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Transcript of Business Plan
Sportsuchtig sells quality sporting goods: About the Company equipment for the entire family, primarily focused on and specializing in baseball and softball equipment, apparel and accessories from major manufacturers such as Easton, Louisville Slugger, Wilson, Worth, Mizuno, Miken, and Under Armour. Baseball
Golf http://www.bplans.com/sporting_goods_retail_store_business_plan/executive_summary_fc.php Threats Opportunities Conclusion Weaknesses with retail sales of sporting goods reaching $45.8 billion in 2003. Sales are expected to grow 2% in 2004 to $46.7 billion. The personal consumption of sporting goods is forecast to grow at an annual compounded rate of 4.8% between 2004 and 2007. Retail sales at sporting goods stores are very sensitive to the health of the economy, because most sports are a leisure activity. Spending on sporting goods correlates strongly with consumer confidence and level of personal disposable income. Strengths In the last 3 years, Sportsuchtig has generated verifiable pre-tax income averaging $194,000 and total owner's benefit averaging over $323,000. This is a strong business that is positioned well for accelerated growth. We believe the business can reach revenue levels of over $5 million in 5 years by implementing this business plan. Sell the latest and most popular name-brand sporting goods, apparel, and accessories
The products are purchased from the top manufacturers in the world
The sporting goods market as a whole is a multi-billion dollar industry
Sportsuchtig financial picture is quite promising Currently there is no sales force to actively pursue sales in a wider spectrum of buyers Currently there is no sales force to actively pursue sales to the League, School, and Team market segments. Key to the new sales strategy is direct sales calls on these market segments. Currently these sales calls are made by the current owner, by virtue of his background and knowledge of the products and competitors. Very little selection of winter equipment Sales are expected to be flat in year 1 as the new owner comes into operating the business Website is somewhat unpolished and needs improvement Large competition in all fields he competition for our Internet store is significant. There are many Internet sports stores vying for the online customer's dollars - over 50. The most significant of these include big box stores like Dick's and The Sports Authority, but also smaller more traditional ;companies such as Fog Dog, Blackwater, Annaconda, Direct Sports, Bassco, Big 5 Sporting Goods, Planet Sports, Baseball Corner, and Baseball Express. Most of these internet stores offer a full range of sports products and their Web sites are professionally done and usually feature tools designed to draw the customer back to the site repeatedly.
The two traditional sporting goods stores in the metropolitan area are Don's Sporting Goods and Happy Sports. Both of these stores are very well known and have been in the local market for over 30 years. These 2 stores are in the same class and format as Sportsuchtig.
•Redesign, upgrade and marketing of the Internet store
•Adding additional product lines for sports played in other seasons than baseball/softball
•Creation of an outside sales team to gain a significant share of the team sales market
•Optimization of inventory purchasing, management and tracking
Large area for growth •Relocating the existing retail store
We will plan to relocate the business near the end of year 1 which should help position us for increased retail sales beginning in year 2. The website will be redesigned in the first 6 months and the Web marketing strategy will be timed to coincide with the implementation of the new site. Expansion into at least one new product participant segment will be planned for each year, beginning in year 1. An outside sales team manager will be hired in year 1, but ramp-up of the sales team is not planned until early in year 2.
Sporting goods are also sold by mass merchandisers like Wal-Mart, Kmart, and Target, and by catalog and Internet retailers like Cabela's and L.L. Bean. Although large chains sell a broad range of merchandise at lower prices, small local stores can successfully compete by offering better service or specializing in a particular sport(s). Because the equipment of many sports is very technical, knowledgeable salespeople are a strong competitive factor. Employees must be trained to understand and explain differences. Companies typically try to recruit employees who are avid sports' participants. Losing competitive edge Limited well trained employees SWOT Analysis aggressively penetrate and increase sales to other sports participant segments, especially those that cater to the athletic tastes of aging baby boomers. There is great opportunity for growth in the "customer type" segments; we will initially look to increase our exposure and products to these segments, especially League Representatives and Independent Team Coaches in the metropolitan area. With an improved Web site design and a Web marketing strategy the company can significantly increase the number of sales through this channel. On the retail side, the large selection of inventory, high technical knowledge, and unique customer service will help when competing against the competitors in the local market. Sportsuchtig is expected to be profitable in the first year, with net profits increasing steadily as the reputation of the business, its employees, and services become apparent to the local market.