A sporting goods store can be a worthy investment if you are willing to invest some time, effort, and money. Although it takes some time to build a customer base that allows you to expand and grow, you can reap better returns in the future. Similarly, if you buy an already-existing business, you do not need to wait for long.
A sporting goods store will provide sporting equipment for multiple sports. These may include apparel, protective gear, and sport-specific equipment. The most common equipment you will keep will be for football, basketball, boxing, and popular national games.
Before you start a company or buy business related to a sporting goods store in Thailand, you must keep track of the following things.
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Table of Contents
Choosing Your Niche
Choosing your niche is important because the popularity of sports differs in different locations and countries. If your business is a retail type, you will be looking to sell equipment for the most popular sports like football, tennis, basketball, badminton, and golf. Similarly, there might be some local games that are more popular than these worldwide-followed sports. Likewise, you might look to promote some of the most popular sports team in the world. For example, Manchester United has a global fanbase of more than 650 million people. More than 300 million people lie in Asian countries. Therefore, you are likely to get customers for their merchandise and kits.
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Understanding Your Markets
Understanding and segmenting your market is equally important to choose a niche. This is because people of different ages participate in different types of sports. For example, people over 50 years of age will probably prefer golf more than football and hockey. Since traditional boxing is the national sport of Thailand, you will likely encounter customers in any region. Furthermore, if possible, look out for local league competitions and provide some sort of sponsorship. This will be an effective way of targeted marketing.
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Understanding the Costs
A sporting goods store will probably involve higher costs during the initial stages. You have to buy a wide range of products and equipment. Likewise, you might want to set up websites and social media for marketing and e-commerce. Inventory, employees, utility, and rent will also add to your costs.
If you are willing to buy an already existing business, you might have to pay for legal services during transition. Furthermore, changes in branding will also cost you few bucks during the initial phase.
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Determine Revenue Streams and Profit Models
Preparing revenue and profit models will give you a blueprint of how your business should operate. A sporting goods store is a profitable business if you make proper use of good business models. Keep a track of the most commonly played sports in your locations. Furthermore, you can also resell used sporting equipment like golf and hockey bats.
Buy Sporting Goods Store Business With a Reliable Platform
If you want to buy a business related to sporting goods in Thailand, we advise you to consult with a specialist business buy and sell firm. Easy Buy Sell Business Thailand is a highly reputed business for sales portal with unmatched experience in buying and selling multiple types of sports businesses. This includes sports retails, marketing agencies, blogs and media, sporting facilities, and gyms. They have a close understanding of the business for sale Thailand 2020 climate in Thailand and hence can provide the best deals in a shorter period of time.