Important Do's and Don'ts of Opening a Retail Sports Memorabilia Shop

Opening a retail sports memorabilia shop is a fun and rewarding experience that will give you the opportunity to earn a living while doing something you love. If you're a sports fanatic who loves collecting cards, jerseys and game-used memorabilia, then you'll naturally enjoy this line of work. Unfortunately, though, far too many entrepreneurs jump into this business without a clear business plan. In this post, we're going to reveal some important do's and don'ts of opening a retail sports memorabilia shop.

Don't: Buy 'Overpay' For Memorabilia

When customers bring in their memorabilia to sell, you must refrain from paying top dollar for it. There's certainly nothing wrong with buying cards and game-used memorabilia form customers, but you have to view it as a business. In order to turn a profit, you must purchase customers' memorabilia below the price you'll sell it for. Only then will you be able to turn a profit from the transaction.

Don't: Choose The Wrong Location

One of the biggest mistakes new sports memorabilia shop owners make is choosing a poor location for their business. If you plan on having a steady flow of customers coming into your store, you must choose a shop location in a high-traffic area that's easy to find. Do your homework beforehand to determine exactly where the best location is for your new store. And if possible, consider setting up your store around the local ballpark or football stadium, as this will draw in even more customers.

Do: Show Off Your Products

One of the important do's for opening a retail sports memorabilia shop is to show off your products. Don't leave them stored in a backroom where customers are unable to see them. Instead, set up several professional-grade glass display cases. Doing so will keep your sports memorabilia safety stored behind a durable case while allowing customers to easily view them. Just remember to provide plenty of lighting on your displayed products to maximize their visibility. Some glass display cases feature built-in lights, but others will require you to use overhead lighting for illumination.

Do: Advertise!

Lastly, I can't stress enough the importance of advertising your sports memorabilia shop. You can expect a large portion of your customers to find your shop through word of mouth. However, relying strictly on word-of-mouth marketing will only hurt your business in the long run. Run ads and promotional material through mediums which target your customer demographic -- sports fans.