatives, such as sponsoring local events or hosting sports clinics, to build a strong local presence.
• Utilize data analytics to understand market trends and customer preferences, allowing for more informed decision-making and inventory management.
• Consider franchising options to grow your brand's footprint with the support of motivated franchisees.

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Savvino-storozhevsky monastery and museum.

Zvenigorod's most famous sight is the Savvino-Storozhevsky Monastery, which was founded in 1398 by the monk Savva from the Troitse-Sergieva Lavra, at the invitation and with the support of Prince Yury Dmitrievich of Zvenigorod. Savva was later canonised as St Sabbas (Savva) of Storozhev. The monastery late flourished under the reign of Tsar Alexis, who chose the monastery as his family church and often went on pilgrimage there and made lots of donations to it. Most of the monastery’s buildings date from this time. The monastery is heavily fortified with thick walls and six towers, the most impressive of which is the Krasny Tower which also serves as the eastern entrance. The monastery was closed in 1918 and only reopened in 1995. In 1998 Patriarch Alexius II took part in a service to return the relics of St Sabbas to the monastery. Today the monastery has the status of a stauropegic monastery, which is second in status to a lavra. In addition to being a working monastery, it also holds the Zvenigorod Historical, Architectural and Art Museum.

Belfry and Neighbouring Churches

Located near the main entrance is the monastery's belfry which is perhaps the calling card of the monastery due to its uniqueness. It was built in the 1650s and the St Sergius of Radonezh’s Church was opened on the middle tier in the mid-17th century, although it was originally dedicated to the Trinity. The belfry's 35-tonne Great Bladgovestny Bell fell in 1941 and was only restored and returned in 2003. Attached to the belfry is a large refectory and the Transfiguration Church, both of which were built on the orders of Tsar Alexis in the 1650s.  

To the left of the belfry is another, smaller, refectory which is attached to the Trinity Gate-Church, which was also constructed in the 1650s on the orders of Tsar Alexis who made it his own family church. The church is elaborately decorated with colourful trims and underneath the archway is a beautiful 19th century fresco.

Nativity of Virgin Mary Cathedral

The Nativity of Virgin Mary Cathedral is the oldest building in the monastery and among the oldest buildings in the Moscow Region. It was built between 1404 and 1405 during the lifetime of St Sabbas and using the funds of Prince Yury of Zvenigorod. The white-stone cathedral is a standard four-pillar design with a single golden dome. After the death of St Sabbas he was interred in the cathedral and a new altar dedicated to him was added.

Under the reign of Tsar Alexis the cathedral was decorated with frescoes by Stepan Ryazanets, some of which remain today. Tsar Alexis also presented the cathedral with a five-tier iconostasis, the top row of icons have been preserved.

Tsaritsa's Chambers

The Nativity of Virgin Mary Cathedral is located between the Tsaritsa's Chambers of the left and the Palace of Tsar Alexis on the right. The Tsaritsa's Chambers were built in the mid-17th century for the wife of Tsar Alexey - Tsaritsa Maria Ilinichna Miloskavskaya. The design of the building is influenced by the ancient Russian architectural style. Is prettier than the Tsar's chambers opposite, being red in colour with elaborately decorated window frames and entrance.

At present the Tsaritsa's Chambers houses the Zvenigorod Historical, Architectural and Art Museum. Among its displays is an accurate recreation of the interior of a noble lady's chambers including furniture, decorations and a decorated tiled oven, and an exhibition on the history of Zvenigorod and the monastery.

Palace of Tsar Alexis

The Palace of Tsar Alexis was built in the 1650s and is now one of the best surviving examples of non-religious architecture of that era. It was built especially for Tsar Alexis who often visited the monastery on religious pilgrimages. Its most striking feature is its pretty row of nine chimney spouts which resemble towers.

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