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Sporting Goods Retail Store Business Plan

Start your own sporting goods retail store business plan

Sportsuchtig

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.">.

The purpose of this business plan is to secure a seven-hundred thousand dollar ($700,000 to $800,000) conventional business loan from a financial institution in order to purchase the assets of the business known as Sportsuchtig. It will be purchased by Johnson Sporting Goods, LLC, a limited liability company formed for this purpose by John and Lisa Johnson. The business will continue to be known and operated as Sportsuchtig.

Sportsuchtig sells quality sporting goods equipment for the entire family, primarily focused on and specializing in baseball and softball equipment, apparel and accessories from major manufacturers such as Easton, Louisville Slugger, Wilson, Worth, Mizuno, Miken, and Under Armour. The company was established as a retail store in 1986 and created an Internet sports store in 1996. The company currently operates with 10 employees out of a 7,400 square foot facility which houses the combined retail store, call center, office, and product warehouse. Over the last 3 years the company has averaged $2.5 million in sales and a gross margin of 25%, with 52% of the sales generated by the website and 48% coming from the retail store.

In the last 3 years, Sportsuchtig has generated verifiable pre-tax income averaging $194,000 and total owner’s benefit averaging over $323,000. This is a strong business that is positioned well for accelerated growth. We believe the business can reach revenue levels of over $5 million in 5 years by implementing this business plan. Sales are projected to be flat in year one and then grow at 20% in years 2-5. This growth forecast is based on the assumption that the company acts on these key opportunities:

  • Redesign, upgrade and marketing of the Internet store.
  • Relocating the existing retail store.
  • Adding additional product lines for sports played in other seasons than baseball/softball.
  • Creation of an outside sales team to gain a significant share of the team sales market.
  • Optimization of inventory purchasing, management and tracking.

We will plan to relocate the business near the end of year 1 which should help position us for increased retail sales beginning in year 2. The website will be redesigned in the first 6 months and the Web marketing strategy will be timed to coincide with the implementation of the new site. Expansion into at least one new product participant segment will be planned for each year, beginning in year 1. An outside sales team manager will be hired in year 1, but ramp-up of the sales team is not planned until early in year 2.

The business will be managed by owner John Johnson who will act as President and CEO. Mr. Johnson’s high technology and sports business backgrounds, coupled with his entrepreneurial experience, makes him the ideal leader to drive this sporting goods retail/internet endeavor. He spent almost 20 years leading research and development efforts for high technology stalwarts such as Lucent Technologies and ;Motorola Systems, and was a founding employee and Vice President of a high-tech startup. Mr. Johnson also founded and currently owns two other businesses, Johnson Enterprises, LLC and Johnson Investments, LLC. Johnson Enterprises, LLC sells, designs, and constructs custom game courts (basketball, tennis, etc.), synthetic putting greens, and sporting goods products. Mr. Johnson received a Bachelor of Science in Computer Science from Stone College in Boulder, Colorado and a Masters in Business Administration from the University of Illinois.

Sporting goods retail store business plan, executive summary chart image

1.1 Objectives

  • Maintain or exceed in year 1 the recent two-year levels of sales ($2.5 million), gross margin (25%), and net margin (12%).
  • Realize an annual sales growth rate of 20% in years 2-5, reaching over $5 million in sales by the end of year 5.
  • Improve gross margins from 25% to 35% by the end of year 5.
  • Improve net margins by the end of year 5.
  • Redesign and upgrade the Internet e-commerce store by the end of the first year.
  • Increase website site traffic 50% and sales 20% in years 1-5 by investing in aggressive Web search optimization and marketing.
  • Enhance the retail store location in the second half of year 1 by relocating the current store from its current location to a more prime location in the metropolitan area.
  • Establish relationships with local nonprofit organizations, to help underprivileged children build confidence and self esteem through youth sports programs.
  • Run the business as a family-run and -oriented business with emphasis on truth, integrity, quality relationships, fun, and giving back to the community.

1.2 Mission

To become the sports equipment supplier of choice, based on product expertise, price, quality, and level of service, by developing a long term relationship with our customers. Become the “family expert” for sporting goods equipment by treating customers like friends and family and by maintaining an experienced, knowledgeable, and caring staff that can help the customer make the right purchase for them, whether they are individuals outfitting their family, or coaches, athletic directors and league representatives supplying their teams.

1.3 Keys to Success

  • Upgrade the website so that it is more professional and user friendly, offers incentives, features, and promotions to draw customers back to the site repeatedly, and is optimized for maximum search results.
  • Relocate the existing retail store to a more densely populated, growing location.
  • Negotiate optimal agreements with the major suppliers that allow us to improve margins, hold down costs, and maximize the control and turnover of our inventory.
  • Implement a state-of-the-art, computerized inventory management system to improve inventory turnover and tracking.
  • Expand the product line by offering equipment for additional sports that are typically in demand during current Sportsuchtig slow seasons.
  • Create an outside sales team that calls on schools, leagues, and associations and is known for product expertise and top service.
  • Train employees on product features and on how to provide family-oriented sales and customer support.
  • Train an existing employee, or hire from outside, a store manager to cover for and be the backup for the Owner/President.
  • Advertise and market in areas where our target customer base can learn about our retail and internet stores.
  • Build a reliable operations infrastructure that is ready to serve customers, prepare accurate billing and accounting, follow up on orders and shipping, manage the Web site, and maintain a close watch on expenses and collection of accounts receivable.
  • Be an active member of the community by participating in nonprofit activities and by sponsoring local sports teams, leagues, and tournaments.
  • Ensure through daily management practices that the values of The Sportsuchtig mission are followed, so that a successful and growth-oriented business is developed and maintained.

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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.">.

Sportsuchtig sells quality sporting goods equipment for the entire family, primarily focused on and specializing in baseball and softball equipment, apparel and accessories (although we do sell a small amount of volleyball, basketball and football equipment). The company was established as a retail store in 1986 and created an Internet sports store in 1998. The company currently operates out of a 7,400 square foot facility which houses the combined retail store, call center, office, and product warehouse. Over the last 3 years, the company has averaged $2.5 million in sales and a gross margin of 25%, with 52% of the sales generated by the website and 48% coming from the retail store.

The retail store is open Monday through Saturday from 9:00 am to 7:00 pm and is closed on Sunday. Orders are retrieved four to six times daily except on Sunday and the 800 call center number is staffed during retail store hours.

The growth opportunities for Sportsuchtig are many, including widening the product offerings to include other sports, enhancing the Website for ease of use and presentation, optimizing Web search engine results, relocating the retail store to a location that can tap into the fast developing residential areas in the metropolitan region, staffing a sales force to aggressively pursue team uniform sales, and implementing a consistent, integrated marketing plan.

2.1 Start-up Summary

The startup expenses include Legal Fees for services in regards to the purchase of the business such as the Letter of Intent, the Asset Purchase Agreement, due diligence activities, and the business organization. The Accounting fees are for services regarding the business evaluation and due diligence activities. Rent and insurance for the retail facility must be prepaid before the business takeover. Also listed are expenses related to the creation and production of this business plan.

The startup assets listed are the assets that are being purchased. The purchase price of $1 million for the business is based almost entirely on the value of the assets. The large majority of the company assets, almost $900,000 worth, will reside in inventory. The $25,000 of current assets include furniture, fixtures, display cases, and accounts receivable. The $25,000 of long term assets include 7 computers and a server, printers, and associated software.

The starting cash of $50,000 is working capital to cover 2 months of expenses ($45,000), to provide for initial marketing efforts and as a contingency fund to cover unforEseen expenses related to the takeover of the business.

The purpose of this business plan is to secure a $700,000 conventional or SBA loan for the purchase of the business. The remainder of the purchase and startup costs ($300,000) will be financed through owner investment.

Sporting goods retail store business plan, company summary chart image

2.2 Company Ownership

The assets of Sportsuchtig are being purchased by John and Lisa Johnson. The company will be organized initially as a Limited Liability Corporation named Johnson Sporting Goods, LLC, doing business as Sportsuchtig.

Sportsuchtig will sell the latest and most popular name-brand sporting goods, apparel, and accessories. Consumers will be educated as to the proper size, style, fit, and design needed for their particular use. Initially these sporting goods will be for the sports of baseball, softball, volleyball, basketball, and football, with the focus primarily on softball and baseball.

The products are purchased from the top manufacturers in the world, such as Easton, Louisville Slugger, Wilson, Worth, Mizuno, Miken, Under Armour, Jugs, Adams, ATEC, Playmaker, TrueSports, Bike. Inventory is tracked through our POS cash register and computerized tracking system. Each day we will be aware of the style, size, and quantity of every item sold in the retail and internet stores.

The general list of products initially to be offered includes the following:

Baseball/Softball Equipment

Baseball Bats, Baseball Gloves, Batting Helmets, Batting Tees, Bases, Catcher’s Equipment, Bat Hangouts, Batting Gloves, Easy Toss Machine, Instant Screens/Nets, Hit-N-Stik, Equipment Bags, Hats, Training Aides, Sunglasses, Baseballs, Softballs, Shoes/Cleats, Umpire Equipment, Ball Buckets, Eye Black, Scorebooks, Pitching Machines, Backstop/Batting Cages, Ball Feeders, Protective Screens, Field Maintenance Equipment, Ankle/Knee Braces, Athletic Supporters, Sliding Shorts, Coaches’ Shorts, Coaching/Training Aids & Videos, Wraps, Ice Packs, First Aid, Mouth/Lip Guards, and Protective Aids.

Baseball/ Softball Uniforms & Apparel

Uniforms for Men, Women and Youth. Uniform Jerseys, Uniform Pants, Uniform Hats, Socks, and Belts. Custom screen printing of uniform names and numbers.  Under Armour Gear – Heat, Cold, All Season, Turf, Loose, Performance, and Street. Manufacturer T-shirts and caps.

Volleyballs, Volleyball Bags, Portable Scoreboard, Knee Pads, ClipBoard, Volleyball Carts.

Basketballs, Basketball Systems/Hoops, Basketball Courts, Basketball Fencing, Lighting Systems.

Footballs, Shoulder Pads, Knee Pads, Thigh Pads, Helmets, Gloves, and WristCoach.

Synthetic putting greens.

Future Products

After the assumption of the business, we will look to increase our product line laterally by offering additional product categories. Initially, this will be done to increase revenue in months that are historically slower for Sportsuchtig.  We will also significantly grow the existing Volleyball, Basketball, and Football lines in year 1. 

We will evaluate introducing products for the sports of Soccer, Field Hockey, Lacrosse, Hockey, Golf, Swimming, Tennis, Wrestling, Running and Cheerleading. We will also evaluate the introduction of Major League and College sports team logo apparel such as NFL, NBA, MLB, NHL, NCAA and NHL.

In addition, in order to serve the older and more affluent sports participant, we will evaluate less vigorous and more relaxing sports lines such as camping, fishing, and golf.

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

The sporting goods market as a whole is a multi-billion dollar industry, with retail sales of sporting goods reaching $45.8 billion in 2003. Sales are expected to grow 2% in 2004 to $46.7 billion. The personal consumption of sporting goods is forecast to grow at an annual compounded rate of 4.8% between 2004 and 2007. Retail sales at sporting goods stores are very sensitive to the health of the economy, because most sports are a leisure activity. Spending on sporting goods correlates strongly with consumer confidence and level of personal disposable income.

The sporting goods market has a myriad of segments that can be categorized by product, sport, geography, behavior, participation, organization and standard demographics. Demographics play a big part in sporting goods sales, since population growth and age groups distinctly impact sport participation.

Our main sales categories break down customer groups by Sports Participation – ie., for which sport(s) the person is buying equipment. These customers have needs based on the specific sport(s) in which they participate. For example, Baseball participants are looking specifically for baseball equipment, uniforms, training aids, etc. We will initially focus on players of Baseball, Softball, Volleyball, Basketball, and Football.

However, in terms of marketing, we will take different approaches to attracting the attention of potential customers based on their relation to the sport or sports player (customer type), and on their buying method/location (retail/online).

  • Customer Type – These customers have needs based upon the type of role they play in regards to the sports participants.  For example, many times those making sporting goods purchases are not those actually participating in the sport, but instead are parents, athletic directors, and coaches.  These segments include: Individual Participants, Parents, League Representatives, Independent Team Coaches, School Athletic Coaches and Directors, Sports Performance Businesses. 
  • Retail/Online  – For retail stores, geographic and demographic divisions are critical, especially in understanding the different needs of our local and online customers. Appeals to soccer moms work one way in the local paper, where the convenience factor is a nearby location with great customer service, and a different way online, where convenience may come in the form of free shipping for larger orders, or free telephone assistance in choosing a size.

We believe that Sportsuchtig, with its multiple channels of operation – retail and internet stores – is well positioned to strategically attack these markets.  We will first look to increase growth in the market segments we currently serve (baseball, softball) and then look to aggressively penetrate and increase sales to other sports participant segments, especially those that cater to the athletic tastes of aging baby boomers.  There is great opportunity for growth in the “customer type” segments; we will initially look to increase our exposure and products to these segments, especially League Representatives and Independent Team Coaches in the metropolitan area.  We will approach the 256 million participants nationwide through the internet store, which will be enhanced with an improved user experience and an aggressive Web marketing strategy.

4.1 Market Segmentation

Sportsuchtig’ market is both nationwide (even some international) via the internet store, and local, via the retail store, in the local metropolitan region. Market segmentation for Sportsuchtig has several layers and can be analyzed and targeted from many different angles.

The targeted customer market will be segmented in multiple layers as follows:

Sports Participation – These customers have needs based on the specific sport(s) in which they participate. For example Baseball participants are looking specifically for baseball equipment, uniforms, training aids, etc. The National Sporting Goods Association (NSGA) reports in a 2003 report on sports participation in the U.S. for those 7 years of age and older, that there were over 256 million sports participants in 2003 (some participated in multiple sports). The major sports participation segments initially for Sportsuchtig:

Baseball – According to the NSGA 2003 report, for those 7 years of age and older, over 14.6 million people participated in Baseball. Of these 14.6 million, 4.5 million were aged 7-11 and 4.1 million were aged 12-17. Softball – According to the NSGA 2003 report, for those 7 years of age and older, over 11.8 million people participated in Softball. Of these 11.8 million, 1.9 million were aged 7-11 and 2.9 million were aged 12-17. Volleyball – According to the NSGA 2003 report, for those 7 years of age and older, over 10.4 million people participated in Volleyball. Of these 10.4 million, 1.3 million were aged 7-11 and 3.4 million were aged 12-17. Basketball – According to the NSGA 2003 report, for those 7 years of age and older, over 27.9 million people participated in Basketball. Of these 27.9 million, 6.3 million were aged 7-11 and 7.9 million were aged 12-17. Football – According to the NSGA 2003 report, for those 7 years of age and older, over 8.7 million people participated in tackle Football and 9.3 million in touch Football. Other Sports (Future for Sportsuchtig) – According to the NSGA 2003 report, for those 7 years of age and older, over 173.4 million people reported participating in other sports than those that Sportsuchtig currently targets. This represents a huge growth opportunity for Sportsuchtig as it moves to target these sports segments.

These millions of participants are all potential customers for the internet store. The local area has a large number of youth recreation, adult recreation, and school leagues for these sports.

Customer Type – These customers have needs based upon the type of role they play in regards to the sports participants. For example, many times those making sporting goods purchases are not those actually participating in the sport, but instead are parents, athletic directors, and coaches.

Individual Participants – These are the actual sports participants. Typically, these would be adult participants or older youths who have the technical knowledge and disposable income to purchase sporting goods equipment and apparel on their own. Parents – Parents buy on their own, or are present during the purchase of over 90% of sporting goods purchases for youths ages 5-18. This segment can be heavily influenced by their children in regards to the “hot” or best products. They are also the segment in most need of technical assistance from sporting goods store staff. League Representatives – Members of adult and youth athletic associations are responsible for league equipment and uniform purchases to outfit league teams. Long-term relationships and sponsorship participation are important to this segment. They usually have technical proficiency and want to deal with someone that is on or above their technical level of expertise. This segment is usually well informed about recent product offerings and can be a solid channel for introducing new products. They are also a marketing channel to all the participants and parents involved with their league. Independent Team Coaches – Typically those organizing and coaching adult sports teams, or individual advanced youth teams (such as AAU teams), they are responsible for the design and purchase of their individual team uniforms. School Athletic Coaches and Directors – Public and private middle and high school athletic directors must outfit their teams with high quality sporting goods equipment and uniforms. Establishing ;relationships with this segment is difficult, but can be lucrative if all of the school’s sporting goods needs can be met. Sports Performance Businesses – These are organizations that sell services to enhance the participant’s performance in his or her sport. Many times, they operate recreational/training facilities and offer individual or team training programs. Selling equipment to these facilities provides a channel, not only to the facilities’ customers, but also to the many area school and league coaches, who are typically part-time employees of these companies.

