A 3-step walkthrough to open a triathlon shop

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As compared to other kinds of sports shops, a triathlon shop appears to have much more things to sell. And since we have swimming, biking, and running in a triathlon event, you can sell various relating items. Surfing on some infamous triathlon shops like triathlon lab, Tri Sports, and Tri Boutique, you will come to realize that selling triathlon items does not stop at selling suits and gears. In fact, many stores come with a wide variety of offerings such as nutrition, electronics, training equipment, books and DVD, poster and art, etc. Thus, a triathlon startup will need thorough research and planning. In this article, you will find out a 3-step walkthrough on how to open a triathlon store.

How to open a triathlon shop?

Step 1 – Research

As a matter of fact, you cannot just jump into opening a store without knowing what it is like selling the targeted products. Consequently, researching about current product and service providers play a crucial part in determining what and how you are going to sell yours. And in this phase, what you will need to focus on is the potential rivals, the current rulers of the game, and the future customers. Finally, you will be able to know to which extent and at which budget you can offer the products and service.

Observation

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Observe how the big guys are doing

Observation is the key to open the pathway to create a triathlon store and develop it at a sustainable level. So in this step, what exactly are you going to observe? Of course, the big guys in the current market. Simply go to the official websites of some big names like Tri Sports, Swim Outlet, and The Triathlon Shop. Then, take a look at how they arrange the category for the products they offer and how they present them on their sites. Finally, write your own report on how they are doing their business and what lessons you can learn from them.

Market research

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Analyze the market to know what your potential clients need

Getting to know you customers is essential. As it partly contributes to whether or not you can actually sell your products, your success depends on your client. And if there is a mismatch between what they need and what you offer, there is a high likelihood that you cannot sell anything. To have an in-de

Following the research for the customer behavior, you may need to go to the triathlon events. And you will see what they need and from which brands they lay their trust on. (See more at Popular triathlon events you must know)

Capability research

Analyze your own capability to know what you can do

For this task, you may want to look at yourself. And what I mean here is to analyze your capability in offering triathlon products. Some big questions you need to answer are: How much can you invest in the store? What kinds of products can you provide for the store? What are the main groups in your store’s category? And Why do you think they are profitable for your business? These questions are to make sure that you can invest in your triathlon shop without having to risk your budget too much.

Step 2 – Plan

This step needs to be taken with elaborate works from all the people relating to the business. Because the more thoroughly you can plan, the smoother your business will run in its actual operation. Planning involves specifying your products, your budget plan, and your action plan.

Feasible products

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Identify what you will sell

Clarify what products you are going to sell and put them in groups. For swimming, you can sell wetsuits, swimwear, goggles, caps, lubricants and body care. For cycling, you can sells, bike gears, helmets, bike computers, tools, sunglasses, and apparel. And for running, you can sell shoes, run hydration, hats, gloves, socks, watch and bags. Also, specify the price range for the products, and choose whether you will sell the high-end, mid-end or low-end products.

Budget plan

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Detail the budget for each component of your business

The budget plan does not only relate to giving out how much money you will spend to have the products in your hands. In fact, the budget plans involve different expenditure on suppliers, licensing, store location, furniture, fixtures, construction, employment, marketing, and maintenance. For each aspect, you will need to answer all the What, When, How, How much, Who, and Where.  As an illustration for this, if you want to detail the budget plan for marketing, ask yourself these questions.

  • What will be the marketing content?
  • How can I make my products reach to the customers? (marketing means)
  • Who will be in charge of the marketing tasks?
  • Where am I going to expose my products to the potential customers?

Action plan

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If you fail to plan, you plan to fail

Again, each aspect of the business that you spend your money on needs an elaborate action plan. And the most important thing for the plan is assigning each task with specific deadlines. Thus, you can later keep track on the working process. An ideal action plan should detail the works within a year. However, the time can vary, depending on the scale of your triathlon shop and the recognition from customers.

Step 3 – Action

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Put your plan into action

Keep things on track

Once you created the business plans, you can now apply for the license. And by the time you finish preparing for your store, you already have the license to operate your store legally. Also, for whatever you do, make sure you do it according to the plan. Much as importantly, following the deadlines and maintain the online store helps you to minimize the waiting time to meet the profit goals. Finally, sticking to the plan encourages the motivation to push the store close to customers’ recognition.

Evaluate and monitor

In fact, most of the businessmen these days overlook the importance of this task. In fact, assessing and correcting the performance of your triathlon shop further boost its future performance. So for this final step, you will need to have the selling record and analyze the productiveness of your business. Specifically, the term “productiveness” depends on various factors, some of them are marketing efficiency, staff quality, and product competitiveness. As a result, you will have an in-depth look at how you store is working and how to enhance the future performance.

Conclusion

In a nutshell, even though a triathlon shop may be a promisingly profitable business, it is never an easy thing to do. To make sure your store will be working properly to spit out the profit, it is indispensable to have the definite plans and blueprint. Thank you for reading this piece of writing on how to open a triathlon shop. Strongly hope it can help you with your future business.

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