We all want to be our own bosses. The idea of setting our own schedules, choosing only work that interests us, and not having anyone to tell us what to do is the dream scenario. Of course, in this day and age where job security is so fragile, with people liking the comfort of knowing where their next paycheque is coming from, fewer and fewer are taking the plunge and leaving their careers, to start a new business.
It is a real shame, as there are many examples of people taking the brave step and going out on their own, even in the sports business world. There are certain instances where people have managed to convert their passion for sport into a successful business model.
In recent years, one of the most successful examples would be Matthew Benham. He was a fan of Brentford FC and made a $700,000 loan to bail the club out of financial difficulties. From there, he slowly began to invest more, with it then getting to a point where he bought the club outright. Following their promotion to the Premier League, it is now estimated that the club is worth well over $300 million, with Benham’s net worth also increasing significantly as well. This shows that by dreaming big, it is possible for someone to grow a successful business in the sports industry.
Of course, not everyone is quite so lucky, or have anywhere near the levels of finances that Benham had. That is not to say that it isn’t possible for the average fan, however, as according to sportsbookreview.com, more and more people are beginning to fantasise about starting up their own sports business. Think you have what it takes? Read on to find out our top tips for getting a company set up in the sporting world.
Plan, plan, plan
No successful business owner has been accused of planning too much or being too thorough when gathering ideas for a business model. Getting a clear goal/objective on paper at the outset, and being able to explain your sports business ideas in a few short sentences is absolutely key. The easier it is for you to explain, the easier it will be for potential investors to grasp what you’re trying to achieve, which in turn will make it simpler for prospective customers and clients to understand, which should then make it more likely to be successful. If you can’t condense your main objective into a few key sentences, then it is probably too convoluted and will need reworking.
Market research is essential
As well as planning your own idea until it is hard-wired into your brain, you will also need to do some thorough research into the competition, so you know what other similar ideas and businesses there are out there. There is no point in launching into an already over-saturated market, as is likely that your business will struggle to stand out from the crowd, leaving it unlikely to succeed in the long run.
Don’t be afraid to put yourself out there
By planning and refining your sports business idea, you will naturally gain some confidence in your plan, and be ready to take it out into the big wide world, to hopefully drum up some interest from people who look to invest in startups. The best way to catch the attention of these kingmakers is to advertise like crazy.
Use all the resources you have available to you; go on sports business forums, find relevant people on LinkedIn, post about it on other social media sites such as Facebook, Twitter or Instagram. Speak to your friends and family, as not only will they be supportive and might be able to help with funds in the early days, they might potentially have a contact in the right place, which will set the ball rolling. Don’t be shy, back yourself and put your idea out there to as many people as possible.
Setbacks are a way of learning
If this is your first foray into the world of sports business, it is unlikely going to be an instant success. That isn’t designed to get you down or put you off, but it’s just an important reality check so that you are aware that very few people absolutely nail it the first time. That doesn’t mean your idea won’t work in the long run, far from it. It just means that you should be prepared to be knocked back, especially near the beginning of the process.
“Why do we fall down?”
“So we can learn to pick ourselves up again”
You’ve done the planning, you’ve put in the hard hours researching, you’ve advertised everywhere possible. Give it time, have some faith, and eventually, you’ll get your sports business off the ground and up and running.
Online personal trainer
The difference with the previous one is the channel that you are going to use to deliver the training service to your clients.
Using a channel like the Internet will allow you to reach customers outside of your local environment and scale your business.
What does it mean to scale your business? It is the way to reach many more clients at the same time. I give you an example. How many people can you train in person in an hour? 5-7-10 at most? How many could you train in an hour through the Internet? All that you are able to attract. This means making your business scalable.
For example, at the national level, you can find Juan Rallo’s website. Internationally, I like the way Ultimate Performance puts it.
Training of coaches
To finish the block dedicated to training, there is the possibility of being a coach of coaches. This is a possibility that requires that you have previously developed an entrepreneurial activity as a personal trainer, that is, that you have passed all the previous screens.
In this category, we find coaches who have a lot of experience and are dedicated to training other novice coaches so that they can start their training business.
Having a lot of experience gives them authority in their field. They can be trainers both on a technical level (such as developing a personal training plan) and on a strategic level (such as attracting clients).