Retail/Online  – It is critical for us, as a retail store, to understand the demographics of our different sales bases.

National – The demographic for the internet store is truly nationwide. The potential customer segment is all of the 256 million sports participants that have access to the internet. Products have been sold and shipped from this site to most of the 50 states in the U.S. In fact, products have also been sold internationally in Japan, Singapore, etc. Metropolitan Area – The metropolitan area has a population of just over 1 million. This area is made up of 13 counties and cities and grew 15% from 1990 to 2000.  Jansen county is the county where most of Sportsuchtig current retail customers live. Jansen county has a population of 278 million and a recent growth rate of 2%.  Jansen county alone has 52,000 students, 36 elementary schools, 12 middle schools, and 10 high schools. The other largest counties – Jefferson and Lucas – are growing at 1.5% and 2.3% respectively. We believe that relocating the retail store north will provide significantly better accessibility for the sports participants in these counties, especially with the opening of the new highway around the western edge of the metropolitan area.

Sporting goods retail store business plan, market analysis summary chart image

4.2 Target Market Segment Strategy

The focus will initially be on the Baseball and Softball participant segment, because this is Sportsuchtig’ current core competency and because the number of participants, both nationally and locally, is quite large. We will look to leverage current Sportsuchtig relationships in this segment and move aggressively to increase sales and margins through a targeted marketing campaign.

We will then strategically target other participation segments to try and increase sales during the non-peak baseball/softball sales months. This is a huge opportunity for growth for the company, as evidenced by the large number of participants present in the other participant segments. Changing tastes in sports and strong sales of sporting goods in recent years partly reflect the changing composition of the U.S. population. In particular, the number of older (and more affluent) people has increased rapidly in the past decade. As the Baby Boomers age, they participate less in vigorous sports like baseball, basketball, and tennis, and more in relaxed sports like camping, fishing, and golf. We believe quickly moving into at least one sport that serves this aging market to be critical to meeting sales goals.

The “customer type” segments are currently-under served by Sportsuchtig. Although the company does have some relationships with various leagues and organizations – such as the U.S.S.A. (U.S. Softball Association) – there is room for significant segment penetration with the addition of targeted sales efforts and the staffing of a sales team.

Due to the fact that the company has both an internet store and a retail store it is important to understand the market segmentation and demographics on both a national and local level. The internet store has made substantial sales (almost 1.3 million in 2003) with a weak user presentation experience and basically no Web marketing strategy. The analysis of the number of sports participants nationwide, not to mention internationally, illuminates the fact that attacking this nationwide segment through a focused Web strategy could bring significant returns.

4.3 Industry Analysis

In the U.S., about 20,000 companies operate retail sporting goods stores, with combined annual revenue of $25 billion. Most operate a single retail location. Large chain operators include Sports Authority ($1.4 billion revenue), Gart Sports ($936 million), Dick’s Sporting Goods ($2 billion – including the recent acquisition of Galyan’s), and Hibbett Sporting Goods ($241 million). The industry is highly fragmented. There are 150 companies with more than 5 stores, but the 20 largest chains hold only about 35 percent of the national market.

Sporting goods stores vary according to format and merchandise. Large format stores (Dick’s, Sports Authority), also known as “Big Box” stores, are from 20,000 to 100,000 square feet, stock a large number of items, and are typically found as anchor stores in strip malls or in stand-alone locations. Traditional sporting goods’ retail stores (Happy Sports, Don’s Sporting Goods in the metro area) are from 5,000 to 20,000 square feet, carry a more limited number of items, and are typically found in strip or enclosed malls. Sportsuchtig falls into this traditional format with 7,400 square feet, 2.5 million in sales, and 10-12 employees. Large format stores typically have more than $5 million in annual revenue and more than 50 employees. raditional retail stores typically have $1-$5 million in sales and 10-50 employees. In the U.S., there are about 8,000 large-format and traditional sporting goods stores, with 50% of industry revenue.

Sporting goods are also sold by mass merchandisers like Wal-Mart, Kmart, and Target, and by catalog and Internet retailers like Cabela’s and L.L. Bean. Although large chains sell a broad range of merchandise at lower prices, small local stores can successfully compete by offering better service or specializing in a particular sport(s). Because the equipment of many sports is very technical, knowledgeable salespeople are a strong competitive factor. Employees must be trained to understand and explain differences. Companies typically try to recruit employees who are avid sports’ participants.

Marketing is typically through a combination of advertising and sports events. Advertising is most often through newspaper ads, inserts, direct mailings, and sometimes radio. Word-of-mouth advertising is especially important to traditional sporting goods stores that provide superior service and expertise. Many companies sponsor local sports events or competitions and host appearances by sports celebrities. Some stores provide technical services and “participation areas” like basketball hoops, putting greens, and climbing walls. In addition to selling individual items, many stores (Happy, Don’s) specialize in selling team uniforms and equipment to local schools and clubs.

Inventory management is a major concern for all sporting goods retailers because of the large numbers of items they sell and the short selling season for many sports. Insufficient inventory produces missed sales, but excess inventory can’t easily be sold once a sports season is over. Many companies use highly sophisticated computerized inventory management systems.

4.3.1 Competition and Buying Patterns

The competition for Sportsuchtig’ retail store in the metropolitan area includes one large format sporting goods chain with 4 locations, 2 well known traditional format sporting goods stores with 1 location each, and around 18 specialty, or niche, sporting goods stores.

The large format store is Dick’s Sporting Goods, which is based in Pittsburgh, Pennsylvania. With its recent purchase of Galyan’s Trading Company, Dick’s now has annual sales of over $2 billion and operates 221 stores in 32 states. Dick’s has 4 big box stores in the metropolitan area. Dick’s offers a very wide variety of sports equipment and products, but the selection within each sport is usually limited and narrow. Their stores are big and impressive and found in upscale areas. The stores appear to be under-staffed, as it is usually hard to find ready assistance. Once found, the employees are not very knowledgeable in regards to product offerings and/or location of the products in the store. Most of the time the employees are teenagers. Products are generally priced higher than the competition, although they do have frequent sales and discounts. They utilize a “Score Card” discount club program that allows frequent customers to benefit from specials and discounts once they reach a certain level of points based on past purchases. They actually give the customer a credit-card-sized card to present when making purchases. They utilize the information gathered during registration for this program to send direct mail and email offers to the members. Customers generally purchase from Dick’s when they don’t need technical assistance, a generic product with small selection is sufficient, and price is not a driver. Dick’s is the most dominant and visible player in the market, because of their advertising and high profile stores. Dick’s also has a Web store from which they sell products and provide store location services.

The two traditional sporting goods stores in the metropolitan area are Don’s Sporting Goods and Happy Sports. Both of these stores are very well known and have been in the local market for over 30 years. These 2 stores are in the same class and format as Sportsuchtig.

Don’s Sporting Goods had been a family owned business sice 1952, until it was sold in June of 2004 to a publicly traded company. Don’s had annual sales in 2003 of around $18 million and operates eight warehouses and showrooms in this region. It operates one showroom in the local area at its headquarters in the near west end. Don’s showrooms are usually around 3,000-3,500 square feet and contain many sports but very sparse selection. The store layout is changed frequently, following the seasonality of the sports. Typically their store staff members have technical knowledge and can help customers determine the right product for them. Don’s strength is in its 35-40 strong nationwide sales force that specializes in the distribution of team uniforms and school equipment. Don’s also has a nice Web site and e-commerce store from which they sell individual and team products.

Happy Sports is family-owned and opened in 1970. They operate one retail store in a west-end shopping center. The store is around 4,500 square feet and offers many different sports products. The store has been upgraded in recent years and the variety and selection are broader now than in previous years. They claim to have a knowledgeable staff but personal visits to this store have proven this not to be true. Happy also has a fairly strong Team Division which sells to schools and recreation leagues. Happy also utilizes a credit card size “Discount Card” that allows frequent customers to benefit from specials and discounts once they reach a certain level of points based on past purchases. They recently did an advertising campaign through local radio stations. They have a Web site that lists some of their products but it is not e-commerce, as you can not purchase products directly from the site.

Play It Again Sports is part of a 450-store national franchise chain that has been operating since 1988. They have 4 franchises in the local area. Play It Again’s niche is that they buy, sell, and trade used and new sports equipment. They claim that because their customers can sell or trade-in their used gear for cash or store credit that they are able to get deeper discounts and better prices on really great used and new equipment. Generally these stores appear to be poorly staffed, both from a numbers and a technical knowledge standpoint. We found their prices not much more competitive than those at Dick’s.

The 18 or so specialty stores found around the local metropolitan area specialize in golf, tennis, soccer, biking, swimming, running, etc. Most operate very small, 1,000-1,500 square foot, stores. As Sportsuchtig moves into other sports, some of these will become direct competitors. For example, All About Soccer operates 2 stores – one in the west end, and another on the south side. They focus purely on Soccer products – balls, shin guards, and cleats.

The competition for our Internet store is significant. There are many Internet sports stores vying for the online customer’s dollars – over 50. The most significant of these include big box stores like Dick’s and The Sports Authority, but also smaller more traditional ;companies such as Fog Dog, Blackwater, Annaconda, Direct Sports, Bassco, Big 5 Sporting Goods, Planet Sports, Baseball Corner, and Baseball Express.  Most of these internet stores offer a full range of sports products and their Web sites are professionally done and usually feature tools designed to draw the customer back to the site repeatedly.

We believe the internet store has done extremely well to date against this competition and that with an improved Web site design and a Web marketing strategy we can significantly increase our sales through this channel. On the retail side, we believe our large selection and inventory, our staff’s technical knowledge, and our unique customer service will help us compete against our competitors in the local market.

Strategy and Implementation Summary

Sportsuchtig will leverage its expertise, product offerings, and marketing strategy to increase its customer base while driving sales and profit. The following sections review the various strategies that will support this effort.

5.1 Sales Strategy

Sportsuchtig will approach retail sales from a salesperson-customer relationship basis. All sales associates will be trained and encouraged to assist customers in a personal manner, utilizing first names and asking the questions needed to provide the customers with the services they desire. The current Point-Of-Sale system is already set up to collect the customer’s name, address, and purchases. Gathering key customer information and seeking performance feedback on the products and services offered will assist us in the following ways:

  • Targeting our marketing efforts more effectively.
  • Offering products and merchandising formats that will increase sales.
  • Developing services that enhance the shopping experience.
  • Training and developing sales associates in order to effectively service the customer.
  • Increase awareness of Sportsuchtig within the retail consumer marketplace.
  • Develop future sales opportunities that allow for continued growth of the business. 

We want our customers to come back and specifically ask for a salesperson by name, because they were so satisfied with the service previously provided.

Currently the format of the retail store separates the customer from the merchandise. The customer must be assisted by a salesperson or they cannot touch or browse the merchandise. We believe this leads to walk-outs when all the available salespeople are tied up assisting other customers. Usually, these customers will leave and never return. We plan to reformat the store so that the products will be showcased via lifestyle merchandising that inspires and promotes multiple purchases. We look to create a strong visual impact, creating an invitation to touch and purchase.

In order to provide the customer with the most up-to-date products on the market and a wide selection, we will attend sporting goods trade shows which showcase all of the products manufactured within the sporting goods industry. Attending shows and seminars will not only allow us to ensure our product mix is current and up-to-date, but will also provide us with fresh, new store merchandising and display ideas. To stay abreast of market and product trends, we will utilize trade publications, trade associations, and their associated Web sites.

It is the goal of Sportsuchtig to offer selection and quality at a value to the consumer. Our pricing structure will support a 25-35% gross margin and position us competitively within the marketplace. Seasonal promotional offers, discounts for end of season, and sale “events” will encourage additional sales and multiple unit purchases.

Employees of Sportsuchtig are an integral part of the shopping experience for the customer. All employees will be developed for growth and advancement, and compensated fairly with effective training that will enable them to confidently service and sell the customer.

Currently there is no sales force to actively pursue sales to the League, School, and Team market segments.  Key to the new sales strategy is direct sales calls on these market segments. Currently these sales calls are made by the current owner, by virtue of his background and knowledge of the products and competitors. Experience has proven that the more time he devotes to sales, the more sales result. Initially, this sales task will be transferred to the new managing owner, John Johnson. However, it is strategically necessary to hire and develop a sales team to attack these markets. The competition well-established with many of our potential customers, so a full-time team sales manager will be found and added as soon as possible. His/her task will be to grow the sales in these segments and to build the sales team. Without this person, too much of John Johnson’s time will be deflected away from his major role of strategically operating and growing the business.

There are currently 2 part-time commissioned external sales people. One of them is a well-known Softball pitching coach who has a small training facility/store in the area. She sells Sportsuchtig’ products to her students and others that come to her store. Her commission is 50% of the margin gained from these sales. There is another saleswoman who pulls a trailer of Sportsuchtig products with her when she goes to softball tournaments around the region. Her commission is also 50% of the gross margin on the sales. These relationships and channels for sales will be investigated and formalized into a sales program if deemed beneficial.

Web sales are handled electronically via the internet store Shopping Cart or via phone sales representatives taking calls on the 800 telephone number. There are currently 4 computer/phone stations for these sales reps. These sales representatives need to be thoroughly trained in product offerings and have good phone communication skills. They need to be trained to follow a general sales script when dealing with customers. Having good images of products and detailed product benefits and features on the Web site is critical to getting the customers to commit to an online purchase without talking with a sales representative. A functioning site search engine that helps customers locate product also needs to be added to the internet site.

5.1.1 Sales Forecast

The following table and chart give a run down on forecasted sales. We expect sales in year 1 to be flat as the new owner comes into operating the business. Businesses generally see a sales decline in the first year of new ownership. We believe, however, that this business is strong and that we can at least maintain the current level of sales ($2.5 million) in year 1. 

We have projected 20% sales growth in years 2-5, reaching over $5 million in sales by the end of year 5. This growth forecast is based on the assumption that the company acts on the keys to success outlined earlier in this plan: upgrade the website, relocate the existing retail store, negotiate optimal agreements with the major suppliers, expand the product line by offering equipment for additional sports, create an outside sales team that calls on schools, leagues, and associations, train employees, train or hire a store manager, advertisement and promotion, build a reliable operations infrastructure, be an active member of the community, and ensure through daily management practices that the values of The Sportsuchtig mission are followed.

We will look to relocate the store near the end of year 1, which should help position us for increased retail sales beginning in year 2. The website and internet store will be redesigned after the first 6 months and the Web marketing strategy will be timed to coincide with the implementation of the new site. Expansion into at least one new product participant segment will be planned for each year, beginning in year 1. An outside sales team manager will be hired in year 1 but ramp up of the sales team is not planned until early in year 2.

The other assumption built into the forecast is that gross margins will be flat in year 1 but able to be continually improved through years 2-5. This assumption is based on improved purchase agreements with major suppliers and better inventory management, so that fewer products have to be discounted at product season end.

The sales forecast could turn downward if the outside sales team has difficulty gaining traction. The competition is comfortably entrenched in the segments to be targeted, so success is not guaranteed.

Sporting goods retail store business plan, strategy and implementation summary chart image

5.2 Milestones

The accompanying milestone table highlights our plan with specific dates. This schedule reflects our strong committment to organization and detail.  Milestone responsibility is assigned to the functional departments in the company – Sales, Marketing, HR, Operations, and President’s Office.

The Milestone table reflects critical dates for the acquisition and takeover schedule, systems reviews and upgrades, the website re-design and deployment, the retail store relocation, and new product identification and rollout.  We also define our target dates for policy definition and implementation as well as documented employee training and evaluation processes.

