Things You'll Need:
- Budget of $10,000 to $50,000
- Tax ID number
- Resale certificate
- Wholesale NASCAR merchandise
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Step 1
Obtain a tax ID number and resale certificate in your state. This will allow you to buy NASCAR merchandise at wholesale prices. Most wholesalers will not allow you to open an account with them unless you have a resale certificate.
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Step 2
Obtain the funds needed to initially stock, furnish, and advertise your NASCAR store. For a physical store, this would mean at least $50,000, and $10,000 for an online store. NASCAR wholesalers generally do not offer credit or net terms for new accounts, and the opening minimum for new orders is usually between $250 and $500, with subsequent order requirements averaging $150 to $250.
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Step 3
Decide whether you want a physical retail store or an online store. If you decide to open a physical NASCAR store, you can consider renting space in a shopping center, or renting a mall kiosk or inline store.
A physical store will allow you greater earning potential, but will require more start-up funds. -
Step 4
If you decide to open an online store, make sure that you design your website so that it is attractive, easy to navigate, and secure for customers to use. You will need to obtain an online merchant account so your store can accept credit cards.
While an online store requires much less money to start, you will still incur recurring costs for storing merchandise, packaging, and shipping it. -
Step 5
Build your stock of officially licensed NASCAR merchandise. You should have a mix of novelty items as well as collectible memorabilia. Types of NASCAR items you can buy wholesale include T-shirts, hats, bedding, figurines, and pennants.
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Step 6
Develop a marketing and advertising plan. Use online and offline strategies for the best effect. As far as online marketing goes, start a blog that combines the latest NASCAR news with information about your store's specials, place graphic ads on NASCAR fan boards, and give special coupon codes to the readers of the most popular NASCAR fan sites.
To market offline, hold autograph signings in your store, advertise on your local radio stations, and hold watch party events for the year's biggest NASCAR races--offer coupons and giveaways to customers who attend. -
Step 7
Develop a name for your store that does not utilize the word "NASCAR". You can sell NASCAR merchandise that you obtain for resale, but to use the word "NASCAR" in affiliation with your business, you will need permission from the NASCAR organization, which will be difficult to obtain. An example of an appropriate name would be "Race Fan Collectibles".
