– Expansion possibilities. The sporting goods industry is large enough to offer plenty of room for expansion as your business grows.
– Financial security. This type of business often brings in a steady stream of customers, giving it strong financial stability over the long term.
– High customer loyalty. People who enjoy sports and outdoor activity will often come back to the same store time and again, creating a loyal customer base that can be built on for years to come.
– Tight competition. There are many other sporting goods stores out there, so you’ll have to work hard to stand out and gain market share.
– High costs. You’ll likely have to pay higher than average prices for the inventory you need, so this business can be expensive to get started in.
– Small profit margins. You won’t make much money on each sale since most items are sold at a flat rate that doesn’t leave much room for profit.