5.3 Marketing Strategy

The marketing strategy of Sportsuchtig centers on defining our market niche in terms that benefit our customer. Retail and internet store marketing will be integrated and synchronized. We plan to establish a consistent and coherent marketing plan and calendar that take into account and utilize all effective forms of publicity, advertising, and other marketing tools. Specific strategies that will potentially be used are as follows:

  • Newspaper/Print Ads – It will be necessary to keep the Sportsuchtig name in front of the customer while getting established will be necessary. We plan on running limited-space ads in the local newspapers to keep our name and phone number in front of the consumer. We may offer clip out coupons as an incentive to visit the store and also as a way to track revenue from the ads. Use of magazine print ads is deemed to have little potential return.
  • Press Releases – The local paper has regular sections that highlight business purchases and new business openings. We will make sure they give coverage to the grand opening when the store relocates and any time we sponsor or are involved with local nonprofit organizations.
  • Team/Tournament Sponsorship – We will selectively sponsor local teams and leagues, preferably by providing equipment or uniforms versus cash. We will encourage links to/from our Web site with these entities. We will look to sponsor a “Sportsuchtig” softball and/or baseball tournament once a year.
  • Event Sponsorship – We will investigate opportunities for being sponsors of large area events, especially those managed by the local sports facilitation group, such as a marathon, and biking or ironman events.
  • Decals – We will have decals/stickers manufactured with the Sportsuchtig logo. We will include these with all of the orders that we ship. Children in particular enjoy displaying decals/stickers on just about everything.
  • Apparel – We will outfit our retail staff with Sportsuchtig branded shirts and have shirts, hats, and other apparel available for event and sales giveaways.
  • Grand Opening – A Grand Opening is the most successful of any in-store promotions. With manufacturer support, a large number of door prizes can be given away while instantly building a mailing list. Loss leader pricing on a few high volume consumable products will attract in-store traffic. Vendors will subsidize loss leader pricing with a rebate. Appearances by local celebrities would also expose potential customers to Sportsuchtig. A planned series of events, such as demonstrations, free clinics, celebrity appearances, registration for free prize giveaways, and competitions can all be utilized to extend the grand opening and continually draw customers back so they become familiar and comfortable with the store.
  • Trade Shows – We will attend industry trade shows in order to keep abreast of new products and trends.  This will also allow us to make and maintain industry contacts.
  • Word of Mouth – By giving first-time customers great service and a fair price, the word is sure to spread. Also, the many sports contacts that we already have in the area will prove to be most beneficial in spreading the word.
  • Yellow Pages – We will advertise in the local yellow pages.
  • Flyers – Flyers will be distributed to all local leagues at season start. These flyers will offer discounts for purchasing from the retail and internet stores. These discounts could be structured so that a certain percentage of the discount goes directly to the customer and other percentages go to the customer’s league or a nonprofit entity being sponsored by Sportsuchtig.
  • MailBox Flyers – We will also evaluate placing flyers in local area neighborhood mailboxes.
  • Customer Discount Card – The implementation of a customer discount program and card will be investigated to entice customers to shop repeatedly with Sportsuchtig. Information gathered through this program can be utilized to feed direct mail and email campaigns for special program discounts or information.
  • Business Networking – Business networking organizations, such as Business Network International, will be visited and potentially joined as a way to increase awareness and create a virtual sales force.
  • Direct Mail – A direct mail program utilizing low-cost postcards or other mechanism will be evaluated.
  • Radio – A radio campaign will be investigated. Happy Sports recently ran a campaign with some success.
  • Catalog – The creation and distribution of a product catalog will be evaluated.
  • Web Marketing – A variety of Web marketing channels and vehicles will be researched and tested.
  • Press releases, articles, and/or advertising on local internet sites.
  • Search engine marketing
  • URL Links to/from organizations, teams, leagues, co-marketers
  • Email marketing
  • Trivia questions with weekly winners
  • Sports Tickers
  • Retail store event publicity and schedule
  • Participation Areas and Contests – When the store is relocated we will, if possible and feasible, leverage the TrueSports product line from the owner’s other business and build a basketball court and putting green into the layout and flooring of the new store. This will allow us to have areas where promotional competitions, demonstrations, clinics, and customer product tryout can be conducted. This will draw customers to the store and also allow a showcase for the TrueCourt and TrueTurf product lines.
  • Non-Profit Relationship(s) – Sportsuchtig will build a relationship with, and be an on-going sponsor for, at least one nonprofit organization. Events will be held or sponsored in order to raise money for the nonprofit, or a percentage of profits for certain Sportsuchtig promotions will be credited to the nonprofit for its use in exchanging that credit for Sportsuchtig products. In addition to giving back to the community, we anticipate significant free publicity because of this community support program. Because we are giving help to these organizations, they will get the word out to their benefactors/customers/employees/partners about Sportsuchtig. Word of mouth has always proven to be the greatest advertising program a company can instill. In addition, the media will be more than willing to promote the charitable aspects of Sportsuchtig and provide the opportunity for more exposure every time we provide assistance to another organization.

All marketing decisions with regard to specific media choices, frequency, size, and expenditures will be conducted on an on-going basis with careful considerations of returns generated. All marketing vehicles and channels will be tracked for results.

5.4 Competitive Edge

Sportsuchtig looks to establish itself competitively as a unique sporting goods provider in the local metropolitan area and internet sports market through its product offerings, the scope and level of services it provides, and the expertise of its employees.

Products: Sourced through established and internationally-known manufacturers, the products offered provide a high level of quality and value to the consumer. The depth and range of products will be extensive, separating us from others in the marketplace.

Services: Connecting with the customer is a key focus for Sportsuchtig. It is our desire that customers look to us as their valued resource to obtain the equipment, apparel and accessories that meet their needs. Our internet store will provide prompt courteous service, and deliver products at reasonable shipping rates within expected time frames.

Employees: Employees of Sportsuchtig will enjoy a friendly, fair and creative work environment, which respects diversity, new ideas and hard work. Development through experience and training will be a primary focus. It is our desire that employees are long-term, ensuring an expertise that will support the customer experience. Our employees will be a competitive advantage because their technical product knowledge will be superior to that of the competition. We want customers to form a relationship with a salesperson and ask for them by name when they return for a subsequent purchase.

Web Plan Summary

Sportsuchtig has an existing Website that has been generating $1.3 million in sales the last 2 years. However, we believe that a user interface redesign would generate significantly more revenue. According to market research from the Gartner Group, more than 50% of Web sales are lost because visitors can’t find the content they’re looking for. Another study by usability consultants Creative Good estimated that improving the customer experience increases the number of buyers by 40% and increases overall order size by 10%. We plan to redesign and implement a new website in year 1.

The new site will be designed and coded with internet marketing optimization at the forefront of requirements. The basis for our Website marketing strategy is to utilize search engine optimization, keyword density, direct navigation, targeted link popularity and systematic submissions. It is critical to sales growth that the website gains and maintains a high search engine placement. A full website marketing plan will be developed and implemented.

The website is a primary sales channel for us and is critical to the sales goals of the company. We will implement the new site to showcase the product offerings and provide technical information and assistance to help the customer in their product selection. To further show off its expertise, the website will provide a resources area, offering articles, research, product information and website links of interest to its customers.

The website will mirror the image and branding elements showcased in the retail store and at the same time, keep up with the latest trends in user interface design. The key to the website strategy will be combining a well designed front-end, an excellent and fast shopping cart experience, and a back-end capable of capturing “hits” and customer data for use in future marketing endeavors.

6.1 Website Marketing Strategy

The basis for our website marketing strategy is to utilize search engine optimization, keyword density, direct navigation, targeted link popularity and systematic submissions. Our Website marketing strategy will adhere to each search engine’s no-Spam policies, while generating highly-qualified web traffic. We believe a successful marketing system is much more than simply optimizing our website to be search-engine friendly. The system should also provide support for other strategies, such as link popularity, site design and content, the “stickiness” of our site, consistent search engine submissions, and ethical marketing practices.

It is extremely important to gain and maintain a high search engine placement. A December 2002 study by DoubleClick revealed that people prefer to use search engines almost 2 to 1 over any other source to find products and services on the Internet. 85% of all searches on the internet start on search engines.

In addition, we will implement the following mechanisms to make our website URL and domain name visible and effective:

  • We will place our Web address on every form of literature that goes out of our business, such as letterhead, business cards, envelopes, invoices, payments, etc.
  • We will place our Web address in all print advertising, such as newspaper ads, magazine ads, professional trade magazines, etc.
  • Our internet Web address will be part of our on-hold or answering systems for both the internet 800 numbers and the retail store phone.
  • Electronic advertisements such as radio ads will feature our Web address.
  • We will develop our new website from inception, and modify the existing one as practical, with Web marketing as a key objective. There are huge advantages to developing the site with marketing in mind. Position of keyword phrases in the text, the alt tag description, the titles of the pages, the page URL, and Meta Tags in the heading area all have a role to play.
  • We will avoid using frames on our website because many browsers do not support frames and many search engines do not rank sites with frames very high.
  • Although we need pictures to display our many products, we will try to avoid putting too many graphics on a page, so we don’t reduce the page load time to a crawl. If a site does not start to download within 8 seconds a prospective customer will go to another site, and customers with dial-up links find sites with too many images make it painfully slow to load pages.

6.2 Development Requirements

A full development plan will be generated as documented in the milestones. Costs that Sportsuchtig will expect to incur with development of its new website include:

Development Costs

  • User interface design – $3,000.
  • Site development and testing – $6,000.
  • Site Implementation – $1,000.

This development will be outsourced.

Ongoing Costs

  • Website name registration – $70 per year.
  • Site Hosting – $30 or less per month.
  • Site design changes, updates and maintenance are considered part of Marketing.

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.">

Owner John Johnson will act as President and CEO and will be responsible for all aspects of managing and operating the company. Mr. Johnson spent almost 20 years leading research and development efforts for high technology stalwarts such as Lucent Technologies and Motorola Systems, and was a founding employee of a high-tech start-up. As the Vice President of Development for the start-up, he built the research and development team from the ground up and developed it into an 80 person team which produced leading-edge software technology that enticed Motorola Systems to purchase the company. In late 2002, Mr. Johnson made the decision to apply his entrepreneurial experience and drive to a business of his own and founded Johnson Enterprises, LLC. Johnson Enterprises is a leader in the design and construction of custom indoor and outdoor sports recreation facilities, and specializes in game courts (basketball, tennis, etc.), synthetic putting greens, and sporting goods products. Mr. Johnson also started Johnson Investments, LLC in 2004, a company that specializes in residential and commercial real estate investment.

Mr. Johnson received a Bachelor of Science in Computer Science degree from Stone College in Boulder, Colorado and a Masters in Business Administration degree from the University of Illinois in Champaign, Illinois. He is married with two sons, 10 and 14.

Mr. Johnson’s high technology and sports business backgrounds, coupled with his entrepreneurial experience, makes him the ideal leader to drive this sporting goods retail/internet endeavor. 

Overhead for management will be kept to a minimum and all managers will be “hands-on” workers. There is no intention of having a top-heavy organization that drains profits and complicates decisions. At the zenith of this five-year plan, there will be managers for Warehouse/Shipping and Receiving, Team Sales, and two Retail Store managers. John Johnson will be responsible for overall Retail and Internet Sales management, although the Store Managers will also be responsible for sales performance and will have sales-based incentives. Accounting functions could potentially be outsourced. The website management and computer systems management and maintenance will be initially be managed by Mr. Johnson, but will be outsourced in the future. Mr. Johnson will be directly responsible for purchasing, inventory management and control, and marketing (although some marketing will be outsourced).

Currently the company has 10 employees: two warehouse/shipping and receiving clerks, one accounting person that also does internet phone sales, two internet phone salespeople, 4 part-time retail salespeople, and a clerk that does retail sales and is also responsible for answering the retail store phone. The number of employees will grow progressively over time to 25 by the end of year 5.

7.1 Personnel Plan

The Sportsuchtig retail store and phone sales hours are currently Monday through Saturday, 9:00 a.m. to 7:00 p.m. and closed on Sunday. These hours will be evaluated, with the hours most likely being changed to 10:00 a.m. to 7:00 p.m. Monday through Saturday and open on Sunday from 12 p.m. to 5:00 p.m. The Personnel Plan, as detailed in the table following, has been developed to support these store hours and expected volumes, as per the Sales Forecast section.

Assumptions regarding personnel have been made for year 1 through year 5 as follows:

  • Year 1 Ending October 2005 – The number of employees inherited from the previous owners are sufficient to operate the business in order to reach the Year 1 sales goals – which is equal to the previous year. John Johnson will be acting President and CEO and will take $60,000 salary in the first year. The support of a trusted and experienced employee will be needed to enable John to be away from the store when necessary and to manage coordination of the planned store relocation, the website redesign/implementation, and to sell products. In January of 2005, a Store Manager will be hired or promoted to fill this need.
  • Year 2 Ending October, 2006 – Based on sales volume, it will be necessary to add another Retail Sales person. Salary for John Johnson will increase to $75,000 beginning in November 2006. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. In November 2005, a Team Sales Manager will be hired to take over Team Sales from Mr. Johnson and to start aggressively targeting the team segments.
  • Year 3 Ending October, 2007 – Salary for John Johnson will increase to $100,000 beginning in November 2007. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. Increased sales volume will drive the hiring of 6 new employees. Another Retail Salesperson and an assistant accounting/retail phone clerk will be hired. Increased sales from the website will drive the hiring of an additional Warehouse/Shipping & Receiving clerk and also an additional Internet Phone Salesperson. An additional Store Manager will be hired to relieve Mr. Johnson from day to day store management tasks. We will also hire an additional Salesperson for the Team Sales team.
  • Year 4 Ending October, 2008 – Salary for John Johnson will increase to $125,000 beginning in November 2008. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. Increased sales volume will drive the hiring of 2 new employees, another Retail Salesperson and an Internet Phone Salesperson.
  • Year 5 Ending October, 2009 – Salary for John Johnson will increase to $150,000 beginning in November 2009. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. Increased sales volume will drive the hiring of 4 new employees. Increased sales from the website will drive the hiring of an additional Warehouse/Shipping & Receiving clerk and also an additional Internet Phone Salesperson. An additional Retail Salesperson and an additional Salesperson for the Team Sales team will be added.

Financial Plan investor-ready personnel plan .">

The Sportsuchtig financial picture is quite promising. Since Sportsuchtig is a currently operating business, there will be sales and cash coming into the business on day 1 when the operation is taken over by the Johnson’s. An initial working capital investment of $50,000 dollars will be necessary to assure that expenses are covered in the first 2 months, but after that it is assumed that cash from operations will be sufficient to fund and reach the milestones in this plan.

The owners have a personal equity line sufficient to finance any monthly cash-flow shortage; however, a business line of credit will be established as soon as possible. We anticipate very few accounts receivables initially, with 95% of sales cash and carry (cash, checks, credit cards). Marketing and advertising will remain at or below 5% of sales. We will continue to reinvest residual profits into company expansion, and personnel.

8.1 Start-up Funding

An approximately $700,000 loan will be obtained from a conventional or SBA lender. At least $340,000 capital will be provided by the purchasers/owners – the Johnsons. It is possible that some financing may be provided by an active investor or partner in exchange for some level of ownership in the business. If an agreement with an investor or partner cannot be reached, then the owners will contribute all of the funding outside of the loan funding.

8.2 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table. The key underlying assumptions are:

  • We assume access to financing sufficient to maintain our financial plan as shown in the tables.
  • We assume inventory can be turned in 6-8 months.
  • Accounts receivable are small except for periodic sales to teams.  Everything else is cash/credit and carry.  We accept cash and checks, Visa, MasterCard, Discover and American Express. All sales paid via credit cards will be deposited in our business checking account within 48 hours.
  • We anticipate that we will be able to complete required financing, lease documents, and due diligence to allow for a November or December 2004 closing and business take over. 
  • We assume a slow-growth economy, without major recession.

8.3 Break-even Analysis

For our break-even analysis, we assume running costs which include payroll, rent, utilities, interest expense on the funding loan, and an estimation of other running costs. These estimations are based on real financial history data provided by the sellers of the business. Our sales forecast indicates that monthly sales are expected to be much greater than the break-even point.

