Sports store in a Tier-2 city

Hello,

We are a bunch of schoolmates who are now well settled in life. However, the itch to do something on our own has sparked an idea among us to open a sports store in our hometown which is tier-2 city. We are really into sports. Presently, there are only 2-3 traditional sports store in this location and most of them have been here for around 30 years. The location is in northern part of Kerala and our area is really known for football and volleyball. How should i go forward in implementing this plan? What are the factors to be considered. I work in a bank and have a very strong credit assessment profile, so i know how a business works. But doing it in a bank and out there are really different ballgame. Please guide us. Thank you