How to Write a Sporting Goods Store Business Plan
The sporting goods store industry has been growing at a moderate pace over the last several years, which has spurred the demand for sporting goods store business plans and sporting goods store business plan templates for various reasons. First, as our society continues to grapple with the Covid-19 pandemic, more people are seeking entertainment outside. Most popular outside events, such as hiking, sports, and even walking, are related to physical activity, which is directly linked to the sporting goods store industry. This is just one of many reasons why the sporting goods store industry is growing at a moderate pace.
In order to meet the demands for sporting goods store apparel and equipment, business owners are continually seeking out assistance for writing sporting goods store business plans, sporting goods store business plan templates, and sporting goods stores pro forma financial projections. Because of this, our business plan writer has come up with some tips and tricks to use when writing a business plan for this industry.
Executive Summary for a Sporting Goods Store Business Plan or Template.
The executive summary section for a sporting goods store business plan template or a sporting goods store business plan should include a brief summary of the products or services you’ll be providing. Some sporting goods store businesses will focus on a niche sport like soccer, baseball, or football. Other sporting goods stores may carry a wide array of sporting equipment, clothing, and accessories. Regardless of which inventory strategy your organization will embrace, make sure to briefly summarize it in your executive summary.
The company information section for a sporting goods store business plan should start with identifying the location of the sporting goods store, the type of legal structure the owner will choose, and popular products the company will sell. Once this is complete, the next step in our business plan writer's most humble of opinions is to provide in-depth details related to the target market for the sporting goods company. For example, if the sporting goods store will carry soccer gear and apparel, then make sure to align your target market with soccer players, coaches, and fans. By touching on the target market section in the company information section, the sporting goods store business owner is able to show alignment between products offered and their target market.
SWOT Analysis Section for a Sporting Goods Store Business Plan Template or Business Plan.
An important component that should be included in every sporting-goods store business plan or sporting-goods store business plan template would be a well-prepared swot analysis. The swot analysis should represent, briefly, the strengths, weaknesses, opportunities, and threats faced or enjoyed by your sporting-goods store. When writing up this section of the business plan, our business plan writer recommends using smart art or some type of chart broken into categories of strengths, weaknesses, opportunities, and threats. By using smart art, business owners are forced to keep the bolded point list for each category to about 4 or 5 components. By keeping a brief, the business plan writer is able to quickly convey an overall snapshot of the competitive environment, both internally and externally, for the store. Also, when writing and describing each component, make sure to focus your strength and weaknesses on the internal environment, and your opportunities and threats should be focused on the external environment. By following the structure, the business plan writer is able to again paint a broad picture of the firm's environment (7/22).
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Popular Services offered by Sporting Goods Stores
Another important section for a sporting goods store business plan or sporting goods store business plan template is a product offered section. In some instances, a sporting goods store will carry a wide array of products like fitness equipment, sporting equipment, sporting apparel, and shoes. In this scenario, our sporting goods store business plan writer almost always will provide a bulleted list showing the wide assortment of inventory carried. However, the bulleted list will be broken into categories such as fitness equipment, clothing, and accessories. By structuring it in this form, the business plan writer can show, categorically, the grouping of inventory provided as well as then supply brief examples for each category. The structure will enable the reader to grasp the strategic plan behind the organization’s product offerings.
When our business plan writer writes a business plan for business owners in the sporting goods store industry, we specifically structure our pro forma financial projections. In starting, we always tackle the revenue segment of the pro forma financial projections first. In this section, we don’t try to guess how many shoes, soccer balls, or whistles the organization will sell. In contrast, what we do is estimate the number of customers serviced and the estimated dollar amount sold for each customer. Further, we also use an average variable cost for inventory, typically about 50%. In utilizing the structure, we are able to provide sporting goods store business owners with targets that they need to achieve for customer sales as well as the number of customers served—just one of many strategies we utilize when constructing pro forma financial projections for sporting goods stores.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author