Archery Shop Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Archery Shop Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Archery Shop business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
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Archery is one of the world’s most popular sports. The use of the bow and arrow has been around for many millennia and it is a widely practiced sport among hunters as well as competitive archers. Archery shops tended to reasonably well even during times of economic recession. This is primarily due to the fact that many archery shops cater to the needs of hunters, who will frequently purchase new equipment and take lessons even the in the event of an economic recession.
The startup costs associated with the new archery shop are relatively low. Usually, these businesses can be started in most markets for as little as $50,000 or as much is $150,000 depending on the size of the store and how much inventory is going to be carried at the onset of operations. It should be noted that many bow and arrow manufacturers will often provide inventories on a credit basis to most archery shops. One of the nice things about owning and operating archery shop is at substantial amounts of sales can also be done online. As many of the stores carry expansive inventories among many different manufacturers, the ability to divest slow to move inventories via online sales channels is one of the ways these businesses are always able to ensure profitability.
The gross margins generated from most archery product sales typically ranges anywhere from 40% to 70% depending on the item being sold. It should be noted that many archery shops also offer archery lessons which is a very high margin stream of revenue for these businesses. Small classes for both children and adults can easily generate several thousand dollars a month of additional revenue.
An archery shop SWOT analysis should be produced in order to outline the strengths, weaknesses, opportunities, and threats normally faced by these companies. As relates the strengths, archery shops typically are in very little competition with each other even in major markets. The barriers to entry are considered to be moderately low, and the gross margins generated are considered to be moderately high. These businesses, given the fact that they cater to hunters, are typically able to remain profitable at all times.
For weaknesses, archery shops are a very specialty business and it is imperative that the entrepreneur ensure that there is very little competition within their market before launching a new location. The operating expenses can be somewhat high especially if a highly visible retail store is sourced. It should be noted that most archery shops do not need a highly visible storefront given the pet fact that people will seek out this business rather than becoming familiar with it as they go about their day.
As relates to opportunities, many archery shops have the ability to expand by simply adding additional retail locations, providing a greater number of archery lesson services, and maintaining expansive online sales portal.
For threats, there’s really nothing that is ever going to change about the archery shop industry. This is a sport that has been in operation for many thousands of years, and will continue to be popular among children and adults who enjoy target archery as well as hunting.
Given that this is a reasonably economically secure retail business, most banks and financial institutions are willing to provide a level of capital support three working capital and a credit or business loan to start a new shop. Of course, in archery shop business plan is going to be required. As with all business planning documents, this should feature a three year profit and loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. Special attention should be paid to the amount of inventory is going to be acquired with the capital as this can act as the collateral for any debt obligation. As it pertains to industry research, there are approximately 2,000 archery shops in operation with the United States and its industry employs 13,000 people. Aggregate revenues in each of the last five years have exceeded $1 billion.
While competition in the archery shop industry is typically low, it should be noted that many related stores also sell these types of products. As such, it is important that a modest competitive analysis is also included in the business plan. One of the other things these three documents within the business plan are the demographics of the company will be targeting. This includes taking a look at population size, population density, median household income, percentage of people engage in hunting, and the percentage of parents that want to enroll their children archery lessons.
The archery shop marketing plan also needs to be developed, and this is going to be one of the more moderately difficult aspects of starting this type of business. Foremost, many a new archery shops will develop ongoing relationships with hunting clubs as well as target clubs within their respective regional market. This will ensure an initial traffic to the store while the brand name is being built. Also, expansive online presence should be developed for this type of business. The website should showcase the hours of operation, whether or not archery lessons are offered, the inventories carried by the business, preliminary pricing information regarding certain products, any special deals being offered, and read general contact information. Many archery shops will integrate e-commerce functionality onto their website in order to ensure that these businesses can make sales from outside of the retail location. This allows for slow to sell items to be showcased on the website and can be sold to anyone in the world. Many archery shop entrepreneurs will also maintain pages on Amazon and eBay in order to make additional sales a product given that these platforms have hundreds of millions of users that are continually buying new stuff.
Archery is a very exciting sport for both people that enjoy target shooting as well as hunting. Again, there’s nothing is going to change about this industry moving forward – and these businesses are able to cater to a group of people that are always going to be able to afford archery products and lessons. These can be lucrative businesses for savvy small business owners to understand how to market their products to the general public.