The global sportswear market is on the rise. In a report from Statista, it has been highlighted that from a global market revenue of 181 billion in 2019, it is expected to reach over 208 billion dollars in 2025. With the growing interest in health and fitness, the sportswear industry is projected to grow even bigger.
Nike, Adidas, and Under Armour are some of the biggest names that come to mind when talking about sportswear. Nonetheless, small businesses have been also making their name in the market for athletic clothes, such as 412, a local brand from Pittsburgh. If you want to follow their footsteps and start a successful sportswear business, keep on reading and learn from the insights we’ll be sharing.
- Define Your Target Market
Any new business should know that it cannot serve everyone. This makes it important to narrow and define your target market. You can do this based on their age, gender, location, and interests, among other things. The broader your market is, the easier it will be to lose focus. If your target market is well-defined, you can precisely determine how your sportswear business will tick.
- Gather the Necessary Financial Resources
The harsh reality of starting a business is that it is often capital-intensive. From production to marketing, you need financial resources to pursue an entrepreneurial venture. According to Entrepreneur, the startup cost for a sportswear business will range from $10,000 to $50,000. If bootstrapping isn’t feasible, consider other ways to raise the money that you need, such as applying for a bank loan.
- Think Outside the Box
Creativity is one of the most important pillars of business success. The best sportswear businesses challenge conventional thinking. They are constantly looking for ways to improve. They recognize the fact that if they do not innovate, they will be lagged by the competition. Before releasing any product, think of a way you can be different from everyone else.
- Invest in Marketing
Marketing can make or break your sportswear business, so make sure to do it right. It does not have to be something grand or expensive. The most important is that it is effective. Digital is the way to go, especially through social media channels. From Facebook to Instagram, use the right platforms that will help you reach your target audience.
- Establish Your Brand Identity
The sportswear market is saturated. From big global brands to small home-based businesses, the competition is tough. It is important to build your identity. Create a brand that people can easily associate with. Determine what kind of personality you would like to show. This should be reflected not just in your products but also in your marketing. Consistency is the key.
If you have always wanted to start a sportswear business, now is the time to turn it into a reality. From defining your target market to establishing your brand identity, consider the things mentioned above to help you start on the right foot.