Guide to Start a Sports Memorabilia Business
Sports memorabilia include hats, autographed photos, game balls and jerseys, which are very popular among some sports fans. While some collect sports memorabilia in honor of their favorite teams or players, others purchase sports memorabilia as an investment, as the value of certain pieces can increase greatly over time. If you are a sports fan and looking to become an entrepreneur, opening a sports memorabilia business may be the ideal venture.
Different Types Of Sports Memorabilia
Because there are so many different items surrounding sports which can be collected, the range of things that can have value to collectors is quite significant. Among the most popular items for collectors are sporting programs, jerseys and other pieces of sporting kit, balls or equipment that was used in significant events, and also products which are related to sports, such as collectors’ cards, which are particularly popular in the American sports.
For whatever reason you may have for starting a collection of sports memorabilia- whether you attended these sporting events, watched them on television, or simply appreciate their significance as items within sporting history- collecting these items can really be both interesting and rewarding. If you are collecting items for which there are many collectors, you will usually find that a particularly significant piece has a value which can often increase dramatically as time passes.
The following are the steps to start a Sports Memorabilia Business:
Target a niche, or types, of sport memorabilia to sell. For instance, you can sell sports cards, autographed game jerseys or merchandise that features a specific team or league.
Write a business plan, including analysis of the demand of your niche, analysis of competing sports memorabilia dealers, marketing and public relations plans, three-year expense budget, three-year profit projections.
Obtain the permits needed in your area to run a retail business. This may include a resale permit, sales and use tax permit, fictitious name certificate, or doing business as, or Employer Identification Number.
Open wholesale accounts with companies that distribute authentic sports memorabilia. Ensure everything you buy is guaranteed to be authentic, and that it bears the official seal of the team or league the merchandise comes from. Alternative ways to get inventory include shopping at estate sales and through classified-ads. Use collector’s guides to price the items you buy, and to ensure the items are genuine.
Find a venue to sell your sports memorabilia. Options include an online auction website, e-commerce store, brick-and-mortar storefront, flea market booth or mall kiosk. The costs for each option differ widely, depending on where you live, but starting online is the least expensive.
Promote your sports memorabilia business. Host autograph signings, send exclusive coupons to popular forums, blogs and websites your target market frequents, sponsor a game-watching party or send news releases to local media outlets.
⦁ Initiating this business will require some time spent at flea markets, on the Internet, and rummaging through garage sales to find and purchase the sports treasures. However, the payday can be large, especially when you consider rare sports trading cards can fetch $1,000 or more.