Sporting goods retail store business plan, financial plan chart image

8.4 Projected Profit and Loss

The projected Profit and Loss for five years is detailed in the table and charts following. Monthly projected Profit and Loss for year 1 is available in the Appendix. Some assumptions and inclusions to be noted are:

  • First year expense and revenue projections are based on the previous 2 years of actual financial data provided by the business seller. Since this is an existing business being purchased, we have lots of real historical financial information to analyze for trends.
  • Insurance includes: Business property and inventory, liability and interruption, and key person life insurance. 
  • We have made assumptions, based on past results, that certain expenses will rise in direct proportion to sales. For example, Bank Card Debit & Service Fees will rise in direct proportion to sales because more sales results in more credit cards being used for purchase transactions. Also, Freight In will rise in proportion because more inventory will need to be shipped in as sales rise. Other expenses that have been projected proportionally to sales increases include Insurance (for inventory), Office Supplies, and Telephone.
  • Freight In historically has been .5% of gross sales.
  • Bank Card and Debit Service Fees incurred because of credit card sales are calculated at 2.0%.
  • Rent increases significantly in years 2-5 because of the retail store and warehouse relocation.
  • Marketing/Promotion expenditures will be increased significantly from the past in years 1 and 2 and then be increased as the business grows and expands.
  • Payroll expenses will increase as the business grows and we need to hire additional staff.

We expect to be profitable in the first year, with net profits increasing steadily as the reputation of our business, its employees, and services become apparent to the local market and we reap the expected revenue gains from relocating the retail store, enhancing the Website, and expanding into additional products.

Sporting goods retail store business plan, financial plan chart image

8.5 Projected Cash Flow

Cash flow will have to be carefully monitored, as in any business, but Sportsuchtig has the advantage of operating a primarily cash and carry business. After the initial investment and start-up costs are covered, the business will become relatively self-sustaining. The principle payments to service the $700,000 funding loan are reflected in the Cash Flow table.

The key to managing cash flow is to understand the current monthly sales data and to successfully manage the timing of inventory purchases. Sales for Sportsuchtig typically spike in the spring months of February, March, April, May and June. Inventory for this spring season is purchased in bulk from the four major suppliers in the fall months and can cost between $500,000 to $800,000, depending upon the extent of the orders. The suppliers provide significant price breaks on the bulk orders and do not require payment until April 1. Some of the payables associated with this inventory are paid over the 5-6 months before April 1, but the majority is kept in the cash account until full payment on April 1. Additional orders besides the fall bulk orders are also placed as needed throughout the rest of the year. Terms on these inventory orders are typically Net 30 and they are paid in in 30 days. Inventory levels are usually maintained at high levels, due to the need to have product in stock and available when customers need it and it is turned every 6-8 months. We will focus on reducing inventory levels in order to improve cash flow.

The significant cash flow negative in April is expected and is a result of paying the inventory accounts payable that have accrued over the 5-6 months between purchase and the April 1 payment.

Any amounts above $50,000 will be invested into semi-liquid stock portfolios to decrease the opportunity cost of cash held. The interest will show up as Interest Income in the Profit and Loss table and will be updated quarterly.

Cash flow projections are critical to our success. The following table shows cash flow for the first five years, and the chart illustrates monthly cash flow in the first year. Monthly cash flow projections are included in the appendix.

Sporting goods retail store business plan, financial plan chart image

8.6 Projected Balance Sheet

Sportsuchtig’ projected balance sheet shows an increase in net worth by 2009, at which point it expects to be making significant after-tax profit on sales of $5 million. With the present financial projections, Sportsuchtig expects to build a company with strong profit potential, and a solid balance sheet that will be asset heavy and flush with cash at the end of five years. We plan on using the excess cash for continued growth.

The projected Balance Sheet for five years is detailed in the table following. Monthly projections for the first year Balance Sheet are available for review in the Appendix. 

8.7 Business Ratios

Business ratios for the years of this plan are shown below.  Industry profile ratios based on the Standard Industrial Classification (SIC) code 5941, Sporting Goods and Bicycle Shops, are shown for comparison.

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sporting goods store business plan

ProfitableVenture

Sporting Goods Store Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Sports Sector

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.

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 Store

Just about everyone who engages in athletics requires sports equipment of some sort. From little league baseball to street hockey, junior varsity teams, and the weekend golfer, there is ample demand for sports equipment. Sporting goods stores stock the necessities for sports participants, whether it is baseball bats, hockey sticks, basketballs, golf clubs, ice skates, footballs, or hockey pucks.

Learn how to start your own Sporting Goods Store and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Sporting Goods Store Image

Start a sporting goods store by following these 10 steps:

  • Plan your Sporting Goods Store
  • Form your Sporting Goods Store into a Legal Entity
  • Register your Sporting Goods Store for Taxes
  • Open a Business Bank Account & Credit Card
  • Set up Accounting for your Sporting Goods Store
  • Get the Necessary Permits & Licenses for your Sporting Goods Store
  • Get Sporting Goods Store Insurance
  • Define your Sporting Goods Store Brand
  • Create your Sporting Goods Store Website
  • Set up your Business Phone System

We have put together this simple guide to starting your sporting goods store. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

  • What are the startup and ongoing costs?
  • Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Sporting Goods Store Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

  • Your state's business records
  • Federal and state trademark records
  • Social media platforms
  • Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your sporting goods store?

Business name generator, what are the costs involved in opening a sporting goods store.

The entrepreneur must rent a retail space for his sporting goods store. Alternatively, he could purchase a website for his store. Additional costs include purchasing the initial inventory, paying employees to man the registers and stock the shelves, obtaining a business license and insurance, and connecting/running the utilities. A computer and high-speed Internet connection will also be necessary for inventory research purposes.

What are the ongoing expenses for a sporting goods store?

Ongoing expenses include the cost of employee wages, workers' compensation insurance, utilities, rent, and inventory. The typical sporting goods store clerk makes around $8 to $10 per hour. If you do not want to manage the business, a sporting goods store manager will require a salary in the range of $25,000 to $35,000 per year. The monthly Internet connection will likely run between $40 and $60. If you do not want to clean the store yourself, a cleaning service will be necessary. Such a service typically costs about $120 for 1,000 square feet and upwards of $175 for a 3,000 foot space. Monthly utilities will likely run between $100 and $200 per month depending on the time of year. If you decide to rent your retail space instead of purchasing, monthly rent will likely cost between $700 and $2,000 per month depending on the size of the space and the specific location.

Who is the target market?

Sporting goods store business owners typically prefer selling to coaches of youth sports teams, junior high school teams, and high school teams. These coaches buy sports equipment in bulk so each player on the team has enough gear to make it through the year. Customers who prefer high-end sports equipment are also coveted as they are willing to pay a premium for high-quality items. Such items usually carry a larger profit margin for the business owner.

How does a sporting goods store make money?

Sporting goods stores make money by selling sports equipment at a profit. Once inventory is ordered, the price of these goods is then marked up so the business can make enough profit to cover overhead expenses and continue operations.

Sporting goods have a wide price range. As an example, shock absorbers for tennis rackets will sell at $5 for a pack of two. A baseball mitt can sell for upwards of $150 or more. A set of golf clubs will retail for several hundred dollars. Sports drinks will sell for $1 to $3. Keep your prices in line with the competition and your customers will remain loyal.

How much profit can a sporting goods store make?

The profit ceiling hinges on the size of your sporting goods store as well as the size of your market. If your business is operating like a well-oiled machine, it is possible to make a profit of several thousand dollars per month. If you grow at a rapid pace and reach the level of success achieved by sporting goods chains like Dick's Sporting Goods, it is possible to make several hundred millions or more in profit each year.

How can you make your business more profitable?

One of the best ways to make money as a sporting goods store owner is to purchase used sports equipment from customers and re-sell it for a profit. Accept items in decent shape, clean them up and you will eventually sell them for more than you paid. If you are particularly knowledgeable or skilled as an athlete, you can pitch your services as a sports instructor to clients. Another idea for a related side business is to set up batting cages, an electronic golf simulator or sports-related arcade games in or near your sporting goods store.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your sporting goods store is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

  • Separates your personal assets from your company's assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

  • Separate personal and business expenses by putting your business' expenses all in one place.
  • Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a sporting goods store. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

A sporting goods store is usually run out of a storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.

  • If you plan to lease a storefront :
  • It is generally the landlord’s responsibility to obtain a CO.
  • Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a sporting goods store.
  • After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
  • If you plan to purchase or a storefront :
  • You will be responsible for obtaining a valid CO from a local government authority.
  • Review all building codes and zoning requirements for you business’ location to ensure your sporting goods store will be in compliance and able to obtain a CO.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Sporting Goods Store needs and how much it will cost you by reading our guide Business Insurance for Sporting Goods Store.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a sporting goods store

Take advantage of a wide array of advertising methods. Establish a strong web presence with a search engine optimization (SEO) push that makes use of keyword-laden content, guest blogging efforts, social media, and a website that is regularly updated with insightful content. It is also prudent to advertise in the local paper, on the radio, and possibly even on local TV programming. Some sporting goods store owners enjoy success by sponsoring a local youth sports team. Such sponsorship places the store's name and/or logo on the team's jerseys and/or sections of the stadium in which games are played.

How to keep customers coming back

The best way to attract customers is to provide excellent deals to your initial customers. They will spread the word to fellow coaches and athletes about your competitive prices and high-quality inventory. Regularly update your social media profiles, website, and blog to skyrocket up the search engine rankings. Spread out your marketing budget across various mediums, and you will retain customers across posterity.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

  • All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
  • Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
  • Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

TRUiC's Startup Podcast

Welcome to the Startup Savant podcast , where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.

Is this Business Right For You?

This is the perfect business for individuals who have a sports background or are interested in athletics. Those who are particularly knowledgeable about sporting goods brands and the merits of particular sports equipment will thrive in this business.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a sporting goods store?

Sporting goods store business owners perform varied activities throughout the day. The morning is spent preparing inventory for the day's sales, opening the store, and preparing cash register drawers. Mid-day activities include assisting customers, fielding phone inquiries from prospective customers, researching potential purchases, and placing orders for new inventory.

What are some skills and experiences that will help you build a successful sporting goods store?

The entrepreneur must have knowledge of sports, excellent people skills, and they must enjoy the presence of youngsters. If the sporting goods store owner is unable to discuss the nuances of particular sports equipment, customers might opt to do business with a businessman who understands the intricacies of his inventory. The entrepreneur should also be a savvy marketer. He should understand marketing strategies that will connect him to target customers, with a special focus on developing a rapport with coaches and players of local youth leagues. As noted above, young athletes purchase a larger portion of sports equipment in comparison to other types of customers.

What is the growth potential for a sporting goods store?

Sports have never been more popular. An entrepreneur who sets up shop in a bustling suburb or urban environment will undoubtedly enjoy a steady stream of customers. This business has fantastic growth potential, especially if it is located in an area where families reside. A large portion of sporting goods are sold to youth sports participants.

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Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a sporting goods store?

It is prudent to load up on youth sports equipment as many of those who visit sporting goods stores participate in little league baseball, pee wee football, youth tennis and other sports leagues. Inventory should be wide-ranging in terms of price, style and utility. Your inventory should also cater to the sports seasons. For example, displays in early spring should cater to baseball and softball plays, and football equipment should be your main concern as fall approaches.

How and when to build a team

You can't operate an entire sporting goods store on your own. You will need help from at least one other employee when the business launches. This individual will assist with customer service, sales, stocking the shelves, ordering inventory, and even some marketing efforts. Once the business receives a steady flow of customers and you begin to make money it is time to add more employees. Add new employees on a gradual basis as there is no guarantee the business will continue to attract new customers on a consistent basis in the months and years ahead. However, it is prudent to keep enough people on board so you don't have to work an employee more than 40 hours per week. The goal is to avoid potentially crippling overtime pay by balancing out the hours across several employees.

Useful Links

Industry opportunities.

  • Franchise opportunity
  • National Sporting Goods Association
  • United States Specialized Sports Association

Real World Examples

  • Michigan business
  • Atlanta business

Further Reading

  • Marketing tips

Have a Question? Leave a Comment!

SharpSheets

Sales & Marketing Plan for a Sporting Goods Retail Store (Example)

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  • December 29, 2023
  • Business Plan , Sales & Marketing Strategy

sporting goods store business plan

Launching and managing a thriving sporting goods retail store goes beyond merely offering a diverse range of sports products; it necessitates a strategic and well-rounded approach to marketing and sales. This guide helps you formulate an effective sales and marketing plan tailored specifically to the business plan of a sporting goods retail store.

We’ll analyze the market landscape to understand competitors and customer needs. Then, we’ll focus on building your store’s brand identity and strategic positioning. Finally, we’ll explore diverse marketing channels to connect with potential customers and examine sales strategies to boost revenue.

the business plan template for a Sporting Goods Retail Store

Sporting Goods Retail Store Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Market Analysis

Conducting a detailed analysis of the market is critical to strategizing your store’s position in the competitive landscape.

Competitive Analysis

  • Identify key competitors: Begin by researching other sporting goods retail stores within your vicinity or those operating in the same niche market. Analyze their product ranges, pricing strategies, customer service models, and promotional methods to gain a comprehensive understanding of their business practices.
  • SWOT Analysis: Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for your sporting goods store in comparison to your identified competitors. This analysis helps in assessing your store’s internal strengths and weaknesses against external market opportunities and threats. Identify areas where your store excels and where improvements or differentiation strategies are necessary to gain a competitive edge.

Target Audience Profiling

  • Demographics and Psychographics: Define the demographics (age, gender, income) and psychographics (lifestyle, preferences, interests) of your ideal customers. Understanding their preferences will shape your marketing messaging and product selection.
  • Customer Needs and Expectations: Determine what your target audience seeks in a sporting goods store—whether it’s high-quality equipment, personalized customer service, affordable prices, or niche sports gear.

Branding and Positioning

Developing a strong brand presence is crucial for your sporting goods store to stand out amidst the competition.

Brand Identity Development

  • Brand Story: Narrate a compelling story about your passion for sports and the inspiration behind launching the store. Highlight any unique values, community involvement, or personal anecdotes that resonate with your target audience.
  • Visual Elements: Develop a consistent visual identity, including a distinctive logo, color scheme, and store ambiance that encapsulates the essence of your brand. A cohesive design theme enhances brand recall and customer connection.

Market Positioning Strategy

Defining your unique value proposition (UVP) and refining your positioning statement is crucial for differentiating your store in the market.

  • Unique Value Proposition: Clearly articulate what distinguishes your store from others. This could revolve around exclusive product lines, exceptional customer service, expertise in particular sports categories, or technological innovations in sporting gear.
  • Positioning Statement: Craft a concise and impactful statement that communicates how you want customers to perceive your store. Whether it’s as the go-to destination for professional gear or the hub for community engagement in sports, ensure this statement guides your brand’s narrative.

Marketing Channels

Utilize various marketing channels to enhance brand visibility, engage customers, and drive foot traffic to your sporting goods store.

Digital Marketing

Incorporate online strategies for a broader reach:

  • Social Media: Develop a comprehensive social media strategy across platforms like Instagram, Facebook, Twitter, and YouTube. Engage audiences with visually appealing content, athlete endorsements, product demonstrations, and user-generated content to foster a vibrant community.
  • Email Marketing: Craft personalized email campaigns offering exclusive promotions, new product launches, and informative content relevant to customers’ interests and sporting activities.
  • Website and SEO: Continuously optimize your website for search engines and the user experience. Enhance it with engaging content, product descriptions, buying guides, and customer reviews to drive organic traffic and conversions.

Local Advertising

Connect with the local community:

  • Local Events and Sponsorships: Participate in local sports events, school tournaments, or charity runs. Sponsor teams, offer branded merchandise, or host sports clinics to integrate your store into the local sports culture.
  • Community Partnerships: Collaborate with gyms, fitness centers, or local sports clubs for joint promotions or sponsorships. Engage in youth sports programs or organize workshops to contribute to the community while actively promoting your store.

Promotional Activities

Entice customers with appealing offers:

  • Seasonal Promotions: Develop creative campaigns aligned with seasons, sports seasons, or major events like the Olympics or World Cup. Offer discounts, bundle deals, or exclusive product launches to capitalize on heightened interest.
  • Customer Loyalty Programs: Refine loyalty programs offering rewards for repeat purchases, referrals, or social media engagement. Enhance member benefits, exclusive access, or early-bird sales to incentivize customer retention.

Sales Channels

Create effective sales channels to boost revenue and enhance customer satisfaction.

In-Store Upselling

Maximize sales during customer visits:

  • Product Bundles and Add-Ons: Strategically position complementary products near each other, such as running shoes with fitness trackers or tennis rackets with tennis balls. Train staff to engage customers and suggest suitable add-ons or accessories for their purchases.
  • In-Store Events and Demonstrations: Organize product demos, training sessions, or guest appearances by athletes to drive in-store foot traffic and offer valuable experiences to customers.

