Do you want to start a used equipment store from scratch? Or you need a sample used equipment store business plan template? If YES, then i advice you read on.
Most people don’t have the cash to purchase brand new sport equipments and would rather opt for used ones. You can start a used sport equipment store where you sell different fairly used sports equipments at cheapest price. If you have a thing for sports and general fitness, this may be the good business idea for you.
The major problem used sport equipment shop owners encounter is where to get used sport equipments, which are still in good quality at the cheapest price possible to be able to resell and still make good profit.
In this article, I will cover requirements for starting used sport equipments store, how to start a used sport equipment shop and best places to source for good quality products at the cheapest price possible. At the end of this article, you should be able to know in details all it will take to start a used sport equipment store.
3 Requirements for Starting Used Sport Equipment Store
To start and successfully run a used sport equipment store, you need to have access to the following;
- Capital-: You need enough capital to stock your store with as many used sports equipments as you can. And most times, you don’t just pick one piece; you get to buy in bulk. If you have enough savings stashed up somewhere, you can invest in this business. You can also access loan from banks or other financial institutions. Finally, you can get a business partner or angel investor to create to the capital base needed to start the business. You will have good Returns on Your Investment (ROI).
- Location-: You also need a good location to run a successful used sport equipment store. If you can get a good spot in a lively area of the town, the business will as good as market itself.
- Marketing Skills-: Marketing skills is a must for this business to succeed especially at the early start of the business. You may need to do an extensive marketing to get your business off the ground. I will talk about ways to advertise your used sport equipment business later in this article that help you create good awareness for your business.
Starting a Used Sports Equipment Store – Sample Business Plan Template
1. Draw Up a Business Plan-: Take out time to draw up a business plan on how your used sport equipment store will be operated. How much are you willing to invest in starting the business? How will you source the capital? At what capacity are you willing to start the business? What means of advertisement will you adopt to market your business? Where do you see your business in the next two years?
These questions serve as a land map to developing a good business plan. If your start up capital will be gotten as a loan from the bank, then make inquiries of the payment scheme and include a step by step repayment process in your business plan to help you meet up to the financial obligations.
2. Lease a Good Business Location-: I have mentioned earlier on this article on the importance of a good location to the success of your business; so you must ensure that your store is located in a business area of the city. If you can get a lease deal in a shopping mall, that will be much better.
Any lease deal you are signing for your store should be a long term one to last for some years because you wouldn’t like the idea of moving your store to another location due to expiration of your lease; and the lease should also come with a renewal clause.
Make your sport equipment store to look very lively and entertaining to your sport loving customers. You may post live size pictures of their favorite sports Stars as wallpapers around the store. If you can also have some local sport Start autographs on some sport equipments which you will keep in strategy positions in the store to serve as a side attraction to customers.
3. Source for Products-: As you source for used sport equipments, always bear in mind that quality matters a lot. Some of the places you source for used sport equipments are via online auctions sites like EBay.com and Amazon. If you are purchasing from online auctions sites, please read up reviews from previous buyers because a lot of scammers pose as sellers on online platforms just to get your money.
Also make use of escrow system where available to avoid scam. You can also make a platform where customers can swap their used sports equipments in good conditions to pick a replacement and balance up payment when necessary. Another place to source for products used sport equipments is to contact popular sport equipment manufacturing companies and request for used or refurbished sport equipments in bulk quantity.
4. Advertise Your Business-: The success of your used sport equipment store depends on the efforts you put in advertisement. Some of the ways to advertise your store include:
- You can conduct a program where everybody that spends up to certain amount on equipments from your store is given a ticket and stands a chance for a raffle draw; the winner goes home with some products from your store.
- You can also create online website where your products are displayed for sale, and people can order for products from your site and get the product shipped to him or her for free.
- You can offer a major discount for the first fifty to hundred customers that patronise your site.
- You can involve in local trade fairs in your area and showcase your products n your stand for people to purchase.
So far, I have covered thing you need to successfully start a used sport equipment store; how to go about starting your own store, and also some ways you can create awareness for your sport equipment store. As you can see it is easy to start an equipment sport store for selling used equipments, especially if you have a vast knowledge and interest in sports.
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