When I was in school, I knew so many athletes who were creative, artistic and ambitious. With unlimited NIL opportunities, athletes can create their own products and build a profitable business from their dorm room. One key to success is being very strategic when building a company that sells merchandise. Success may not happen overnight, especially for busy athletes who already have multiple commitments. However, it can be done, especially athletes commit to a process, or a formula that works for them when building their brand.
For any person, starting your own merchandise business is an exciting venture. Whether you’re passionate about a particular niche or have a creative streak that you want to share with the world, it’s important to identify a few key items as you grow your business.
How to Build A Merchandise Business
- Convenience goods. Convenience goods are items that people purchase frequently without much thought. Items like clothes, food, soap, etc. are examples of items people use often.
- Impulse goods. These are items that customers don’t plan on buying, but they end up purchasing after being prompted by a special display, an advertisement, or some other incentive.
- Shopping products. Shopping products are typically items that customers don’t buy frequently, and usually, they will do more research before making a purchase. Examples might include furniture, cars, smart phones, etc.
- Specialty goods. These items may be limited in stock or are made by companies that don’t have convenient locations. Specialty made clothing, sneakers or bags could be examples of specialty goods.
Once you’ve determined the type of good you want to create, keep the process moving forward with the following steps:
Define Your Niche. Identify your target audience and the specific niche or theme for your merchandise. This could be anything from eco-friendly products to pop culture-inspired items. You may want to create products that resonate with fellow athletes, or with a different targeted group. Knowing your niche will help you tailor your products to a specific market.
Conduct Market Research. Conducting thorough market research will help separate your company from a hobby, and help you create products that will bring value to your customer base. Analyze your competitors and understand market trends. Identify what’s already available and find opportunities to offer something unique or fill a gap in the market. Consider surveying potential customers to gather valuable insights.
Create a Unique Brand Identity. What helps you stand out amongst other companies that make [insert your product here]? Developing a strong brand identity that reflects your values will resonate with your target audience. This includes designing a memorable logo, choosing a color scheme, and creating a consistent brand image across all platforms.
If you don’t have a lot of money to start off with, try finding ways to utilize the existing resources around you. Working with your schools graphic design department or a student on campus can be an affordable way to generate brand materials. Websites like Fiverr and Upwork can also help you create these items.
Apply for Permits. Applying for and obtaining business credentials is such an important step, because it allows you to legally sell your products. Do your research to see what permits, if any you’ll need to obtain in advance of your product launch.
Source Quality Suppliers. Research and establish relationships with reliable suppliers for your merchandise. Whether you’re creating custom products or sourcing existing ones, prioritize quality and ethical practices. Consider factors such as production costs, shipping times, and supplier reputation.
Design Your Merchandise. This is the fun part! Invest time and effort into creating eye-catching designs that align with your brand. Whether you’re hiring designers or doing it yourself, ensure that your merchandise stands out and appeals to your target market.
Set Up Your Online Store. Choose an e-commerce platform that suits your needs, whether it’s Shopify, WooCommerce, or another option. Customize your store to align with your brand, and ensure a user-friendly experience for your customers. Include high-quality images and detailed product descriptions.
Develop a Marketing Strategy. Today’s market is extremely competitive. Even if you’re creating a whole new product, you’ll need to put effort into a thoughtfully planned marketing campaign. Create a comprehensive marketing plan to promote your merchandise. Utilize social media platforms, influencer partnerships, email marketing, and SEO to increase your online visibility. Consider running promotions or exclusive deals to attract initial customers.
Implement Secure Payment Systems. Don’t take short cuts here- with all of the effort you’ve put in already, make sure that your online store integrates secure payment gateways to build trust with your customers. Provide multiple payment options to accommodate various preferences.
Handle Logistics and Shipping. Set up an efficient and reliable logistics system. Choose a shipping provider that meets your needs and clearly communicate shipping times and costs to your customers. If you’re able to scale your business, consider offering international shipping to expand your market reach.
Customer Service and Feedback. Prioritize excellent customer service. Great customer service is what creates repeat customers, referrals, and more business. Respond promptly to inquiries and address customer concerns. Encourage customer feedback to improve your products and services continuously.
- Design products and find a supplier during the post season
- Spend a few minutes each week building your website, and make sure it includes secure payment features
- Create and schedule content to market your products and build your brand, steps to help you passively promote your business