Online Sales and Services

Utilize technology to streamline sales processes:

  • E-Commerce Platform Enhancement: Continually update your online store with new products, customer reviews, and a user-friendly interface. Offer free shipping, easy returns, and online exclusive deals to incentivize online purchases.
  • Virtual Services: Expand virtual assistance services for product consultations, equipment fitting guides, or sports training sessions. Leverage technology for personalized recommendations and seamless online shopping experiences.

Membership and Rewards Programs

Enhancing customer loyalty through membership benefits and rewards ensures repeat business and fosters brand advocacy.

  • Membership Perks: Refine membership tiers offering exclusive benefits, such as early access to sales, members-only events, or personalized training sessions.
  • Enhanced Rewards System: Introduce gamification elements to your rewards program, allowing customers to earn points not just for purchases but also for engagement on social media, reviews, or attending store events.

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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 122,014 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

Step 1 Study the market.

  • 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.

Step 2 Study your surroundings.

  • 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.

Step 3 Choose your niche market.

  • 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.

Step 4 Develop a business...

  • 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.

Step 5 Research store locations and options.

  • 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

Step 1 Register your business.

  • 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.

Step 2 Stock your inventory.

  • 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.

Step 3 Hire employees.

  • 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

Step 1 Establish a strong web presence.

  • 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

Step 2 Advertise and promote your store.

  • 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.

Step 3 Feature unique items.

  • 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.

Step 4 Expand and diversify.

  • 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

Community Answer

You Might Also Like

sporting goods store business plan

  • ↑ 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]

Nick

By Nick Cotter Updated Feb 02, 2024

image of a sporting goods business

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.

image of a sporting goods 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!

image of ZenBusiness logo

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.

A Touch of Business

How To Start A Sporting Goods Business

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Main Sections In This Post Steps To Starting A Sporting Goods Business Points to Consider Resources Knowledge Is Power Featured Video

Creating your sporting goods business requires careful planning, including understanding market demand, securing reliable suppliers, establishing your own value proposition, and providing excellent customer service.

This post will teach you the steps to start a sporting goods business. We will also discuss the pros and cons of launching such a business and other important factors.

Let’s examine the steps to help you understand what it takes to start and run a sporting goods business.

Steps to Starting a Sporting Goods Business

1. make sure owning and operating a business is the right move.

Before you start a business, you need to decide if you want to be an entrepreneur and if you have the skills you need.

Some people should not be business owners. For example, even though you like sports supplies, you might not be the best person to run a business that sells sports gear.

From the following link, you can find out more. Business Startup Considerations

2. Research

Business research.

Sports goods businesses are more likely to succeed if you know more about them.

By clicking the link below, you will see ways to get inside information from people in the industry and various ways to contact them and get the information you need while getting a first-hand look at how sports goods companies operate.

See  An Inside Look Into the Business You Want To Start  for more.

Target Market

You can tailor your business strategy more effectively if you know who you want to sell to.

Effective marketing strategies take into account your target audience’s needs and wants.

For more, see,  How To Understand Your Target Market .

3. Setup Considerations

You need to have a vision of what type of setup you want for your sports goods business. Answering the questions below can help you create a vision.

Research may change your vision as you go along, and that’s okay. But, for now, start with a vision and adjust as needed.

Here are some questions for you:

  • Are you going to focus on wholesale or retail?
  • Do you intend to open one or more locations?
  • Is your business part-time or full-time?
  • Are you planning on doing all the work yourself, or have you hired a crew to handle operations and management?
  • Is there anything  original about your business  for a competitive edge?

Besides the above, other options for a sporting goods store setup are also available. Online shopping is a much lower risk and investment than renting a storefront and selling to your local community, which takes more money to get started.

If you open a storefront, you can also sell online. Setting up a website for your store can make more sales while maintaining a physical presence in the community.

Ideally, your store is going to be supporting local athletic efforts. This means little league games, local high school teams, golfers, etc.

It’s probably safe to assume you have a personal interest in sports. But, your customers will appreciate a shop owner and employees who know what to recommend.

4. Looking at Financials:

This section will give you an overview of Startup Costs, Monthly Expenses, Revenues, and Profits examples.

Keep in mind that no one can give you an accurate estimate of your costs, revenue, or profits without understanding the size, location, and type of sporting goods operation you are considering. Therefore the more detailed you are with your plan, the better the estimates.

The following examples do not reflect a real-life sporting goods business’s exact costs, sales, or profits. It’s always essential to do thorough research and perhaps seek advice from a business financial advisor when starting a business.

  • Business Registration: $500
  • Legal Fees & Permits: $1500
  • Retail Store Lease Deposit: $10,000
  • Renovation of Store: $15,000
  • Initial Inventory Purchase: $50,000
  • Point of Sale System: $1,500
  • Website Development: $3,000
  • Initial Marketing/Advertising: $5,000
  • Miscellaneous Expenses: $1,500
  • Business Insurance: $2,000
  • Total: $89,500
  • Lease/Rent: $3,500
  • Utilities (electricity, water, internet): $400
  • Employee Salaries: $10,000
  • Restocking Inventory: $15,000
  • Marketing/Advertising: $1,000
  • Website Maintenance: $200
  • Insurance: $200
  • Miscellaneous Expenses: $300
  • Total: $30,600

See,  Business Expenses To Consider for more

  • Shelving & Store Display Units: $5,000
  • Cash Register & POS System: $1,500
  • Computers & Software: $2,000
  • Security System: $1,000
  • Warehouse Equipment (if applicable): $5,000
  • Office Furniture: $1,000
  • Total: $15,500
  • Q1 Sales: $80,000
  • Q2 Sales: $75,000
  • Q3 Sales: $70,000
  • Q4 Sales (Increased due to the holiday season): $100,000
  • Total: $325,000
  • Total Sales: $325,000
  • Minus Total Startup Costs: -$89,500
  • Minus Annual Operating Costs (Monthly expenses * 12): -$367,200
  • Annual Profit (Loss in the first year is common for startups): -$131,700

These are purely illustrative and depend on many factors, including location, specific market conditions, business size, etc. It’s also worth noting that many businesses do not profit in their first year or several years, but with good management and marketing, profitability can increase over time.

5. Deciding on a Business Location

Location is an important factor in success. Poor locations will hinder your success, whereas good ones will help you. Choose a market that is not saturated and has a high demand for sports goods if possible.

For more, see  Choosing The Best Location for Your Business.

6. Selecting a Business Name

Choosing a memorable, easy-to-pronounce, and catchy business name is important. The domain name for your website should also match.

Below is a sample list of business names for a Sporting Goods Business to spark your creativity. Before finalizing your choice, conduct a name search to ensure another company hasn’t registered it.

sporting goods store business plan

  • Velocity Venture Sporting Goods
  • Game On Gear
  • PlayPros Sporting Supplies
  • VentureVital Sports
  • Sports Infinity
  • Apex Athlete Tools
  • Triumph Track Sporting Goods
  • Pinnacle Performance
  • EdgeEndure Sporting Goods
  • MatchMaster Sports
  • Sports Quest Outfitters
  • Dynamic Dribble
  • Athletic Ascend
  • Champion’s Chest Sporting Goods
  • Energize Enterprise Sports
  • Sports Glory Guild
  • PlayField Pioneers
  • Athletic Allure
  • Quantum Quiver Sporting Goods
  • Dashing Drift Sports
  • Mighty Move Sporting Supplies
  • SpurSpry Sports
  • Thrill Thrust Sporting Goods
  • ZestZeal Sports
  • Olympic Odyssey Sports
  • JoltJog Sporting Goods
  • Peak Pacer Sports
  • Elite Ember Sports
  • Agility Arena
  • Stellar Stride Sporting Goods

Remember, your chosen name should reflect the essence of your business and attract your target customers. Once you’ve found a name you love, check its availability before making it official.

Here are some links to learn more:

  • How To Register a Business Name
  • Name Ideas for a sports goods business
  • Registering a Domain Name For Your Business

7. Company Structure and Registration

You need the proper business structure, permits, and registration to legally operate your business.

The business structure you choose will depend on your financial situation and the size of the enterprise you intend to run.

The following permits and licenses may be required when starting a sporting goods business. Note that this list is not exhaustive and requirements may vary depending on the location of the business and the specific activities involved.

  • Business License : This is the standard permit to operate a business locally.
  • Employer Identification Number (EIN) : This federal tax ID number is necessary for most businesses.
  • DBA (Doing Business As) Registration : A DBA may need to be registered if the business operates under a name different than the legal owner’s name.
  • Sales Tax Permit : If the state or country you operate in has a sales tax, you will likely need this permit.
  • Federal Firearms License (FFL) : If the sporting goods store sells firearms, it will need a license from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
  • Sign Permit : Some jurisdictions require a permit to put up a sign for a business.
  • Special State-Issued Business Licenses or Permits : Some states require special licensing for certain types of businesses.
  • Special Local Permits : Other permits may be required depending on the local laws.
  • Resale Permit : For purchasing inventory without paying sales tax on it.
  • Alarm Permit : An alarm permit may be required if the business installs a security system.

Remember to consult with a local business attorney or professional business advisor to ensure you have all the necessary permits and licenses to legally operate your sporting goods business. The business must comply with all federal, state, and local laws.

See,  How to Register Your Business  for all the details.

8. Corporate ID Design

The corporate ID contains a logo , business cards , letterhead, promotional items, and brochures, among other things.

The logo and business cards are a good start, and you can add more. Ensure your design is professional to make a good impression on your customers.

See  A Complete Introduction to Corporate Identity Packages  for more.

9. Developing a Business Plan

If you want to grow your business, writing a business plan will assist you in forming your vision for the company, keeping you focused, and increasing your chances of obtaining financing or attracting investors.

Sample Business Plan for a Sporting Goods Business

Executive Summary

Business Name: Peak Performance Sporting Goods

Peak Performance Sporting Goods will be a specialized retail store offering customers a comprehensive array of high-quality sporting equipment and apparel in our local community. We aim to position ourselves as a hub for athletes, fitness enthusiasts, and outdoor adventurers by offering personalized service, expertise, and an expansive product line across a wide range of sports.

Company Description

Peak Performance Sporting Goods will be based in the bustling downtown area of Anytown, USA. Founded by John Doe and Jane Doe, both sporting enthusiasts, the business seeks to fill the gap in the market for a high-quality, customer-focused sporting goods store. The founders bring a combined experience of over 20 years in retail management, business development, and customer service.

Market Analysis

Industry Overview

The U.S. sporting goods market size was valued at $48.6 billion in 2020. It’s expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028 (research before the cutoff in 2021). This growth is propelled by increasing participation in sports and fitness activities due to rising health awareness.

Customer Analysis

Our target market includes the following segments:

  • Student-athletes from local schools and universities.
  • Adult fitness and outdoor activity enthusiasts.
  • Local sports teams and organizations.
  • Tourists and visitors seeking outdoor gear .

Competitor Analysis

Our main competitors include big-box retailers and online stores. We aim to differentiate ourselves with our personalized customer service, expert product knowledge, and strong community involvement.

Organization and Management

The business will be organized as a Limited Liability Company (LLC). The organizational structure will consist of the following:

  • John Doe – CEO and Store Manager
  • Jane Doe – COO and Marketing Manager
  • Sales Team – Sport-Specific Associates
  • Operations Team – Inventory, Logistics , and Maintenance

Services or Products

Peak Performance Sporting Goods will sell a wide range of sports equipment, athletic apparel, outdoor gear, and equipment repair and custom fitting services. Our inventory will cover sports like baseball, basketball, soccer, football, golf, tennis, cycling, running, hiking, camping, and more.

Marketing and Sales Strategy

We will employ a mix of online and offline marketing strategies to attract our target audience:

  • Social Media Advertising – Engaging content showcasing our products and their use, sponsored ads targeting the local community.
  • SEO and Website Optimization – To attract online shoppers and drive e-commerce sales.
  • Community Engagement – Sponsoring local sports events, teams, and tournaments to raise brand awareness.
  • In-Store Events – Product demonstrations, athlete meet-and-greets, fitness workshops.

Financial Projections

sporting goods store business plan

The startup cost is projected to be $300,000, including inventory purchase, store setup, marketing, and operating expenses for the first six months. We expect to break even by the end of the second year and anticipate a steady growth rate of 10% per annum after that.

Funding Request

We are seeking an investment of $150,000 in exchange for a 15% share in the company. The funds will be primarily used for inventory purchase, store setup, and initial marketing efforts.

Exit Strategy

In the event of a successful business operation, options for the investor’s exit strategy may include a buy-back agreement after a certain period, a sale to a larger retailer, or an initial public offering (IPO).

Peak Performance Sporting Goods presents an exciting opportunity to capitalize on the growing sporting goods market by offering a customer-focused shopping experience. We are confident that with the requested investment, we can become a premier sporting goods destination in our community and beyond

You can find information on creating a business plan by following the link below.

For details, see  How to Write a Business Plan.

10. Set up Your Banking

Keep your personal and professional finances separate. To facilitate this, open a separate checking account.

You should consider opening a merchant account to accept credit and debit cards.

To learn more about business banking, read these articles.

  • Choosing a Business Bank
  • How To Open a Business Bank Account
  • What Is a Merchant Account, and How to Get One?

11. Get a Startup Loan for Your Operation

It is difficult to get a startup loan because lenders consider new businesses high-risk and would rather fund established successful businesses.

Despite the difficulties, a professional business plan and collateral can help you obtain a business loan. See the considerations below to help you prepare before speaking with a loan officer.

Considerations when meeting with a loan officer:

  • Research and Preparation: Before meeting with a loan officer, thoroughly research the lending institution and understand their lending criteria, interest rates, repayment terms, and any specific requirements they may have for business loans. Prepare a list of questions to ask the loan officer during the meeting.
  • Business Plan: Develop a comprehensive business plan that outlines your business idea, market analysis, marketing strategies, financial projections, and your ability to repay the loan. The loan officer will want to see a well-thought-out plan that demonstrates the viability and profitability of your sporting goods business.
  • Loan Amount and Purpose: Determine the specific loan amount you need and clearly define its purpose. Whether you need the loan to purchase inventory, secure a location, or invest in equipment, be prepared to explain how the funds will be used and how it will contribute to the success of your business.
  • Personal and Business Credit History: Understand your personal and business credit scores before meeting with the loan officer. Ensure your credit reports are accurate and address any discrepancies or negative items. Be prepared to discuss your credit history and explain any challenges you may have faced, as it can impact the loan approval process.
  • Collateral and Personal Guarantees: Determine what collateral you can offer to secure the loan. Collateral can include business assets like equipment or inventory or personal assets like real estate or vehicles. Additionally, be prepared to provide personal guarantees, especially if your business is new and lacks an established credit history.
  • Financial Statements and Projections: Gather financial statements, including balance sheets, income statements, and cash flow statements, for your personal finances and the business. If the business is new, provide projections for future financial performance. The loan officer will use these documents to assess your ability to repay the loan and manage the financial aspects of your business.
  • Legal and Regulatory Compliance: Ensure your business complies with all legal and regulatory requirements. This includes registering your business, obtaining necessary licenses and permits, and fulfilling specific industry regulations related to sporting goods businesses. Compliance demonstrates your commitment to operating a legitimate and responsible business.

Sample list of documents needed to apply for a business loan for a NEW sporting goods business:

  • Business Plan: Comprehensive document outlining your business idea, market analysis, marketing strategies, financial projections, and repayment plans.
  • Personal Identification: Copies of government-issued identification documents for all business owners or key individuals involved in the loan application.
  • Business Registration: Proof of business registration, such as a certificate of incorporation or business license.
  • Financial Statements: Current and projected financial statements, including balance sheets, income statements, and cash flow statements for your business. If applicable, include financial statements from any existing business ventures.
  • Tax Returns: Personal and business tax returns for the past two to three years. Provide both federal and state returns.
  • Bank Statements: Recent bank statements for personal and business accounts typically cover the last three to six months.
  • Collateral Documentation: Documentation details any collateral you plan to offer to secure the loan, such as real estate deeds, vehicle titles, or equipment appraisals.
  • Credit Reports: Personal and business credit reports, including FICO scores. Obtain copies from all major credit reporting agencies and ensure they are accurate.
  • Legal and Regulatory Compliance Documents: Proof of compliance with all legal and regulatory requirements, including business licenses, permits, and industry-specific certifications.
  • References and Recommendations: Letters of recommendation or references from suppliers, industry professionals, or business partners who can vouch for your business’s credibility and potential success.

