There’s not a whole lot that’s better than the great outdoors. However, one such thing is promoting an appreciation of the outdoors and doing so for the sake of your own profit margins. Opening an outdoor gear store can be a tremendous business opportunity, but only if your planning and execution are on point. Here’s what you need to know.
The Supply Chain
One of the essential parts of any retail outfit is the supply chain. The vast majority of retailers don’t produce any of their own goods on site, and that means that they need to secure a supply chain designed to provide them the products they need for resale. The first factor that you need to consider when building a supply chain is reliability. Make sure that your distributor of choice has GPS for commerical trucks tracking so that you always know the state of your goods while they’re in transit, for starters. You’ll also want to compare and contrast the user reviews for all of the options in your area. This can help you find the best balance of price, quality, and service that keep your inventory stocked without breaking the bank. However, a tool is only as good as its user, and your supply chain likewise needs to be used correctly in order to provide the intended results. Failing to order new supplies early enough can leave you without, and that will negatively affect your sales figures and then your profit margin.
Marketing
In order to gain traction in the world of commerce, you need to market yourself. Marketing is the primary force with which you can spread the news about your company, and this is done with two key goals in mind. First and foremost, you’ll want to bring in new customers in order to drive sales. However, attracting consumers will only get you so far, and marketing seeks to address this dilemma by creating brand loyalty in consumers. This means that a potential one time shopper can grow to prefer the brand over similar companies offering the same kind of products and/or services. Marketing is a powerful tool, but only when it’s wielded by a trained professional. Poorly produced marketing materials made on a shoestring budget may be impressive from a logistical standpoint, but the DIY route rarely provides the desired growth. Instead, you should hire a marketing agency, outsourcing the labor to the kind of workers that know how to make compelling marketing materials and have the resources with which to do so.
Market Research
Before you invest in marketing, you’ll need to invest in market research. The data provided by market research drive not only marketing strategies, but also business strategies. In order to get this kind of data, you’re going to need to work with a PR firm that can handle the task of collecting information, typically via consumer surveys. The goal of market research of this kind is to create an overview of who your audience is made up of and, more importantly, what your audience needs from your business, especially when it’s something that no one else is offering. This information can give you a blueprint for how to operate your business, not to mention how you can market it. For example, running a store that specialized in outdoor gear has an implied course of action based purely on the industry that it occupies. However, additional information about the real people that make up your target demographics can help you sort out the fine details that can give your company a competitive edge and secure a consistent base of loyal customers.
Building a business from scratch will take a lot of hard work. However, you can choose to see it as yet another adventure, and it’s one with the mission statement of enabling the adventures of others. Using these tips, you can create a lasting and successful business.
