Starting a Sports Business

How to turn your passion into a driving sports business.

Recently, a young woman consulted me on starting a racket sports club. I loved our conversation and the subject excited me. It reminded me of years ago when I started a table tennis and tennis training club in which I found great joy. Anyway, I thought this was a great subject to explore here, as I know some of you are considering starting your own business.

Starting a sports business (or any small business for that matter) can be an exciting venture, but it requires careful planning, strategic actions, perseverance, and a strong desire to succeed. If you are thinking of launching such a business, building a sound foundation is primordial. Here are my three recommendations to do so:

1. Identify your niche - The sports industry is vast, ranging from education, training academies, athletes' coaching, sports' adventures, retail, clubs, training facilities, fitness, sports analytics, therapeutic centers, leagues, community-building events, competitions, fundraisers, lifestyle and investment for athletes, and so on. Identifying your passion, what interests you most, and what expertise you have to support your venture are extremely important. Your niche must align with them, but also with the market demand. Research your target to make sure there is a need and investigate your competition to understand the market and who you will compete for possibly a limited market.

2. Create a business plan - Too often people neglect this part or create one and then never look at it again. A business plan serves as a roadmap and a powerful checklist for steps and actions to perform early on and to keep updating with growth. When I started my coaching business years ago, my bank required it. I am glad they did, as it was extremely helpful in creating my business, having the right vision for it, and a roadmap to follow. To this day, I keep it handy and review it every six months.

Your business plan should contain a brief overview of the business, its mission, goals, targeted market, market analysis, organization, employees to management, facility (buying or renting if needed), products or services, marketing and sales strategies, operational plan, financial plan, web and social media strategies, permits, insurances, legal documents, and any other documents relevant to the business.

3. Secure funding and build a network for support - Ensure you have adequate financial resources to launch your business and, if necessary, sustain yourself for at least one year; preferably longer depending on the demands and growth trajectory of the venture. Contact potential investors
from banks, credit unions, venture capitalists, non-profit organizations supporting your type of venture, potential sponsors, business incubators/accelerators, crowdfunding, corporate investors, and even friends who could financially help you. However, be very careful involving friends and family. Be clear on how you see their contribution and their involvement in your affair. The best is to have a lawyer write a contract for them to agree and sign.

Partner with industry leaders and professionals, local events, famous local athletes, fitness gurus, and wellness influencers, to help you establish credibility and drive interest and customer engagement. Always research in depth what your niche already offers, what you need to do, what you could do better, and what is missing to bring you the desired success.

This should give you a good start for creating your sports business. If you are having doubts, running into issues, or feel overwhelmed with the process; I invite you to contact us. We are here to provide you with expert guidance, successful strategies, and the support you may need to build such strong foundation for your business. Contact us here!

Special comments: These 3 steps can be easily adjusted and applied to other fields for starting small businesses.