For professionals, hobbyists and sports enthusiasts alike, having the right gear is essential. Be it a cycling helmet or a pair of football cleats, those who are passionate about sports are always looking for suitable equipment to enhance their experience and performance. So, as someone with a sports goods shop, you know that the demand for your products will never go down. But, to ensure that you’re the first choice of those looking for sporting gear, shift your sights to expanding your business once you establish it. Do this to cater to beginners and professionals, as well as those who are simply trying something new.
For all your expansion activities, you can rely on the business loan from Bajaj Finserv, which will give you up to Rs. 30 lakh that you can use. Since it’s collateral-free, you don’t have to tie up your assets either. Using funds from this loan, all you need to do is focus on the 4 points below to race ahead of your competition and grow your business.
1. Be present online and make purchasing easy
Build a strong virtual presence that mirrors your physical store. A lot of customers like the convenience of being able to browse products online, buy them in a click and have them delivered, making it a worthy one-time investment. By having a high-functionality website that accepts online payments and even allows payments through instalments, you can distinguish yourself from your competition. Many teams, clubs, schools and organisations have sports teams, and so, consider offering discounts on group purchases to make them regular customers. Investing in an online store may seem expensive, but remember that it will help you reach a much wider, pan-Indian audience and significantly increase your revenue.
2. Plan and execute a good marketing strategy
Along with a good website and e-store, start social media accounts and promote your brand on various channels. Look into paid advertising and send out newsletters to existing customers to draw their attention to new arrivals and bestsellers. Also, consider sponsoring local sporting events, such as schools’ sports days, to build brand awareness and add more clients to your roster. You can also hire an agency to take care of marketing activities for you while you focus on your business’ daily operations. To hire the best in the business without making compromises, make use of the Bajaj Finserv Business Loan.
3. Choose your supplier carefully
When you purchase from a supplier, your profit margin is lower. For this reason, you must be selective and choose your supplier only after exploring all your options. Find out who supplies to your competition and at what price, inquire about special offers and look into purchasing from a wholesaler instead of ordering in a small quantity. Decide on what is your speciality product and choose a supplier that can deliver a greater volume of the same at a better price. This will lower your inventory cost and help you increase your bottom line. It will also come in handy when you expand by starting a new store, online or offline.
Additional read: Supply chain management
4. Feature unique items
Stock more than the regular selection of tennis, cricket and football gear. When you are looking to grow your sports shop, offer a wide range of products, including gear for niche sports such as squash, hockey, rugby, etc. Once you have a comprehensive range, diversify into allied products such as sportswear, accessories, nutrition bars and supplements, kinesiology tapes, etc. This will establish you as a one-stop-shop for a customer’s every need.
Growing your sporting goods business does not have to be as gruelling as training for a marathon! By paying attention to the elements above, you can make a measurable difference. Start with a concrete plan and then use your pre-approved loan offer to finance various elements of your strategy instantly with a simple 1-step verification.
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