Have you ever imagined how profitable it can be to build a sports shop business? Statistics say that the sports market industry was valued 471 billion US dollars approximately in 2018. Sounds amazing? If you doubt whether you should start your sporting goods store or not, believe in yourself and go ahead! If you have both knowledge and passion for something, you must give it a try.
Having experience doesn’t mean you have to be an expert! Some basic knowledge about a large variety of sporting goods is probably more than enough to start a business on it. To make your journey easier, here are some valuable and necessary facts you should know.
4 Important Things To Know Before You Start Your Store
What to sell:
There are many products you can offer to your customers as an owner of a sporting goods store. But initially, you may not have the budget to afford a considerable stock. It also depends on your shop space. You would not want your shop to be a crowded one. For instance, Gym equipment needs a comparatively bigger space. So what will you do? Well, you have a simple solution! As a beginner, you must not think about those giant shops in the market. Start your shop with main-stream sports (e.g., Football, Cricket, Basketball, etc.) products. However, here is a list which you can think of:
- Footwear, running shoes, Gym shoes.
- Balls for different sports.
- Gym equipment (e.g., fitness and exercise machines, weight training equipment).
- Golf accessories.
- Protective clothing.
- Cricket bat and another kind of bats, hockey sticks, etc.
- Energy drinks and foods.
- Archery equipment.
- Casual clothes, Swimsuits, etc.
- Athletics equipment & accessories.
- Sport magazines.
Increase your stock slowly as you grow and make more profit out of your business. Does it seem like an excellent investment for you yet? Then it would help if you found the next tip convenient.
Go for a loan:
It is always wise to start a new business with a loan. Why do people prefer to avoid loans while they secure your finance and help you dream big? Do you know there is no credit check loans? No credit check loan allows customers to borrow money from lenders despite their poor financial history. You need to agree to specific terms and conditions, though. Many banks even offer no credit check loans to their customers. Despite your bad credit, you can get loans from licensed moneylenders in Singapore. Please consider reading the terms and conditions carefully before taking such loans. Once your appeal gets approved, you are free to invest that amount in starting your sporting goods store.
Grow your business digitally:
Now you know the importance of marketing in business, right? No business can fly higher without proper marketing. Once you get started with your store, you need to focus on marketing. Chill! It is not that hard. Use digital platforms to communicate and engage with people. Digital presence is an essential part of any business nowadays. Make your social media presence and build your brand on various platforms like Instagram, Facebook, etc. Social media will enlarge your network and connection. As your followers increase, your little sporting goods store will be recognized by the masses.
Social media is a medium to reach out to a large number of customers. But it is not all. You must have used any online shopping platforms. Have you ever thought of shifting your offline store into an online one? Once you get a decent amount of followers, you can easily make some of them your customer. There are multiple ways to promote your business, but first of all, you must have your website.
Obstacles you may face:
Ups and downs are part of a business. But that should not affect your motivation. We all have recently witnessed the Covid-19 pandemic. It has affected all aspects of your society. Business owners know how much loss it has caused to their business. This kind of loss might happen to you also. But if you connect with people via social media, you may recover your loss.
Top 5 Places To Buy Sporting Goods In Singapore
- Decathlon: It is a French sporting product retailer with branches in many countries, including Singapore. Decathlon is one of the leading brands in the industry.
- International Merchandising Mart: IMM is one of the largest shopping malls in Singapore. It sells a great variety of products, including sporting goods.
- Queensway Shopping Centre: It is one of the oldest shopping stores in Singapore that is extremely popular among locals. It sells sporting goods such as sports shoes, sports apparel, and other affordable prices.
- Royal Sporting House: Another eminent sporting goods retailer of Singapore is Royal Sporting House, established in 1977. You will find everything you need here as it has a variety of sporting goods with huge stock.
- Running Lab: You can consider coming here to search for running accessories such as Sneakers, trousers, etc.
Good well-furnished sporting goods stores always attract crazy sports lovers. Maintain your stocks, and keep serving people. Interaction and communication are critical to your success story.
- Frequently Asked Questions:
Q. Why is a digital presence so significant?
Ans. The market is moving towards the digital world. 20th-century people may feel nostalgia by shopping to the local stores. Most of today’s buyers love to shop online. So you must focus on this if you want to reach out to a large number of customers and make your sporting goods store a brand.
Q. How can I get a loan for my shop?
Ans. Every bank offers loans to its customers; you can apply anytime. However, you can also apply for no credit check loans if you do not have a good record.
Q. How much investment do I need to start?
Ans. It entirely depends on how much you can afford. 50000 Singapore dollars can be a perfect start. But initially, you can even start with less investment.
Q. How much should my stocks be?
Ans. It again depends on you. Initially, it may not have an outstanding stock, but that is okay!! Increase your stock day by day. Remember, quality is the essential thing to satisfy your customers. Focus on that.