Did you know that a hunk of metal that cost $10,000 to create in 1936 now costs over $3.5 million?
That’s because that hunk of metal is the Borg-Warner trophy, and it’s awarded to the winner of the Indianapolis 500 each year.
Chances are that you won’t make a trophy like that, but that doesn’t mean your trophy business isn’t just as serious. And because it’s serious, that means you need to have the down to survive.
If you don’t know them, you’re in the right place. We’re going to break them down for you.
Read on to learn more!
1. Business Plan
It might sound silly, but you have to sit down and write a business plan. Of course, this should be a no-brainer, but it’s easier said than done. It’s also one of the most important steps.
Know exactly what you’re going to sell and who you’re going to sell it to as well. Are you going to sell trophies alone, or are you going to sell Trophies Plus Medals?
Who’s the target audience: Little league coaches or college football teams? For most, it will be the former, but you need to dictate this to make sure you stay on track.
Keep your business plan short though. If it gets too complex, your business might become rigid.
2. Know the Competition
Just like a coach wants to know who they’re up against, you want to know what competition you have to face in the trophy business. The amount of competition you have will directly impact your sales.
Do some research in your area and contact your potential clients. Ask them who their trophy provider is now, and see how you could do better.
There’s a chance, if you live in a smaller town, that a trophy business already has a monopoly on the local teams. If that’s the case, find a different niche or consider working with them.
3. Market, Market, Market
The hardest part of starting any business is getting people to know about it. And after you’ve decided to get into the trophy game, you’ll quickly learn that marketing is how you score.
If you don’t, you may end up stagnating as a business. And if one or two clients pull out, it could be the end of the game.
So, find creative ways to market your business. Consider sponsoring a little league team or bringing free snacks to a dance competition.
You should also make sure to be on social media. While they might not need your services when you connect, they will think of you the next time that they do.
Use These Business Basics to Succeed
After reading this article, you should be ready to take these business basics and succeed in the trophy biz. Remember that your trophies and medals mean more to your clients than you will ever know.
Starting a business isn’t all fun and games though. Check out our page on to learn the details of creating your dream.
