A Step By Step Guide To Setting Up A Sports Business

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Opening up a business in the world of sports can help you combine two passions. Many love the idea of spending their days working in the world of football or baseball. Whatever your passion, there will always be a way to turn it into a business. Today, we’re going to help you find that passion and translate it into a business opportunity. There is no better feeling than being your own boss, especially if it’s doing something you love.

The world of sports is a huge industry. Dominated by the giants of Nike, Adidas and Reebok, it can be difficult to figure out where you fit. Rest assured, there will always be a place for new businesses. Just like many other sectors, the world of sports adapts and changes fast. New opportunities arise every year and you can be there to capitalise. The key is finding that niche and targeting it.

Once you have found your place in the market, building your brand is no different from any other business. It takes time, dedication and hard work to get it off the ground. But, you’ll have fun doing it, stay in shape and you’ll be your own boss. This article will help give you some ideas and inspire you to find your own place in the sports world.

Sports Industry
Sports Industry

The first trick is narrowing down the sport. If you’re reading this, then you’ve probably got a favourite sport or area in mind. Start there. Although it can be tempting to look at the entire industry as a whole, this strategy doesn’t always pay off. Don’t try to be the new Nike (at least, not yet). Choosing one sport gives you a sharp and clear focus. It gives you laser precision with which to move your business forward. It also helps exercise your passions. If you’re more excited about a particular sport, that will help you get up and work on your plan.

Then, find a niche within that sport. The next step is digging even deeper. Within every sport, there is an entire world of potential industries. Think of the huge potential involved in the single game of baseball. There’s equipment, coaching, design, clothing, marketing and hundreds more. This is where you’ll use your skills to help figure out a niche. What are you good at? What skills can you harness to further the sport or fill a gap? One other way to look at this is by looking at local developments. Look at adaptations in the sport as a whole. Where is it going? What’s the future? Try and answer these questions. Fill a need that may soon present itself.

Now, pick a level to market at. Most sports are arranged into three levels. The first is grassroots and hobbies. This is where the sports are played for fun or at a very early level. If you’re aiming here, your product or service will be budget or introductory. This is the biggest market when looking at sports. Target little leagues and early enthusiasts. This is the easiest way to break into the industry too. It is accessible and within budget. Next up is the amateur level. These will require a little more expert knowledge and a better service. Finally, there’s the professional level. In order to compete at a business level, your reputation and skills must be world class. Our advice is to start at the grassroots level. Win over a small local sector and expand from there. Learn from the bottom up and build your reputation.

Businesses in the Sports
Businesses in the Sports

Now that you know how to drill down into the core of an idea, let’s look at some potential examples. Like we mentioned, the world of sports is vast. So many other industries contribute to it. Sports, as a whole, support thousands of other sectors. If your skills lie outside the sports world, think about how they might apply.

Coaching or teaching – If your passion is to be a core part of the sport, think about coaching. You could start by coaching youngsters with football, rugby or basketball. If you’re a fitness freak, consider starting a personal trainer business. There are plenty of ways to stay directly in touch with the world of sports. It will keep you fit and exercise your passions.

Medical – If you have some training as a medical professional, consider sports medicine. There will always be the need for world class sports physicians. Sports psychologists are also becoming more and more valued in the world of tactics and understanding. Physiotherapy and occupational therapy are others areas that lend themselves to sports. Use your skills and surround yourself with the sports you love.

Management and organisational skills – Put your management skills to good use. Sporting events require serious logistical coordination. At the top level, organising the likes of the Olympics and world tournaments is big business. Mix your business savvy and head for numbers with your love of the game.

Sport Business Conference
Sport Business Conference

Design and marketing – Sports teams and sports companies all need branding and logos. They all need marketing expertise and they all need an online presence. Put your graphic design skills or marketing expertise to use in the sports world. Approach local vendors and teams as your first clients. Use them to pitch for work at the professional level.

Finally, remember the business essentials. Just like any other business, you’ll need to register with the tax man. You’ll have to keep records of your accounts and put together tax returns. Businesses in the sports world will also need a particular type of insurance. Look to a specialist like Protectivity for coverage in the sports industry. Make sure you have a good lawyer on your speed dial. You’ll need help negotiating deals and writing up contracts.

Hopefully, this should give you some inspiration and guidance with setting up your business. The sports industry is vast and wide ranging. There is a place for your skills if you look in the right places. Search out the gaps in the market and the niche for your expertise. Good luck!