Business Startup Ideas
Opening a Tennis Equipment & Supplies Business
Starting a tennis equipment and supplies store is your ticket to owning a good, stable business but it's important to plan out the business in detail before you start. We offer a friendly, comprehensive guide that may be key to your ultimate success.
Thinking about opening a tennis equipment and supplies store? We tell you what you need to know to get started.
Love tennis? Maybe you should open a tennis supplies store!
Selecting a Tennis Retail Space
Right out of the gate, tennis retail startups need to address the space issue. Although it's smart to create an online tennis retail store for your startup, you'll also need a brick-and-mortar location anchored in an area with an active tennis community.
The question of whether to lease or buy is a no-brainer -- definitely lease, at least until your business is on its feet. In fact, tennis store startups should plan to lease the smallest place they possibly can, especially if they are located in a seasonal tennis market.
Tennis enthusiasts usually don't mind putting up with a little clutter in exchange for a retailer that is truly knowledgeable about the game. But an oversized retail space with empty shelves could be the kiss of death for your startup.
Inventory Mix for New Tennis Retailers
Rackets. Shoes. Apparel. The big three product categories for any tennis retailer. Your store's initial inventory should include an ample supply of these products from recognizable brand names like Prince, Head, Nike, Wilson, Adidas and other major tennis gear manufacturers.
But for any retail startup, exceptional inventory management is a key to profitability. You simply won't be able to create and maintain a profitable tennis retail venture unless you are able to achieve the right balance of inventory for your customer base.
An inventory tracking software solution may seem like overkill for a small tennis shop startup. But with a spectrum of products now available for retailers of all sizes, an upfront investment in a basic (yet capable) inventory tracking solution will pay for itself many times over.
Tennis Shop Startup Service Tips
Tennis retailers do much more than just sell tennis equipment and supplies. They also provide a high level of services for their customers. Racket restringing, demo programs, buying advice and other service offerings are essential for any tennis retailer interested in surviving beyond the first year.
Many tennis retail startup entrepreneurs find that they can leverage customer service as a way to compete with big box and online retailers. By investing the time to make sure your customers are able to squeeze maximum enjoyment out of their time on the courts, your startup will reap the rewards of a loyal customer base.
Best Practices: Business Plans for Tennis Equipment & Supplies Stores
A great business plan will lay a strong foundation for growth in your startup tennis equipment and supplies store.
Business plans address a wide range of issues, including startup financials. The financial chapter of your business plan is one of the first places investors and lenders look, so it needs to contain forecasts and budgets that are rooted in business realities rather than your personal best case scenario.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for tennis equipment and supplies stores.
Don't Overlook the Competition
Prior to opening a tennis equipment and supplies store within your community, it's essential to determine how strong the competition is. We've provided the link below to help you generate a list of competitors in your city. Complete the form by entering your city, state and zip code to get a list of tennis equipment and supplies stores that are close by.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
Once you've finished assessing the competion, the next step is to speak with somebody who is already in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
Thankfully, an owner of a a tennis equipment and supplies store in another town may be willing to share their entrepreneurial wisdom with you, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How does one quickly and easily locate a tennis equipment and supplies store owner on the other side of the country to talk to?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Retail Tennis Equipment & Supplies Business Acquisitions: Financial Considerations
You've invested a lot of time and effort in planning your startup. But here's something you probably don't know: Startup tennis equipment and supplies stores consistently fail to achieve the financial performance of acquired tennis equipment and supplies stores.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
Based on the acquisition target's financial records, you should be able to piece together a realistic forecast of your new company's financial picture for the first year and beyond. If you need assistance, we suggest talking to an accountant or professional business planning consultant.
Explore Franchising Options
The odds of growing your business zoom upwards if you decide to franchise rather than going it alone.
If you planning on starting a tennis equipment and supplies store, a smart move is to investigate whether there are good franchise opportunities available that might be worth investigating.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding starting a business may be of interest to you.
Share this article
Additional Resources for Entrepreneurs