Sports Business in India
How to get started?
Before you think of starting sports accessories business in India, study the area and the city in which you want to start a business. Then make a list of sports equipment that people in your city will be interested to buy. For instance, if your city does not have any lakes or water bodies nearby, then selling kayaking sports equipment will not give you any profits.
Decide your target market
The most common sports equipment that anybody would buy is cricket, basketball, skating, hiking, and camping sports equipment. These sports equipment fall into two basic categories, indoor sports and outdoor sports. In indoor sports you get many options, like, boxing gloves, snooker and pool tables, table tennis table, dart boards, board games, etc. In outdoor sports, you get many options, like cycling, skateboarding, archery, water sports, hunting, fishing etc. If you are importing any of these products and selling certain brands in your store, you need an Import Export Code, authorized deal code apart from all the licenses and permissions needed to establish a store.
Decide type of sports that you want to target
The procedure to obtain sports equipment or any other product is the standard procedure, only the category in which you register changes. You have the following options when it comes to selling sports equipment.
- Indoor or outdoor sports
- Sports gear, clothing, and accessories
- Machines or parts of any sports equipment
Leverage the power of Internet
These are the basic options you can choose to get started with sports accessories business in India. You can as well set up an online store and sell them. You need a payment gateway, an eCommerce compliant website, a security system in place to accept secure transaction. You can research your geographical location and perform a market research to see if the products that you wish to sell are already existent in the market.
You can bring out the uniqueness to this business by performing the market research to find out the following.
- If you want to sell international brands of certain sports equipment and accessories
- If your pricing is unique
- If you have ideas to promote your business uniquely and create a niche in this area
- If the general populace is sports frenzy and adventurous
- Areas where you will find more number of customers who are likely to buy sports gears. These will generally be close to schools, corporate, playgrounds, etc.
- Your marketing and promotional strategy. That is, what is the medium you are going to use to promote your product and how frequently you can promote your product.
- How creatively you can use advertising to sell these products.
- What are the refund, discount, and return policies, if you want to have any for your store
- If you want to have an exchange option or not.
Whenever you want to retail any product, you have to design all these policies. An attorney can help you create policies for the products of your store. If the goods are damaged, what kind of exchange policy you can have with your supplier as well as the customer etc are a few things you can decide for this retail store.
Be well informed and well prepared
If you are selling any fitness equipment as well, you have to check into the health hazards and regulation methods and only then sell this equipment. You also have to train your sales personnel to use of these products, so that they can explain the same to the customers who want to buy them. A few products that you are franchising at your store will give you all the information and training about the products you need. You have to make an investment for product training and information. Most of these stores need not have a lot of manpower.
One of the advantages of starting a sports accessories store is that, you can choose many products that are not easily available and make this your competitive advantage of selling sports goods and accessories that are not available in any store in your city or country. This way, you will be the sole competitor in your business and it can help you promote your business and gain popularity easily. Starting a sports accessories business per se is unique. To top it, you have many options to create a niche for this business and attract the attention of customers easily.