The sporting goods market is a collection of multi-billion pound industries, ranging from sporting wear, equipment, and more.
The industry looks only set to further grow, fuelled by the record demands for Premier League football and other sports, so it’s no surprise that entrepreneurs are hoping to get in on the action. Here’s what you need to know before you get started.
Knowing Your Market
Many people get into the sporting goods industry out of a personal interest in the subject. It’s not enough to know your short irons from your drivers though. Next on the agenda is to educate yourself on your local retail market, specifically if there’s a sustainable desire for the kinds of services you plan to provide.
You should research how other local businesses are performing, what the regular household income of the community is, and if there is any possibility of expanding in the future. With this information, you need to consider if the market can support your current lifestyle. For many people looking to turn a hobby into a profession, their enthusiasm can cloud their judgement on the facts. If the numbers don’t add, it doesn’t necessarily mean that the dream is over. You might want to consider relocating to a location that doesn’t have as much competition.
Targeting Your Services
When it comes to deciding what products and services you’re going to provide, it’s best to focus on a niche that you can specialise in. This is highly recommended for those with little experience running their own business. From this, you can then look to expand into new areas when you’re ready. Take advantage of free tools like social media to advertise your business. Join a local Facebook group and engage with your community. You may also want to consider attending local trade shows or events.
Insuring Your New Business
Finally, to ensure that your company is protected, you must take out some form of business insurance. You’ll need cover against property damage and liability at a minimum. The former can affect everything from the structure of your home to the valuables within it while the latter may be needed to pay for any legal fees that could occur if someone were to get injured on your premises. Specialist likes Catlin may also also provide you with some off-premises cover, including liability protection for your products and services.
Starting a new business venture is both stressful and exciting. Make sure you take all the precautions so that the effort was worth it.