Starting a sporting and fitness business can actually be a rewarding venture for sports enthusiasts. You can work with community teams and athletes to help them get the products they want, including outfits, outdoor supplies, balls, and supplements. If this is something you really want to do, you can set up an online shop, which has a lower investment risk, or rent space for a physical store.
But before you get there, there are certain things you should consider when building your sporting business. This post is going to help you take the frustration out of the process so you can get up and running within 30 days. Read on to find out more.
1. Get a Business Plan
This might seem an obvious step, but you’ll be surprised to know the number of entrepreneurs who get it wrong. Essentially, a business plan helps you to define your competitors and target market. Before writing your plan, take the time to understand your competitors and the type of products they’re selling. Review all the sporting stores in your target market and determine what differentiates them from other stores.
With this data, you can now embark on writing your plan and setting your store apart from your potential competitors. Also, define your customers by identifying their needs, hobbies, interests, location, and age. Having a vivid understanding of your ideal customer helps to streamline and personalise your marketing campaigns. Don’t forget to include all the essential startup costs and assets as you’ll need to work within your limits. It doesn’t have to be 20 pages long, it’s more or less a guide or resource that you can refer back to.
2. Determine Your Marketing Plan
How are you going to reach your potential customers? Keep in mind that marketing i0s a costly process, but an essential element for boosting your customer base and growing your sales. As such, you need time and research to develop a marketing plan that best suits your business model. These include identifying the channels you’re going to use and determining where most of your customers are.
An effective marketing plan allows you to place your products and services right in front of your target audience. For example, Facebook offers ads that let you define your targets by location, age, behaviour, and interests. This means your ads will only be viewed by your potential customers. You can leverage humour in videos and memes to engage and attract customers while still educating them. Typically, a good marketing plan gives you control of your business and allows you to skyrocket everything from the onset.
3. Build Partnerships
Even if you have a solid base of new customers, building partnerships from the onset can go a long way in skyrocketing your growth. You need to identify local businesses, schools, and teams that could benefit from your products and services. For example, you could enter into a contract with schools and teams or run sponsorship programs to supply them with uniforms, balls, and other equipment.
When building partnerships, be sure that your partners share your values and objectives. This is particularly important when finding partners online as you don’t want to get involve with partners that would end up tainting your image and reputation. Work with companies, and industry bodies that sell non-competing products. You need also to prove to them that you’re capable of meeting their needs fully and consistently.
4. Proper Timing is Essential
If you want to grow your sporting business in 30 days, proper timing is critical in attaining that goal. Creativity and motivation are integral building blocks of success, but timing is something you just can’t overlook. Keep in mind that your business is not first of its kind, so how and when you present it to the market really matters.
You must review the state of the local economy and current market to determine your angle. This is important if you want to stay afloat during the infancy of your business. Your business debut into the market should provide a favourable environment to sustain long-term success. Keep in mind that you should also be ready, meaning you need experience, knowledge, and passion for what you do.
5. Market Your Business and Grow
Once everything is set, you should now focus on marketing your new business. Your local customers are invaluable assets, and that’s where you start to build your brand. When fully leveraged, your local customers can be exceptional sources of referrals. Some will also become your fans, ambassadors, and advocates. It all depends on the customer experience you give them whenever they buy anything from you.
Social media platforms, such as Twitter, Facebook, and Instagram, allow you to reach your customers without spending a dime. All you need is to create your social media pages and engage your existing customers with share-worthy and fun content. This can be videos, text, images, or a content mix. LinkedIn and Facebook groups are also ideal resources to interact with other entrepreneurs and learn from their experiences.
Sportsfinda Marketplace is another great tool for connecting with customers online. All you need to do it to create an account and start selling your products. You also get access to analytics tools that show your visits, clicks, and views. Plus, your products get shared on social media pages for maximum coverage.
You can also set up your own online store using a platform such as Shopify. This eCommerce platform is excellent for startups as it offers hundreds of templates and thousands of plugins for building your store without any coding work. Plus, you can connect your Shopify store with your Facebook page for maximum exposure for your products. To accept payments, PayPal is the go-to option for Shopify stores since customers can pay with their PayPal accounts or credit cards.
As you can see, this checklist is not quite overwhelming, and you can definitely start your own sporting and fitness business within 30 days. Proper planning and commitment are essential attributes for ensuring success and business growth. eCommerce has eliminated the hassles of starting a business thanks to the variety of online tools you can use to market and develop your business. Even if you don’t have adequate funds to rent a space for your store, you can just start selling online and get a physical store when you feel ready.