October 24, 2013
Customized Market Reports Are Tailor-Designed Market Templates
Want to know more about your range location or interested in opening a new range?
While many segments of the U.S. economy have lagged over the past few years, the firearms and ammunition industry continues to buck the trend and pushes forward with strong sales and broad customer interest.
Many American entrepreneurs have identified this fact and have opened up new target shooting ranges or ranges with a firearm-retail component. In fact, according to data collected from the Bureau of Alcohol, Tobacco, Firearms and Explosives, the number of Type 01 (defined as Dealer in Firearms) Federal Firearms Licenses (FFLs) in the United States increased by nearly 10 percent, or by 5,000 FFLs, during the past two years — from 48,700 in August 2011 to 53,600 in August 2013.
A great deal of research, as well as due diligence, is required when looking into any new venture, and opening a new shooting range is no exception. You may have heard that three of the most important words when opening a business are, “Location, Location, Location.” Collecting data on a location is imperative, but it can be a daunting task. NSSF can help.
A Customized Market Report (CMR) prepared by NSSF research provides a variety of information within a radius of either an exact street address or a specific zip code. The custom report begins with a map of your location with an area-analysis in miles around your center point. Within that specified “trade area” we provide you with a calculation as to the potential number of recreational shooters by type (handgun, rifle, shotgun, muzzleloader, hunting with a rifle, bowhunting, air gun or paintball) as well as provide you with a very detailed demographic profile of the area’s population (age, gender, household trend and effective buying income). Each report, which averages 80 pages, includes an executive summary, a “potential market” page per requested radius and demographic information, and four sections that include lists and accompanying maps that pinpoint industry-related retailers, law enforcement, FFLs and shooting ranges that are located within your radius.
The Customized Market Report is an effective tool in selecting your new business location and/or analyzing your current location, or for inclusion in your business plan. It has been used by both prospective and existing range and/or firearms retail businesses, as well as financial institutions and investment firms.
NSSF has created more than 500 CMRs in the past few years to great reviews. Gary DeGeorge Jr. of Atlanta Range and Ordnance in Newnan, Ga., tells us, “I ordered a Customized Market Report from NSSF to help assist me with my research prior to opening Atlanta Range & Ordnance. I found the report to be a valuable tool, and it complemented the other research I had done, as well as provided me with an enormous amount of information not available from other sources. Another benefit of the report came when trying to obtain funding. My banker wanted some additional information on the location I had selected and its potential customer base. When I presented her the CMR, she was very impressed, and I believe it helped me secure the loan. I’d recommend others interested in opening a range or store to look into ordering a CMR.”
New research has identified a 17 percent increase in target shooting participation over the past five years, and many of these new shooters are looking for a place to shoot. If you’ve been considering opening up a range or if you want updated information on your existing market, now may be the time to act. For additional information and to view a full sample Customized Market Report, visit nssf.org/research/ or contact Dianne Vrablic, NSSF research coordinator, at [email protected] 203-426-1320.