The sportswear business has recently become one of the most profitable industries in the US. This factor has compelled many wholesalers to invest in this business. If you are also considering starting a wholesale business for sportswear, you are at the right place.
Here we have gathered some information that you must know before starting a wholesale sportswear business.
So, without any further ado, let’s just get into it.
Sportswear Market Size
In 2018, the market value of the sportswear industry was recorded at $167.7 billion globally. The demand for sportswear is estimated to increase by 23 percent by the end of 2023. These statistics clearly indicate the potential of profit in this industry.
Things to Know Before Starting Wholesale Sportswear Business
If you plan to start a wholesale sportswear business, you must first know about the following factors:
1. Market Research
You cannot succeed in any business without researching its market. Market research will provide you a basis for your Wholesale Marketplace for sportswear. You should know about your competitors, the product rates, suppliers, etc. before making a business plan.
Remember, the more extensive your market research is, the better chances you will have to succeed in your business. Hence, conducting thorough market research is a vital step for starting a wholesale sportswear business.
2. Business Plan
A business plan is usually the first step in starting any business. A good plan can be the reason for the success of a company. Similarly, an incorrect or incomplete business plan may be the main reason behind a failing business.
Your strategic plans should include a budget, inventory location, and other things like product rates.
We suggest creating a contingency plan along with a business plan. A contingency plan should include methods for overstock or out-of-stock situations.
3. Selection of Suppliers
Selecting the right supplier for your wholesale sportswear business is significant. You will be sharing a long-term relationship with your supplier. Try choosing a supplier with the following qualities:
- Has a no-minimum-order policy.
- Should hold a reputable position in the market.
- Is trustworthy and reliable.
- Has a return and refund policy.
- Offers free shipment.
4. Inventory Management
Your inventory is the backbone of your business and managing it is not an easy task.
Use an active and reliable inventory management system to keep your inventory well-organized. Also, make sure that you use other advanced Business Tools to automate your inventory. This way, you will eliminate the risk of human error and save time and money.
5. Promotions and Marketing
Once you have the right suppliers and your inventory is set, you can move to your business’s promotion and marketing. We suggest using the latest marketing strategies and tools. You will be able to stand out among your competitors only when you implement advanced marketing strategies.
Use social media to promote your products, introduce new items, and know about your customer’s preferences. Besides social media, marketing tools like Mailchimp and Google Analytics will help your wholesale sportswear business to grow even more.
In A Nutshell
If you want to start a wholesale sports clothing business, you cannot just jump into it without any prior knowledge. To succeed in this business, you need to have information about certain factors. We hope that the above list will help you start and establish your wholesale sportswear business successfully.