Remember, the documents required may vary depending on the lender and the loan amount. Consulting with the loan officer is always a good idea.

For ideas, see our article,  Getting a Small Business Loan.

12. Software Setup

Organize your business, analyze vital information, and operate your business more efficiently with the help of software.

I recommend researching and checking reviews for the software packages you are considering.

Click on the links below to explore the software that can help you run your business more efficiently.

  • Sporting Goods Business Software
  • Small Business Software to Consider

13. Get The Right Business Insurance

Before opening, your business must have insurance. When you speak with a knowledgeable insurance broker, you are protected concerning your clients, staff, and property.

Here is a list of insurance issues to consider:

  • Comprehensive Coverage: Ensure that the insurance policy offers comprehensive coverage that addresses the unique risks associated with a sporting goods business. This may include inventory, equipment, liability, property damage, and business interruption coverage.
  • Liability Insurance: Liability coverage is crucial for a sporting goods business as it protects against claims arising from injuries or damages caused by the products you sell or the activities you offer. Look for general liability insurance and product liability insurance to adequately protect your business.
  • Property Insurance: Make sure the insurance policy covers the physical property, including the retail location, inventory, equipment, and fixtures. This coverage should protect against fire, theft, vandalism, and natural disasters.
  • Business Interruption Insurance: Consider obtaining business interruption insurance, which covers lost income and additional expenses if your business is temporarily unable to operate due to a covered event. This coverage can help you recover financially during the recovery period.
  • Workers’ Compensation Insurance: If you have employees, ensure the insurance policy includes workers’ compensation coverage. Law typically requires this coverage and benefits employees who suffer work-related injuries or illnesses.
  • Professional Liability Insurance: If your sporting goods business offers services such as equipment repairs, coaching, or training, consider professional liability insurance. This coverage protects against claims of negligence, errors, or omissions related to professional services.
  • Cyber Insurance: In today’s digital age, protecting your business from cyber risks is crucial. Consider cyber insurance coverage that protects against data breaches, cyberattacks, and other digital threats that can compromise your customers’ personal information.
  • Product Recall Insurance: Consider product recall insurance if your business manufactures or sells sporting goods products. This coverage helps cover the costs associated with a product recall due to safety issues or defects.
  • Insurance Deductibles and Limits: Review the deductibles and coverage limits in the insurance policy. Ensure that the deductibles are affordable for your business and the coverage limits are sufficient to protect your assets and potential liabilities.
  • Insurance Provider Reputation: Research the reputation and financial stability of the insurance provider. Look for an established insurance company with experience in insuring businesses in the sporting goods industry. Check customer reviews and ratings to gauge their level of customer satisfaction.
  • Customization and Flexibility: Consider whether the insurance policy can be tailored to the specific needs of your sporting goods business. Look for flexibility regarding coverage options and the ability to add or modify coverage as your business grows or introduces new products or services.
  • Cost and Affordability: While cost should not be the sole determining factor, it’s important to consider the affordability of the insurance policy. Obtain multiple quotes from different insurance providers and compare the coverage and premiums to find the best balance between cost and coverage.
  • Review and Update: Regularly review your insurance coverage as your business evolves. Revisit your insurance needs annually or whenever there are significant changes to your business operations, products, or services to ensure that your insurance policy remains current.

Remember to consult with an insurance professional or broker specializing in business insurance to assess your specific needs and provide guidance tailored to your sporting goods business.

For more details on business insurance, visit the links below:

  • What to Know About Business Insurance
  • Sporting Goods Business Insurance  search results

14. Choose Suppliers

Operations have the potential to be disrupted if the wrong supplier is chosen, whereas operations have the potential to be streamlined if the right supplier is chosen.

You need a supplier that you can put your faith in if you want to build long-term relationships.

For all the details, see,  How To Choose a Supplier  for tips and insights.

15. Physical Setup

Setting up your retail layout.

The layout of your store needs to be set up. For example, if you place your most popular items at the back of your store, people will need to walk through the entire store, exposing them to other items. Be sure you organize your shelves and display them tastefully.

Thousands of ideas go beyond the scope of this article, but you can find more from the link below.

Google search results for retail store layouts.

Office Setup

You’ll be spending a lot of time managing your store from your office, and you need it to be fully equipped and set up so it’s organized, allowing you to be productive.

Company Sign

It’s time to put up your business sign indicating you are ready to open for business.

For More, See the following articles:

  • Here are Considerations for The Setup of Your Office
  • All About Company Signs

16. Creating a Website

Your website should be used for customer communication and business promotion. Therefore, a site must be quick, mobile-friendly, and have a polished design to impress users.

You should also register a domain name and sign up for a reputable hosting account if you want complete control over your website.

The following articles contain additional details:

  • How to Build a Website for Your Business .
  • Registering a Domain Name For Your Business .

17. Create an External Support Team

An external support team is a group of professionals you can use to assist you or give advisory services. Although it may take months or years to build your team, you do not have to wait until its completion to use its services.

Identify and organize meetings with any professionals you may require for your team. For example, your team may include an IT specialist, a marketing expert, an accountant, a financial advisor, a banker, etc.

For more, see,  Building a Team of Professional Advisors.

18. Hiring Considerations

You shouldn’t take on more personnel than you can handle—overstaffing harms operational costs and profits.

Verify that each prospective employee is a good fit for the open position.

It’s frustrating to start over with the hiring process when a candidate doesn’t work out, which costs time and money.

Job Posts Considerations:

  • Store Manager: Responsible for overseeing all aspects of the sporting goods store, including sales, inventory management, staff supervision, customer service, and overall operations.
  • Sales Associate: Assists customers with their purchases, provides product information, and ensures a positive shopping experience. They may also handle cashier duties, restock shelves, and maintain cleanliness.
  • Inventory Manager: Manages inventory levels, monitors stock availability, and ensures timely replenishment. They also track sales trends, conduct inventory audits, and collaborate with suppliers to maintain optimal stock levels.
  • Visual Merchandiser: Designs and creates attractive displays to showcase sporting goods products, ensuring that they are visually appealing and encourage customer engagement. They arrange products, create signage, and maintain visual standards.
  • Customer Service Representative: Addresses customer inquiries, resolves complaints, and assists with returns or exchanges. They provide product recommendations and strive to ensure customer satisfaction.
  • E-commerce Manager: Oversees online sales operations, manages the website, and coordinates online marketing efforts. They optimize product listings, handle customer orders, and manage shipping logistics.
  • Marketing Coordinator: Develops and executes marketing strategies to promote the sporting goods business. They coordinate advertising campaigns, manage social media accounts, create promotional materials, and analyze marketing performance.
  • Product Specialist: Possesses in-depth knowledge about specific sporting goods products and assists customers with product selection. They stay up-to-date with industry trends, provide expert advice, and may conduct product demonstrations.
  • Warehouse Associate: Handles receiving, storing, and organizing inventory in the warehouse. They ensure accurate record-keeping, perform inventory counts, and prepare orders for shipment to the store or customers.
  • Online Content Creator: Creates engaging and informative content for the sporting goods business’s online platforms. They may produce product reviews, instructional videos, blog articles, or social media posts to attract and engage customers.
  • Equipment Technician: Specializes in repairing and maintaining sporting goods equipment, such as bicycles, tennis rackets, or golf clubs. They diagnose issues, perform repairs, and provide maintenance services to ensure customer satisfaction.
  • Finance Manager: Oversees financial operations, including budgeting, forecasting, and financial reporting. They analyze sales data, monitor expenses, manage payroll , and ensure compliance with accounting standards.
  • Event Coordinator: Plans and organizes sports-related events, such as tournaments, clinics, or demonstrations. They coordinate logistics, secure venues, handle registrations, and promote events to attract participants and spectators.
  • Wholesale Account Manager: Develops relationships with wholesale customers, such as schools, teams, or retailers. They manage wholesale accounts, negotiate contracts, process orders, and provide support to ensure customer retention .
  • Social Media Manager: Manages the sporting goods business’s social media presence, creating and scheduling content, engaging with followers, and monitoring social media analytics. They aim to increase brand awareness and drive customer engagement.

These are just a few job positions to consider when operating a sporting goods business. The specific roles and responsibilities may vary depending on the size and nature of the business.

For more, see,  How and When to Hire a New Employee.  You may also be interested in  Common Job Positions for a Business.

Points to Consider

You will need diverse skills and knowledge to own and operate a sporting goods business. Here’s a list of skills that are important for running such a business:

  • Business Management: Understanding core business principles, including strategic planning, budgeting, financial management, inventory control, and sales forecasting.
  • Industry Knowledge: Staying up-to-date with trends, products, and technologies in the sporting goods industry, as well as an understanding of different sports and their equipment requirements.
  • Customer Service: Providing excellent customer service, including product knowledge, assisting customers with their needs, handling inquiries and complaints, and building long-term customer relationships.
  • Marketing and Advertising: Developing effective marketing strategies to reach the target audience, including digital marketing, social media management, advertising campaigns, and promotional activities.
  • Sales and Negotiation: Strong sales skills, including the ability to identify customer needs, upsell products, negotiate with suppliers, and close deals.
  • Product Sourcing and Inventory Management: Identifying reliable suppliers, negotiating contracts, managing inventory levels, tracking sales trends, and optimizing product assortment.
  • E-commerce: Understanding online retail platforms, website management, online payment systems, and e-commerce strategies to expand the business’s reach and profitability.
  • Team Leadership: Managing and motivating a team of employees, including hiring and training staff, setting performance goals, and fostering a positive work environment.
  • Financial Management: Knowledge of accounting principles, financial reporting, cash flow management, and profit analysis to ensure the business’s financial health.
  • Problem-solving and Decision-making: Ability to analyze situations, identify challenges, and make informed decisions to address issues promptly and effectively.
  • Networking: Building relationships with suppliers, sports organizations, coaches, and community members to expand business opportunities and stay connected with industry developments.
  • Risk Management: Understanding legal requirements, safety regulations, and product liability to minimize product sales and store operations risks.
  • Communication Skills: Effective communication with customers, employees, suppliers, and stakeholders through various mediums, including in-person, phone, email, and social media.
  • Visual Merchandising: Knowledge of retail store layout, product placement, and visual merchandising techniques to create an appealing and organized shopping experience.

Remember, this list is not exhaustive, and additional skills may be required based on the specific focus and scale of your sporting goods business. Adaptability, a willingness to learn, and a proactive approach to acquiring new skills are valuable traits for any business owner in this industry.

  • Customer service background
  • Common Business Skills

Hours of Operation:

If your business is Internet-based, your hours are flexible, but you must ensure you fulfill orders ASAP. If you own a storefront, you will generally hold typical retail sales hours.

Monthly Expenses

See our list of common business expenses

See Our Page on Licenses and Permits

Pros and Cons:

Sure, starting any kind of business has its own set of pros and cons. Here’s a list of potential advantages and disadvantages of starting a sporting goods business:

  • Riding the Health and Fitness Wave : The demand for sporting goods is rising with increased awareness about the importance of fitness and physical activity. A sporting goods store could capitalize on this trend.
  • Product Variety : There’s a vast range of products that you can sell, from apparel and equipment for various sports to outdoor recreation equipment and fitness gear.
  • Potential for High Profits : If your business is successful, there’s the potential for significant profits, given the typically high markups on sporting goods.
  • Passion for Sports : If you love sports, it can be a dream come true to spend your workdays immersed in the world of athletics and outdoor activities.
  • Seasonal Sales Opportunities : Sporting goods stores can benefit from seasonal sales for different sports seasons and outdoor activities.
  • Community Connection : Your store can become a hub for local sports enthusiasts, teams, and clubs, and you can sponsor local events, fostering a strong community connection.
  • Competition : There can be intense competition, especially from big-box stores and online retailers that might offer lower prices due to their buying power.
  • Inventory Management Challenges : Managing inventory can be difficult due to the variety of items and sizes and the need to stock seasonal items.
  • Costly Initial Investment : Initial start-up costs can be quite high due to the need for a large inventory and spacious location to accommodate all the products.
  • Economic Vulnerability : This business can be vulnerable to economic downturns. In challenging economic times, luxury items and hobbies (including sports) are often the first areas consumers cut back.
  • Space Requirements : Sporting goods can take up a lot of space (especially for larger equipment), which might lead to higher costs for storage and display.
  • Slow Turnover of Certain Items : Some items might have a slow turnover rate, especially specialty or high-cost items, leading to tied-up capital and potential losses if the items become obsolete or damaged.

Remember, while this list can give you a good starting point, conducting a thorough market analysis in your specific area is essential before starting any business. Factors like your competition, potential customer base, and the local economy can significantly impact the success of your sporting goods business.

Type of Customers:

Suppose you already have a major chain in town. In that case, it may be a good idea to specialize and offer a more extensive selection of a few items rather than providing a little bit of everything, as larger businesses usually do.

For example, you may have a general-purpose sports store in town, but are they dedicated entirely to sportswear? Do they cater specifically to football, hockey, and tennis players?

Your approach to creating sales is entirely up to you. Remember to be creative and that the best way to compete with a larger business is to capitalize on a niche market or offer a superior experience for a select group of customers.

What you’re after is repeat business. Online or with a storefront, you want customers who keep coming back. The best way to attain this is by offering only products you believe in and making good customer recommendations.

Here are a few resources that could be helpful when you are starting your business and when it’s up and running. Feel free to return to this page anytime to use the resources.

Businesses for Sale

Consider looking at businesses for sale before starting a business from scratch. Buying an established business has pros and cons.

These are some of the pros:

  • Start-up is bypassed.
  • You already know whether your business will succeed or not.
  • When you buy a business , you gain a customer base.
  • Your revenue starts the moment you buy the business.
  • You gain the reputation that the business has built.

The following are some of the cons of buying an established business:

  • Buying an established business costs more than starting one from scratch.
  • The good and the bad come with buying a business.
  • Changing a lot could disrupt business operations, so if the business isn’t set up how you like it, you’re better off starting from scratch.

However, it doesn’t hurt to look at listings on the market. The worst thing that can happen is that you gain a broader understanding of owning a sporting goods business. See the latest Google search results for sporting goods businesses for sale.

The layout of your store needs to be set up. If you place your most popular items at the back of your store, people will need to walk through the entire store, exposing them to other items. Be sure you organize your shelves and display them tastefully.

Trends and Statistics

Statistics and trends in the industry can provide insights you may not have considered. Trends and statistics can also give you an idea of whether the industry is improving, declining, or changing.

Click Here for the Latest Google Search Results Related to Trends in the Sporting Goods Industry.

Term Definitions

Your industry must be familiar to you if you are a business owner. Nonetheless, you can wait to learn the terminology from experience or consult glossaries to get a head start.

Search Results Related to Terminology in the Sporting Goods Industry.

Associations

Membership in an association can be beneficial. Associations may provide publications and news of interest to members. You can attend events organized by many to network with other industry professionals.

Click Here To View Associations Related to the Sporting Goods Industry.  You may also want to check out our page for tips and insights about  Joining a Trade Association.

Knowledge Is Power When You Use It!

Publications.

It’s important to stay informed about your industry’s latest news, trends, and strategies. However, finding all this information in one place is challenging.

This link will take you to a detailed Google search results page containing a list of publications you can use to stay on top of the industry. The information is easier to find now; you just need to use it.

It’s a good idea to check the link below at least once a month to stay up-to-date on your industry.  Click here for the latest publications related to the sporting goods business.

Top Sporting Goods Businesses

Studying other businesses will help you better understand the industry’s competition, pricing , and other aspects. Consequently, you may develop an innovative idea or discover what you’re missing in your business. However, I don’t focus exclusively on my competitors. Instead, I like to be aware of what the competition offers and focus on offering the best products and services I can.

Search Google for the Top Sporting Goods Businesses in Your Area.

Marketing Tips

A business without customers is not a business. Marketing is crucial to gaining customers. There are many simple ways of marketing. Simply put, it’s about bringing awareness to your business, products, and services. Hanging a sign in front of your business is marketing; telling others about your business is marketing, and handing out business cards is also marketing.

