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Friends, in India alone, the sports and fitness industry is growing at a rate of 8 to 10% annually. Yes, friends, this industry is booming with school sports programs and gyms opening up in every city. And, the good thing about opening a sports shop is that it has a wide range of products ranging from cricket equipment to yoga mats, gym accessories, bicycles, running shoes and e-sports gadgets. Moreover, to start a sports store business, you don’t need any prior experience. Yes, you can start this business small with a local retail store or go big with a branded outlet or a hybrid online-offline model. So, are you passionate about sports and fitness? Or are you looking for a solid, green business idea with the potential to generate good profits? In this article, we show the depth about how to start your own sports shop business.
Table of Contents
In today’s digital world, are you wondering if there is a market opportunity for this sports business? Of course there is. The global sporting goods market is huge, currently worth over $350 billion and expected to reach $450 billion by 2028. Yes friends, the demand for fitness equipment like resistance bands and dumbbells, indoor sports equipment like table tennis and badminton, outdoor adventure equipment and core sports products like skateboards or frisbees is higher than ever. In addition, schools, academies, gyms and even housing societies are now buying sports goods in bulk. In such a situation, starting a sports store business could be a good opportunity because the sales of sports goods never stop and will always continue.
Now that you have decided to start a sports business, the first thing you need to do is create a proper business plan for it. For this, decide whether you want a general sports store or a specialty store that focuses on a specific category, such as fitness or outdoor sports. Also, research your competition, you need to find out which sports are played the most in your area and which sports equipment is in high demand. This will help you take your sports business forward. If you have a proper sports business plan, it will help you if you ever seek a loan or an investor and no one can stop you from succeeding.
Next, choosing the right location to grow your sports store is an important task. So, you should open a sports store where people can easily see you and where there are a lot of sportsmen. For example, look for places where people gather a lot, such as schools, colleges, gyms, stadiums or shopping streets. You don’t have to take a big store for this. A store with an area of 300 to 500 square feet in a busy market is enough. However, you can open as big a store as per your choice, but make sure that your store is easily accessible and has enough display space for your products. However, if starting a store is difficult, you can start doing business online and you don’t need any special store here.
After choosing a location for your store, it is mandatory for you to obtain a license from the government to open your sporting goods store. For this, first register your business under the appropriate framework, depending on your long-term plans. Then, obtain the necessary licenses. You will need a local business license, GST number, and shop and establishment license from your municipality. Also, if you plan to sell branded goods, check for distribution or resale agreements. You can consult your local business consulting firm or a trusted auditor to get the full details of these.
The initial investment depends on the level at which you are going to start your sports shop and what kind of items you order for it. Generally, for a small to medium sized shop, you may need ₹5 lakh to ₹15 lakh. This includes shop rent, interior design, inventory, license fees and marketing. If you want, you can also open a branded sports showroom but that may require more investment. But, you don’t have to worry because you can get loans from all kinds of government and private banks. However, you can start small and then gradually open a branded sports showroom.
Now you need to order the necessary sports equipment for the store. For this, you need a list of the items you want to sell, yes, this includes a variety of sports equipment. That is, cricket bats, balls, gloves, helmets, badminton rackets, clubs, nets, basketballs, volleyballs, table tennis balls and bats, footballs, javelin, discus and various other sports items. Apart from this, there are many other things that you can stock in your sports store like sportswear, shoes, hats, yoga mats. Therefore, it is important to find the right suppliers for good quality and profitability. To find them, you can visit trade fairs, sports exhibitions or use online platforms like IndiaMART or Alibaba to connect. Before buying, negotiate the prices well.
Once you have purchased all the equipment you need to run your business, it is time to set up your store. So, first create a layout in your store that highlights your main products and categories. For this, you can use display racks, wall mounts for rackets and pads, mannequins for sportswear, and a clean, sporty theme. Lighting and signage are also important as they will help your store feel upbeat and professional. Also, if you can, create a small test area for shoes or gym gear. With the best staff, you will get the best business, although it is beneficial to start with a small number of employees in the beginning. Once you have done all of this, your store will be ready to run successfully.
Friends, now that you have opened your store, you need to promote your store. To do this, first, advertise your store in the local newspaper on the day of your store opening. Then, work with local fitness trainers, schools, or sports academies to become their preferred supplier. In today’s world, having an offline presence is not enough. List your store on Google My Business so that people can easily find you. Additionally, since everyone uses social media these days, you can create an Instagram and Facebook page to showcase new visits, customer testimonials, and promotions. Finally, word of mouth still dominates in this business, so always prioritize the customer experience.
Now let’s talk about profits. On average, sports stores can enjoy a profit margin of 20 to 35%, depending on the product type and your supplier agreements. For example, with a well-managed store in a good location, you can earn ₹50,000 to ₹2 lakh per month once your business is established. Also, fitness equipment and sportswear often have higher profit margins than big-ticket items like bicycles or gym machines. So, if you take steps in the right direction and market your store properly, your store’s revenue will start increasing rapidly.
Sports Accessories – https://IndiaMART.in/v/lw8rrDW2
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