Three Tips To Start A Business In The Sport Industry

Three Tips To Start A Business In The Sport Industry

People are constantly thinking about what they want in the future. Do they want to start their own business? Or is working for a boss better suited for them? What is clearly visible these days is that the goals we set for ourselves are getting bigger and bigger. Preferably, we live up to these goals in an industry we are passionate about. When you have passion for something, you can put more energy into it. An industry that many people are passionate about is sport. Sport in its broadest sense is growing quite a bit. From clothing lines to sports management, more and more entrepreneurs are starting up in the sports industry. But where exactly do you start as an entrepreneur in, say, the sports industry? We give you three tips to get you started.

Put Your Plan In Writing

If sports really is your thing, then winning is all you care about. But if you want to win, you need a solid strategy. There is a risk about being an entrepreneur. If you’re an entrepreneur, you don’t have a safety net like with a permanent job. So knowing what your goals are and how you’re going to achieve them, is very important. In a good business plan, you describe your goals and how you’re going to achieve those goals. But a good entrepreneur knows what his own pitfalls are and those in the industry. Thinking about offering a new product? Then it’s very important to know all the ins and outs of the industry. 

Your marketing plan is, just as your business plan, very important. How are you going to draw attention to your product or service? How are you going to find and convince customers? Market research can help. It is important that you have thought about everything before you take the step to starting your own business. 

Besides your business and marketing plan, your financial plan must also be solid. If you need financing to start your business, you can use this financial plan to apply for financing from a bank. It is important to make an operating budget with expected revenues and costs per period. Take your time to work out your business plan, it is very important. Is your head starting to spin because of all this information? Then you can find a lot of good information and even coaching online about creating a business plan.

Use Self Reflection

If you know sports, then you know that you must stick to the rules. In every good plan, self reflection is important. Sport athletes always review their results after a game to see if they can improve. Just like these athletes, you have to review your business. If you’re an expert in sales but your paperwork is sloppy, you need to anticipate this. You can’t be good at everything, but it’s good to know what you’re good at and what not. For example, you can hire an accountant for your paperwork. Or by outsourcing your marketing tasks to a freelance marketer, so that your company gets name recognition, but you can focus on the sales. 

It’s also a good idea to always know the details of a good collection agency (Dutch: incassobureau). If one of your customers does not pay, this will bring out the worst side in an entrepreneur. This could cause a lot of stress! Therefore, leave the collection (in Dutch: incasso) of your account(s) to the professionals. They know everything about collections and  they know exactly which steps to take to collect your money.

Give Yourself Some Rest Now And Then

We can learn a lot of lessons from the sports industry when starting your own business. After working very hard to achieve your goals, it’s good to give your body some rest. Many entrepreneurs give the full 100% to their business. It’s great that you have this perseverance, but you can’t keep this up all the time. After a while it will affect your personal life and perhaps your success rate. After all, how can you sell a product or service if you’re completely overworked? So don’t forget to take some time for yourself now and then. 

Good luck with your business and make it count!

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