Whether is it a sporting goods store, a putting green, an indoor gymnasium, or a company that makes and manufactures sports equipment or clothing, getting into the sports business will take a myriad of resources and a high level of determination for you to succeed.
The key is to align the things you need in order to improve your chances of success and to make sure that you are prepared for as many eventualities as will likely come with your starting a new business. Most people have an idea that things will just take off the minute they open their doors, and they might, but in order to have long-term sustained success, you need to do the following:
A Great Idea
Every successful business starts with a great idea and a sports company is no exception. You need to be really clear about your particular idea and then develop it so that you can discuss it in one sentence. It does not have to be unique, it only has to be marketable and able to fit into the current market or create a new one that consumers will gravitate towards. You need to take your time here and test your ideas with other entrepreneurs who have to create successful companies out of great ideas. Be prepared to get negative feedback and to take this feedback to heart. In the end, you may find your idea is not as great as you thought, but you might also find out that it actually has more potential. Use this process to rethink and refine.
A Good Plan
Every great idea turns into a business idea via a good plan. Your plan should include every detail of your business from manufacturing to supply chain to operations, marketing and sales. If you are weak in any of these areas, solicit help from experts in that area. Create projections around your company so you understand how much capital you will need to have in order for your business to reach profitability. Give yourself room to be wrong on your projections and not put yourself in a bad position and assume that you will run into unexpected challenges along the way. In other words be conservative in your expectations.
Access to Financing
Every business requires some money to get going so you need to create a budget within your plan and have a clear way to get these funds. Some people are lucky enough to have access to savings or a rich relative, that they can access, but most people will have to take a different route. One idea is to get a loan from a bank. Banks are open to discussing new business ideas with entrepreneurs and if they can pass the criteria set by the bank, they will lend. But today, this criterion is getting more and more strict and as a result, fewer people can qualify. Especially if you have bad credit. If you are looking for guaranteed loans bad credit makes it next to impossible, but there are companies that specialize in getting you the money you need even if your credit is bad. They can work within your particular situation and get you the funding you need.
One additional element you need in all of this is an absolute love of sports and a strong desire to be your own boss. There will be really tough times coming and without both of these, you will lose your enthusiasm for sure.