If you want to market your business, test one strategy at a time and then do more of what works and less of what doesn’t. Have a Look at the Latest Articles for Marketing a Sporting Goods Business.

Using Google News to find stories covered by the media about a sporting goods business is an excellent resource.

A Google alert can be set up to notify you whenever something new related to the sporting goods industry is posted.

See Google’s News Search Results Related to the Sporting Goods Industry.

Featured Video

You can find videos with tips and insights to expand your knowledge in your industry on YouTube if you are a visual learner.

Watching videos on YouTube is enhanced by the related topics. This is a great way to access topics I’ve never heard of. Keep your eyes peeled for these.

See the Most Recent Videos Related to a Sporting Goods Business .

Privacy Overview

Start a Sporting Goods Store

Turning Fitness Dreams into Reality: Launching Your Own Sporting Goods Store

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SPORTING GOODS STORE

Related business ideas, discover your perfect domain, sporting goods store mini business plan, expected percent margins:, earnings expectations:, actions to hit those figures:, inventory management:, marketing and customer acquisition:, sales and customer experience:, cost control:, business operations:, not what you had in mind here are more ideas, grab your business website name, step 1: determine if the business is right endeavor, breakdown of startup expenses, breakdown of ongoing expenses, examples on ways to make money, step 2: name the business, step 3: create a business plan, step 4: secure financing, calculating startup costs, calculating ongoing expenses, benefits of financing, step 5: obtain licenses and permits, how to obtain licenses and permits, cost of licenses and permits, importance of obtaining licenses and permits, step 6: choose a location, researching the local market, negotiating a lease, securing financing, step 7: purchase equipment and supplies, where to purchase equipment and supplies, cost of equipment and supplies, financing options, step 8: market the business, developing a brand, promotional events, measure results, step 9: open the store, explore more categories, take the next steps.

How to Write a Sporting Goods Store Business Plan

The sporting goods store industry has been expanding steadily over the past few years, enhancing the need for sporting goods store business plans and branding goods store business plan templates for various purposes. 

Initially, as our community continues to confront the COVID-19 pandemic, many individuals are searching for outdoor amusement.  Most favored outdoor activities, such as hiking, sports, and even walking, are associated with physical exercise, which is directly connected to the sporting goods store industry.  This is merely one of the numerous reasons why the sporting goods store industry is expanding at a steady rate.  To satisfy the demands for sporting goods store clothing and gear, business proprietors consistently seek help creating sporting goods store business plans, branding goods store business plan templates, and sporting goods stores' pro forma financial projections.  Owing to this, our business plan writer offers suggestions and strategies for composing a business plan in this sector (9/23).

CHECK OUT OUR SPORTING GOODS STORE BUSINESS PLAN TEMPLATE!!!

Executive Summary for a Sporting Goods Store Business Plan or Template.

The executive summary section for a sporting goods store business plan or template should encompass a concise overview of the products or services to be provided.  Some sporting goods store businesses might concentrate on a specific sport, such as soccer, baseball, or football.  Others may offer various sporting equipment, attire, and accessories.  Regardless of the inventory approach your entity will adopt, briefly summarize it in your executive summary. 

Company Information and Location for a Sporting Goods Store Business Plan .

The company information portion for a sporting goods store business plan ought to commence by pinpointing the location of the sporting goods store, the chosen legal structure by the owner, and the prominent products the enterprise will vend.  Upon completing this, the subsequent step, in our business plan writer's most modest opinion, is to furnish comprehensive details about the target market for the sporting goods firm.  For instance, if the store specializes in soccer equipment and apparel, ensure your target market is aligned with soccer participants, coaches, and enthusiasts.  Addressing the target market section in the company information section enables the sporting goods store business proprietor to demonstrate alignment between the offered products and their target audience. 

SWOT Analysis Section for a Sporting Goods Store Business Plan Template or Business Plan.

A crucial element that ought to be incorporated in every sporting goods store business plan or template is a meticulously prepared SWOT analysis.  This analysis should succinctly delineate the strengths, weaknesses, opportunities, and threats your sporting goods store might face or enjoy.  In composing this section of the business plan, our business plan writer advises employing bright art or a similar type of chart, segmented into categories of strengths, weaknesses, opportunities, and threats.  Utilizing bright art compels business owners to limit the bulleted list for each category to around four or five elements.  This brevity allows the business plan writer to swiftly impart an overall image of the internal and external competitive scenario for the store.  Also, in writing and outlining each element, ensure the focus is on strengths and weaknesses in the internal environment, while opportunities and threats should center on the external environment.  Adhering to this format enables the business plan writer to once again present a comprehensive view of the enterprise's circumstances.

Need Help Writing a Sporting Goods Store Business Plan?

Call or Text Paul, Doctoral Candidate, MBA.

321-948-9588

Email: [email protected]

Hours of Operation: Monday through Friday, 8 am to 9 pm EST.

Our business plan writer is located in Orlando, FL.

CLICK HERE TO CONTACT US TODAY!!!

Popular Services offered by Sporting Goods Stores

The products offered section is another crucial section for a sporting goods store business plan or template.  Sometimes, a sporting goods store will stock a broad range of items like fitness equipment, sporting gear, athletic apparel, and footwear.  In such situations, our sporting goods store business plan writer almost invariably offers a bulleted list displaying the extensive variety of inventory available.  Nevertheless, this bulleted list will be divided into fitness equipment, clothing, and accessories categories.  By organizing it in this manner, the business plan writer can categorically demonstrate the classification of inventory provided and then give brief examples for each category.  This setup will enable the reader to understand the strategic approach behind the organization’s product offerings.

Pro Forma Financial Projections for a Sporting Goods Store.

While our business plan writer crafts a business plan for business proprietors in the sporting goods store sector, we deliberately structure our pro forma financial projections.  Initially, we always address the revenue portion of the pro forma financial projections.  In this part, we do not attempt to speculate how many shoes, soccer balls, or whistles the establishment will vend.  Instead, we estimate the number of customers served and the anticipated dollar amount sold for each customer.  Moreover, we also apply an average variable cost for inventory, generally around 50%.  Using this format, we can furnish sporting goods store business owners with objectives they must reach for customer sales and the number of customers served.  This is just one of the many tactics we employ when formulating pro forma financial projections for sporting goods stores.

Hopefully, these thoughtful tips and strategies for composing a business plan have been beneficial.  As always, please email or contact us by phone if you require assistance with a business plan or financial projections.

Author: Paul Borosky, Doctoral Candidate, MBA., Author

Owner of: Quality Business Plan , and  Quality Business Consultant.

Date: 9/1/2023

Sample Sporting Goods Business Plan

Sporting goods retail store business plan pdf sample.

Have you ever thought about starting a sports apparel shop business? Sporting equipment has become very popular nowadays since virtually everyone gets involved in one sport or the other no matter their age or background.

I will be presenting to you in this article a sample business plan for starting sporting equipment sales. This guide can be used when preparing to start your own business.

Here is a sample business plan for starting a sports equipment retail business.

BUSINESS NAME: Gravity Sporting Store

Executive Summary

Our Product and Services

  • Vision Statement

Mission Statement

Business Structure

  • Market Analysis

Sales and Marketing Strategy

  • Financial Plan

Competitive Advantage

Gravity Sporting equipment Store is a sporting equipment sales store that has fulfilled all the legal requirements for starting a business in New York, United State of America. The business will do all in its power to carry out its business fully.

Bill Marvelous will be both the CEO and manager of the Gravity Sporting equipment store. He has been able to contribute a total of $650,000 toward starting the business and plans are on the ground to secure a loan amounting to $400,000 from his bank to complete this fund which in its entirety amounts to $1,050,000.

Gravity sporting equipment store, which will be located in New York, the United State of America will be looking forward to offering the best services for our clients earth-wide. Our headquarter will be located in New York. Our services will not be New York limited alone but to the whole of the United State.

Below are some of the services we will be offering to our clients:

  • Supply of sporting equipment of any kind, starting from football to the least popular indoor game.
  • Installation of sporting equipment like the basketball pitch, table tennis, and lawn tennis court amongst others.
  • Training of personnel on how to use new and latest sporting facilities and equipment.
  • Maintenance of sporting equipment and facilities.

Vision Statement 

Our vision in the sporting business industry is to build a business that becomes a major force in supplying and installing the best sporting facilities in the whole of the United State. We are looking forward to making our business become a household sports name before our 5 th  anniversary.

Our mission in the industry is to become a standard sporting equipment distributor that will be vital in the distribution of the best materials for clients all over the United State of America. We want to grow a profitable business, one that will be vital toward proving quality services.

Based on the type of business we are repairing to have our structure would not be that complex. Although this structure will define our success. The following shows the breakdown of spaces to be occupied:

  • Manager (CEO and Owner)
  • Sales and Marketing Executive
  • Accountant/ Cashier
  • Technicians
  • Security personnel

Market Analysis Market Trend

One notable trend in the industry is that any sporting company hoping to stay relevant must keep informed of the latest development in the world. He must be aware of and stock the latest sports materials in the world.

Target Market

We have identified the following groups to constitute our target market:

  • Primary Schools
  • Secondary Schools
  • Tertiary Institution
  • Camp Ground
  • Residential places
  • Government Facilities

The marketing strategy adopted for our business will define our success since marketing is one of the best ways to grow your business and inform the world about it. Below are some of the highlighted methods:

  • At first, the introduction of our product will be made both at home and abroad. The tools we will be using involve the introductory letter and fliers.
  • We would be making use of our family and esteemed clients to inform the world of our business.
  • We will be making use of reputable news media like Television stations, Radio stations, and newspaper magazines.
  • We will also be making wide use of the internet to inform the world about our business. Of higher importance is social media. We would be using WhatsApp, Facebook, Instagram, and Twitter to inform the world about our business.
  • Discounted sales at the start of the operation will also help improve our sales.

Financial Plan Source of Startup Capital

To become successful in any business, one must invest big. So far we have been able to gather a total of $650,000 toward starting the business and plans are on the ground to secure a loan amounting to $400,000 from his bank to complete this fund which in its entirety amounts to $1,050,000.

Although we are new in the business, we will be seeing this as an advantage to using our up-to-date idea in both solving and servicing our clients. We would be looking forward to beating all of them as much as possible.

Guide: Starting a Skateboard Company

This article contains a sample business plan for a sporting equipment business.  Bill Marvellous is the owner and has contributed to the start of the business. The business headquarters will be located in New York, United State of America.

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Sample Grocery Store Business Plan

How to Open a Grocery Store

Writing a business plan is a crucial step in starting a grocery store. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring grocery store owners, having access to a sample grocery store business plan can be especially helpful in providing direction and gaining insight into how to draft their own grocery store business plan.

Download our Ultimate Grocery Store Business Plan Template

Having a thorough business plan in place is critical for any successful grocery store venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A grocery store business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The grocery store business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your grocery store as Growthink’s Ultimate Grocery Store Business Plan Template , but it can help you write a grocery store business plan of your own.

Example – FreshFare Market

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

Welcome to FreshFare Market, located in the vibrant community of Milwaukee, WI. As a newly opened local grocery store, we are dedicated to bridging the gap in the market by providing a diverse selection of high-quality grocery options. Our product lineup, including fresh produce, dairy, canned and packaged goods, meat, seafood, and bakery items, is curated to ensure that every visit is a delightful discovery. Positioned in the heart of Milwaukee, our store is more than just a shopping destination; it’s a place where community and quality converge, offering a unique shopping experience that goes beyond the ordinary.

Our confidence in the success of FreshFare Market is built on the solid foundation of our founder’s extensive experience in grocery store management. This expertise, coupled with our commitment to superior quality across our product ranges, sets us apart from our competition. We believe in the non-negotiable importance of quality, variety, and freshness, which is evident in everything we do. Since our inception on January 6, 2024, we have made significant strides, including the creation of our brand identity and securing an ideal location, positioning us to become a staple in our community and offer an unparalleled grocery shopping experience.

The U.S. Grocery Store industry is a robust market, with a valuation of over $700 billion and expected growth of 1-2% annually. This growth is fueled by population increases, higher disposable incomes, and shifting consumer preferences towards healthier and more convenient food options. FreshFare Market, serving Milwaukee, WI, is perfectly poised to capitalize on these trends. Our focus on fresh, locally-sourced, and organic products aligns with consumer demand, positioning us to carve out a significant niche in the competitive grocery industry and capture a substantial market share in Milwaukee.

FreshFare Market targets Milwaukee residents who prioritize convenience, quality, and a broad selection of fresh food options. Our offerings cater to families, health-conscious individuals, and those with busy lifestyles seeking quick, nutritious meal solutions. Additionally, we appeal to eco-conscious consumers by providing organic, locally sourced, and sustainable products. Our commitment to sustainability and local partnerships resonates with these customers, further solidifying our market position. Food enthusiasts and culinary adventurers also form a significant part of our customer base, drawn to our diverse international and specialty food selections.

FreshFare Market faces competition from Woodman’s Market, Metro Market, and Fresh Thyme Market. Woodman’s Market, with its vast product selection and competitive pricing, appeals to budget-conscious shoppers but lacks e-commerce options. Metro Market targets mid to high-end consumers with a focus on quality and customer experience but has higher price points and limited locations. Fresh Thyme Market specializes in natural and organic products at competitive prices, catering to health-conscious consumers but faces challenges due to a narrower product range and intensifying competition. Our competitive advantage lies in our commitment to quality, variety, freshness, superior customer service, and our partnerships with local farmers and producers, enabling us to offer unique, fresh, and nutritious options that support the local economy.

FreshFare Market distinguishes itself through a commitment to quality, freshness, and competitive pricing across a wide range of products, from fresh produce to bakery items. By focusing on the culinary needs and preferences of our customers, and offering products like competitively priced fresh produce, a variety of dairy items, and premium meat and seafood, we ensure a delightful shopping experience. Our promotional strategy combines online visibility through social media, email marketing, SEO, and PPC advertising with community engagement through events and partnerships. These efforts, along with in-store promotions and loyalty programs, aim to attract and retain customers, making FreshFare Market a preferred destination in Milwaukee.

To ensure FreshFare Market’s success, our operational strategy includes meticulous inventory management, daily quality control checks, strong supplier relationships, exceptional customer service, and maintaining a clean, organized store environment. We prioritize checkout efficiency and leverage technology to enhance the shopping experience. Our focus extends to effective financial management, employee training, and compliance with regulations. Upcoming milestones include securing a prime location, obtaining necessary permits, building out the store, establishing vendor relationships, hiring staff, and implementing a robust marketing strategy to reach our revenue goals and establish a strong community presence.

Logan Baker, our President, brings invaluable experience and a proven track record in grocery store management to FreshFare Market. His expertise in operations, growth strategies, and customer satisfaction, combined with a strategic vision for quality and community-oriented business, positions FreshFare Market for success. Logan’s leadership is instrumental in guiding our team towards achieving our mission of offering high-quality, fresh products while fostering a sustainable business model.

Welcome to FreshFare Market, a new Grocery Store that has recently opened its doors to the vibrant community of Milwaukee, WI. As a local grocery store, we strive to fill a crucial gap in our community by providing high-quality grocery options where there are none. Our commitment is to bring a unique shopping experience to our customers, offering them a wide range of products that cater to their diverse needs and preferences.

At FreshFare Market, our product lineup is carefully curated to ensure that every visit to our store is a delightful discovery of flavors and quality. Our shelves are stocked with the freshest produce, ensuring that fruits and vegetables are at their peak of flavor and nutrition. Dairy enthusiasts will find a wide variety of products to choose from, including artisan cheeses and organic milk. Our canned and packaged goods section offers convenience without compromising on quality, ensuring that you have access to wholesome ingredients for your meals. Meat and seafood lovers will be pleased with our selection, featuring cuts that range from everyday staples to gourmet options. And let’s not forget our bakery, where the aroma of freshly baked bread and pastries fills the air, tempting you with their warmth and flavor.

Located in the heart of Milwaukee, WI, FreshFare Market is perfectly positioned to serve the residents of this great city. Our location is not just a place to shop; it’s a space where community and quality meet, creating a shopping experience that goes beyond the ordinary.

Our confidence in the success of FreshFare Market is grounded in solid foundations. The expertise of our founder, who has a proven track record of running a successful grocery store, is our cornerstone. This experience, combined with our commitment to offering superior fresh produce, dairy products, canned goods, meat, seafood, and bakery items, sets us apart from the competition. We believe that quality, variety, and freshness are non-negotiable, and this belief is at the heart of everything we do.

