How to Start a Sport Memorabilia Business

Start a sport memorabilia business by following these 10 steps:

1. Plan your Sport Memorabilia Business
2. Form your Sport Memorabilia Business into a Legal Entity
3. Register your Sport Memorabilia Business for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Sport Memorabilia Business
6. Get the Necessary Permits & Licenses for your Sport Memorabilia Business
7. Get Sport Memorabilia Business Insurance
8. Define your Sport Memorabilia Business Brand
9. Create your Sport Memorabilia Business Website
10. Set up your Business Phone System

We have put together this simple guide to starting your sport memorabilia business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out othersmall business ideas.

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

What will you name your business?

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit ourHow to Name a Businessguide or get help brainstorming a name with ourSport Memorabilia Business Name Generator

If you operate asole proprietorship, you might want to operate under a business name other than your own name. Visit ourDBAguide to learn more.

Whenregistering a business name, we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability.

It's very important to secure your domain name before someone else does.

What are the costs involved in opening a sport memorabilia business?

The startup costs associated with opening a sports memorabilia business are manageable. In total, business owners should be prepared to spend between$2,000 and $10,000.

If a business is opening a physical storefront, some of the startup funds will go toward leasing and building out a space. Otherwise, most of the money is invested in memorabilia to sell. There are several places to find items:

• Wholesalers
• Auctions
• Estate sales
• Classifieds

对于企业主有限funds, estate sales sometimes hold especially good bargains.

Whatever business owners purchase, any game-used or signed item must be authentic. Selling a single non-genuine item can severely tarnish a business’ reputation, possibly even permanently devastating a young business.

What are the ongoing expenses for a sport memorabilia business?

The ongoing expenses for a sports memorabilia business are manageable. They include the cost of acquiring new items, as well as any lease payments or listing fees.

Who is the target market?

The target market for a sports memorabilia business mostly consists of sports fans who have discretionary income. Sometimes, businesses will also sell to investors who are looking for alternative investments.

How does a sport memorabilia business make money?

A sports memorabilia business makes money by buying memorabilia and selling it at a higher price. Unlike an investor who hopes that items will appreciate in value over time, this type of business operates like a dealer and generates revenue by buying and selling.

How much can you charge customers?

The value of sports memorabilia varies significantly. Many items may sell for just a few dollars, but rare pieces can fetch four-, five- and six-figure sums. For instance, a famed pair of Michael Jordan’s shoes sold for$104,765at auction a few years ago. The jersey from his final regular season game with the Chicago Bulls commanded$173,000.

How much profit can a sport memorabilia business make?

With such a variance in item values, how much sports memorabilia businesses make likewise varies significantly. Some businesses bring in a modest living while others are highly profitable ventures.

How can you make your business more profitable?

A sports memorabilia business can increase revenue by selling items in addition to true memorabilia. Display cases and new sports apparel are two natural types of products to add to a business’ inventory.

Business owners who become experts in their field can also become authenticators, which may lead to a side income verifying signatures.

STEP 2: Form a legal entity

The most commonbusiness structuretypes are thesole proprietorship,partnership,118bet金博宝 , andcorporation.

Establishing a legal business entity such as anLLCorcorporationprotects you from being held personally liable if your sport memorabilia business is sued.

You can金宝搏188是什么公司yourself and pay only the minimal stateLLC costsor hire one of the118金宝app 小,额外的费用。

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more aboutstate sales tax和franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to aspiercing your corporate veil.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting abusiness credit cardhelps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money later on.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with ourLLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a Sports Memorabilia business. Learn more about licensing requirements in your state by visitingSBA’s reference to state licenses and permits.In addition, certain local licensing or regulatory requirements may apply.

Certificate of Occupancy

A Sport Memorabilia business is generally run out of a small storefront. Businesses operating out of a physical location typically require aCertificate of Occupancy(CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

• If you plan to lease a location:
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a Sports Memorabilia business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening,it is recommendedto include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
• If you plan to purchase or build a location:
• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your business will be in compliance and able to obtain a CO.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully.Business Insuranceprotects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face,begin withGeneral Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need isWorkers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Is this Business Right For You?

Many sports memorabilia business owners are themselves collectors and sports fans. Most have stories of collecting cards or autographs as children and turned their passion into a business during adulthood.

In addition to loving sports, business owners should also enjoy talking with people. The more a business owner converses with their customer, the better they’ll be able to recommend something that the collector will love.

What happens during a typical day at a sport memorabilia business?

Business owners spend a lot of time searching for sports memorabilia to purchase and talking with customers about the items they carry. Business owners who sell online spend time creating listings and answering specific questions about their listings. Those who sell in person often spend time manning their storefront, talking both about their merchandise and last night’s game.

What are some skills and experiences that will help you build a successful sport memorabilia business?

Making a profit reselling sports memorabilia requires an in-depth knowledge of the marketplace. Business owners spend hours combing through listings, sales, and collectors guides so they can learn how much different pieces sell for and how quickly those pieces should sell. Based on this knowledge, business owners are able to determine what’s worth buying and how much they can expect to pay for these items.

There are several specialized price guides on Amazon, such asBaseball Hall of Fame Autographs和Beckett Baseball Card Price Guide. The recently sold listings on Ebay (found viaAdvanced Search) and current listings on other sites can also be helpful.

What is the growth potential for a sport memorabilia business?

A sports memorabilia business may be a small business that’s run from home or a small storefront, or it can grow to be a major national company.Fanatics Authenticis a large website that sells items related to many sports. Many small businesses sell through their store and other platforms like Ebay, rather than maintain their own websites.