Since our inception on January 6, 2024, FreshFare Market has achieved significant milestones as a Limited Liability Company. Our journey began with the creation of our company name and the design of our logo, symbols of our brand’s identity and promise. Finding the perfect location was a crucial step in bringing FreshFare Market to life, ensuring we are where our customers need us the most. These accomplishments are just the beginning of our journey to become a staple in our community, providing an unparalleled grocery shopping experience.

The Grocery Store industry in the United States is a significant and thriving market, with an estimated size of over $700 billion. This industry encompasses a wide range of businesses, from large chain supermarkets to small independent grocers, all working together to meet the diverse needs of consumers across the country.

Market research indicates that the Grocery Store industry is expected to continue growing in the coming years, with a projected annual growth rate of around 1-2%. This growth is driven by factors such as population growth, rising disposable incomes, and changing consumer preferences towards healthier and more convenient food options.

These trends bode well for FreshFare Market, a new Grocery Store serving customers in Milwaukee, WI. As consumers increasingly prioritize fresh, locally-sourced, and organic products, FreshFare Market is well-positioned to meet these demands and carve out a successful niche in the competitive grocery industry. By offering a diverse selection of high-quality products and a focus on customer service, FreshFare Market has the potential to capture a significant share of the growing market in Milwaukee.

Below is a description of our target customers and their core needs.

Target Customers

FreshFare Market will target local residents as its primary customer base, focusing on those who value convenience, quality, and a wide range of fresh food options. The store will tailor its product offerings to meet the needs and preferences of local families, health-conscious individuals, and those with busy lifestyles looking for quick and nutritious meal solutions. This approach will ensure that FreshFare Market becomes a go-to destination for groceries within the Milwaukee area.

Moreover, FreshFare Market will also cater to the growing segment of eco-conscious consumers. This group is increasingly looking for organic, locally sourced, and sustainable products, which FreshFare Market will offer in abundance. The store’s commitment to sustainability and supporting local farmers and producers will resonate well with these customers, further solidifying its position in the market.

In addition to these segments, FreshFare Market will attract food enthusiasts and culinary adventurers. By providing a diverse range of international and specialty foods, the store will become a haven for those looking to explore new cuisines and ingredients. FreshFare Market’s emphasis on quality, freshness, and variety will make it an attractive shopping destination for anyone looking to elevate their cooking and eating experiences.

Customer Needs

FreshFare Market caters to residents who prioritize access to high-quality fresh produce, ensuring a constant supply of fruits and vegetables that meet their expectations for freshness and flavor. Customers can also find a wide variety of dairy products that complement their health and dietary preferences, enhancing their daily nutrition intake. The convenience of having all these essential food items under one roof significantly simplifies shopping routines.

In addition to fresh produce and dairy, FreshFare Market addresses the need for premium canned goods, meat, seafood, and bakery items. Shoppers expect to find a range of meat and seafood options that are both fresh and sustainably sourced, catering to the tastes and ethical considerations of the community. The bakery section promises an assortment of bread and pastries baked daily, appealing to those who cherish the taste of freshly baked goods.

Furthermore, FreshFare Market understands the importance of convenience and strives to create a shopping experience that is both efficient and enjoyable. Customers appreciate the ease with which they can access a diverse selection of food products, meeting their needs for quality and variety in their diet. By focusing on these areas, FreshFare Market fulfills the fundamental requirements of its customers, ensuring they leave satisfied with their purchases.

FreshFare Market’s competitors include the following companies:

Woodman’s Market

Woodman’s Market offers a wide range of products, including groceries, specialty foods, and household essentials. Their price points are competitive, often appealing to budget-conscious shoppers looking for deals on bulk purchases. Woodman’s Market reports substantial revenues, benefiting from their large store formats and extensive selection.

They operate multiple locations, primarily in Wisconsin and Illinois, serving a broad customer base. The geographical spread of their stores ensures they cater to both urban and suburban shoppers. Key strengths of Woodman’s Market include their vast product selection and self-service model, which keeps costs low and prices competitive.

However, their weaknesses lie in the limited presence outside the Midwest and a lack of e-commerce options, which restricts their reach and convenience for some customers.

Metro Market

Metro Market provides a curated selection of groceries, fresh produce, and premium products, with a focus on quality over quantity. Their price points are slightly higher, targeting mid to high-end consumers looking for specialty items and a premium shopping experience. The revenues of Metro Market are strong, supported by their focus on high-quality products and services.

Located predominantly in urban and affluent suburban areas of Wisconsin, Metro Market caters to a discerning customer base. The geographic focus allows them to tailor their product offerings to the preferences of local communities. One of Metro Market’s key strengths is their emphasis on customer experience, including high-quality products and superior service.

However, their higher price points and limited number of locations can be seen as weaknesses, potentially alienating price-sensitive shoppers and limiting their market reach.

Fresh Thyme Market

Fresh Thyme Market specializes in natural and organic products, including groceries, health foods, and dietary supplements. Their pricing strategy is competitive, aimed at making healthy and organic products accessible to a wider audience. The company has seen growing revenues, reflecting an increasing consumer interest in healthy and sustainable living.

With locations across the Midwest, Fresh Thyme Market serves a niche but growing segment of health-conscious consumers. Their stores are typically found in both urban and suburban areas, accessible to a diverse range of customers. A key strength of Fresh Thyme Market is their commitment to health and sustainability, which resonates well with their target customer base.

However, a potential weakness is their narrower product range compared to traditional supermarkets, which may limit their appeal to some shoppers. Additionally, the competitive landscape of natural and organic foods is intensifying, challenging Fresh Thyme Market to continuously innovate and differentiate.

Competitive Advantages

At FreshFare Market, we pride ourselves on offering an unparalleled shopping experience that sets us apart from the competition. Our commitment to providing customers with superior fresh produce, dairy products, canned goods, meat, seafood, and bakery items is at the core of our business. We understand that quality is paramount when it comes to food, and that’s why we meticulously select our products to ensure they meet the highest standards. Our partnerships with local farmers and producers allow us to offer fresh, flavorful, and nutritious options that our customers can trust. This dedication to quality not only enhances the taste and nutritional value of our products but also supports the local economy.

Beyond our exceptional product range, another competitive advantage we have is our focus on customer service. We believe that shopping for groceries should be an enjoyable and convenient experience. Our stores are designed with the customer in mind, ensuring easy navigation and a pleasant shopping atmosphere. Our staff is knowledgeable, friendly, and always ready to help, whether it’s by offering recommendations or assisting with special requests. Additionally, we leverage technology to streamline the shopping process, offering online ordering and efficient home delivery options. These efforts collectively contribute to a superior shopping experience, fostering customer loyalty and setting FreshFare Market apart in the competitive grocery store landscape in Milwaukee.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

FreshFare Market stands out in the community by offering a wide variety of high-quality groceries and food products to meet the daily needs of its customers. The store prides itself on providing a welcoming shopping environment, complemented by a diverse selection of products ranging from fresh produce to bakery items. By focusing on quality, freshness, and competitive pricing, FreshFare Market caters to the culinary needs and preferences of its customers.

Among the key offerings, fresh produce takes center stage. Customers can expect to find a vibrant selection of fruits and vegetables, sourced from local farmers whenever possible, ensuring peak freshness and support for the local economy. Prices for fresh produce are competitive, with average prices ranging from $0.99 to $3.99 per pound, depending on the type of produce and seasonality.

Dairy products are another essential category at FreshFare Market. The store offers a wide array of dairy items, including milk, cheese, yogurt, and butter, catering to various dietary preferences such as organic, lactose-free, and plant-based alternatives. Prices for dairy products are reasonable, with milk starting at $2.99 per gallon, cheese ranging from $3.99 to $7.99 per pound, and yogurt priced at around $0.99 to $3.99 per package.

Canned and packaged goods are indispensable for pantry stocking, and FreshFare Market ensures its shelves are well-stocked with a diverse selection. From soups and sauces to grains and pastas, customers can find everything they need for quick meals or culinary experiments. Average prices in this category range from $0.99 for basic canned goods to $4.99 for specialty or organic items.

For those looking for premium meat and seafood, FreshFare Market offers a carefully selected range of fresh and frozen options. Whether it’s locally sourced beef, free-range chicken, or sustainably caught fish, customers can expect high quality at fair prices. Average prices for meat and seafood vary, with chicken starting at $1.99 per pound, beef at $3.99 per pound, and seafood starting at $5.99 per pound.

Last but not least, the bakery section at FreshFare Market is a haven for those with a sweet tooth or in search of freshly baked breads. From artisanal breads to pastries and cakes, all bakery items are made with the finest ingredients. Prices are attractive, with breads starting at $2.99 each and pastries and cakes ranging from $0.99 to $14.99, depending on the size and complexity.

FreshFare Market is committed to offering its customers not just groceries, but a delightful shopping experience that combines quality, variety, and value. With its focus on fresh, quality products at competitive prices, the store is poised to become a favorite destination for food enthusiasts and daily shoppers alike.

Promotions Plan

FreshFare Market employs a dynamic blend of promotional methods to attract customers, ensuring a robust presence both online and in the local Milwaukee community. Understanding the importance of digital visibility, the store invests heavily in online marketing strategies. Through targeted social media campaigns on platforms like Facebook, Instagram, and Twitter, FreshFare Market engages with potential customers by showcasing daily deals, fresh produce arrivals, and exclusive online offers. Email marketing also plays a crucial role, as the store sends out weekly newsletters containing recipes, health tips, and coupons to encourage frequent visits.

Moreover, FreshFare Market will leverage Search Engine Optimization (SEO) to ensure that when local customers search for grocery stores in Milwaukee, FreshFare Market appears at the top of search results. The store’s website will be optimized with relevant keywords, engaging content, and a user-friendly layout to enhance the online shopping experience. Additionally, pay-per-click (PPC) advertising will be utilized to drive more traffic to the website, particularly during promotions and new product launches.

Beyond the digital realm, FreshFare Market will implement several community engagement strategies. Partnering with local businesses and community organizations for cross-promotion events will help to increase brand awareness and foster a sense of community. The store will also host weekly events, such as cooking demonstrations and health seminars, to attract customers to the store and provide them with added value. In-store promotions, such as loyalty programs and seasonal discounts, will incentivize repeat visits and help build a loyal customer base.

To further differentiate itself, FreshFare Market will leverage local media outlets for coverage of its grand opening and special events. Engaging with local influencers and bloggers to review the store and share their experiences on social media will also amplify its reach and attract a wider audience.

In conclusion, FreshFare Market will utilize a comprehensive mix of online marketing, community engagement, and local media outreach to attract customers in Milwaukee. By focusing on creating a strong digital presence, engaging with the community, and providing exceptional value through in-store experiences and promotions, FreshFare Market expects to become a beloved grocery destination in the Milwaukee area.

Our Operations Plan details:

  • The key day-to-day processes that our business performs to serve our customers
  • The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of FreshFare Market, there are several key day-to-day operational processes that we will perform.

  • Inventory Management: Keep a continuous and accurate check on inventory to ensure shelves are well-stocked without overstocking. Use inventory management software to monitor stock levels, forecast demand, and place timely orders with suppliers.
  • Quality Control Checks: Conduct daily quality control checks on all produce and perishable goods to ensure they meet health and quality standards. Remove any items that do not meet these standards from the shelves.
  • Supplier Coordination: Maintain strong relationships with suppliers to ensure timely deliveries and resolve any supply issues promptly. Negotiate terms to ensure the best quality products at the most favorable prices.
  • Customer Service: Train staff to provide exceptional customer service, including assistance in locating products, answering questions, and handling complaints effectively. Offer services such as home delivery or online shopping to enhance customer convenience.
  • Cleanliness and Organization: Ensure the store, including aisles, shelves, and checkout areas, are clean and well-organized at all times. Follow a daily cleaning schedule and ensure employees are aware of their responsibilities.
  • Checkout Efficiency: Keep checkout lines moving smoothly by having an adequate number of cashiers available during peak hours. Utilize technology such as self-checkout stations to reduce wait times.
  • Marketing and Promotions: Implement daily marketing efforts to attract new customers and retain existing ones. This can include social media posts, email newsletters, in-store promotions, and loyalty programs.
  • Financial Management: Monitor daily sales, expenses, and cash flow to ensure the store operates within its budget. Regularly review financial reports to identify trends and areas for improvement.
  • Employee Management: Schedule staff efficiently to cover all necessary operations without overstaffing. Provide ongoing training and performance feedback to ensure high levels of staff competence and morale.
  • Compliance: Ensure compliance with all local, state, and federal regulations related to food safety, labor laws, and health standards. Conduct regular audits to identify and rectify any potential compliance issues.

FreshFare Market expects to complete the following milestones in the coming months in order to ensure its success:

  • Securing a Prime Location: Identify and secure a lease for a storefront in a high-traffic area in Milwaukee, WI, that is accessible to our target demographic. This location should also have ample parking and be in a neighborhood with a need for a grocery store.
  • Obtaining Permits and Licenses: Successfully navigate Milwaukee’s regulatory environment to obtain all necessary permits and licenses required to operate a grocery store. This includes health department approvals, business licenses, and any other local permits needed for construction and operation.
  • Building Out the Store: Complete the interior and exterior build-out of the store to meet the needs of a modern grocery shopping experience. This includes shelving, checkout counters, refrigeration units, and any specialty areas like a deli or bakery. The build-out should also consider customer flow and ensure a layout conducive to a pleasant shopping experience.
  • Sourcing Products and Establishing Vendor Relationships: Establish relationships with suppliers and vendors to secure a consistent and diverse supply of products. This includes both national brands and local products to differentiate FreshFare Market from competitors. Negotiate pricing to ensure competitiveness and profitability.
  • Hiring and Training Staff: Recruit and hire a team of employees who are passionate about providing excellent customer service. Implement a training program that emphasizes product knowledge, customer service skills, and operational efficiency to ensure a high level of service from day one.
  • Launching Our Grocery Store: Officially open FreshFare Market to the public with a well-coordinated launch event that garners media attention and attracts customers. This includes marketing efforts such as social media campaigns, local advertising, and community engagement initiatives to build excitement and awareness.
  • Implementing an Effective Marketing Strategy: After opening, continuously engage customers through targeted marketing efforts. This includes loyalty programs, weekly specials, and community events to keep FreshFare Market top-of-mind and drive repeat business.
  • Monitoring and Adjusting Operations: Regularly review operational data, customer feedback, and financial reports to identify areas for improvement. Adjust product offerings, pricing, and operational procedures as necessary to better serve customers and improve profitability.
  • Reaching $15,000/Month in Revenue: Achieve the milestone of generating $15,000 in monthly revenue. This will require effective inventory management, marketing, and customer service to build a steady base of loyal customers and attract new ones.
  • Establishing a Local Presence and Community Engagement: Become an integral part of the Milwaukee community by participating in local events, sponsoring community initiatives, and engaging with local issues. Building a strong community presence will create loyal customers and differentiate FreshFare Market from national chains.

Our management team has the experience and expertise to successfully execute on our business plan.

Logan Baker, President

Logan Baker, President, brings a wealth of experience and a track record of success to FreshFare Market. With a background in grocery store management, Logan has demonstrated a profound ability to oversee operations, implement effective strategies for growth, and ensure customer satisfaction. His previous role as a grocery store manager equipped him with the necessary skills to navigate the complexities of the retail food industry. Under Logan’s leadership, his prior ventures have seen significant improvements in efficiency, profitability, and customer engagement. His strategic vision for FreshFare Market is centered on offering high-quality, fresh produce and products to customers while fostering a sustainable and community-oriented business model. Logan’s extensive experience and successful past in the grocery sector make him uniquely qualified to lead FreshFare Market towards lasting success.

To achieve our growth objectives, FreshFare Market requires $282,000 in funding. These funds will be allocated towards capital investments such as location buildout, equipment, and furniture, as well as non-capital investments including working capital, initial rent, staff salaries for the first three months, marketing, supplies, and insurance. This strategic investment will enable us to establish FreshFare Market as a key player in the Milwaukee grocery market, fulfilling our commitment to quality, freshness, and community engagement.

Financial Statements

Balance sheet.

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Income Statement

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Cash Flow Statement

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Grocery Store Business Plan Example PDF

Download our Grocery Store Business Plan PDF here. This is a free grocery store business plan example to help you get started on your own grocery store plan.  

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