What is a Sports Business?
A sports business is a business within the sports industry. It’s an industry in which the people, business, activities and organizations are focused on sports, and are involved in facilitating, producing, organising or promoting any experience, activity or business enterprise to do with sports.
Starting a Sports Business.
Sports is huge world-wide industry. Sports activities are in the thousands.
Firstly you need to select a sporting niche, and build your chosen sports business around that niche. The niche could be golf, football, cricket, basketball, etc. Starting a business within the sports industry will need a lot of passion and dedication.
To be successful in your chosen sports business you must:
- Conduct feasibility studies
- Completely understand and choose your niche market
- Complete a detailed business plan
- Give your business a name and register it, Apply for your ABN
- Apply for any permits and licenses required
- Open a business bank account
- Raise capital needed
- Find location and store front, organise lease or build
- Source merchandise and supplies
- Hire staff
- Continually learn as much as possible about your chosen sport & niche
- Start a blog about your sport business. It is a great way to be recognised in the industry
- Participate and join in sporting events
- Educate yourself about the workings of your chosen sports industry
- Form networks with people of influence
- Market and promote the business, online and in person
Making money in a sports business.
There are plenty of opportunities to make money within the sports industry. Some examples could include: a sports specific newspaper or magazine, sporting blog, betting, sports management, sports event planning, retail shop for sporting gear, manufacturing sporting items, etc. In 2018, the global sports market was valued at approximately US$471 billion.
There are lots of business opportunities available in the sports industry. Be sure to consider the market potential and the local competition before getting in too deep with your business venture.
Adding sporting merchandise to the business could see an increase in returns, or expanding into another age group or demographic, or enhancing technology.
Dream big, it is possible to become rich starting a sport business. There are multinational sport organisations, and there is room in the industry for new players. The sports industry is too big for any single company to monopolise it. Start small in your local town or city and grow your business over time and build it to become a multi-million dollar corporation. Anything is possible with the right sporting niche, dedication, consistency, creativity and excellent management skills.
Why Mini Golf as a sport business?Golf businesses are a popular option. The mini golf industry is valued at over $1 billion per year in the United States alone.Mini golf is a global success story because regardless of age, gender or culture it is a social activity that anyone can participate in. If you want to provide family entertainment, enjoy working with kids and earn money on the side, starting a mini-golf course can be a hugely profitable all-weather business. With the right location, landscapes and theme mini golf can be a huge success. It caters to people of all ages and is a great source of entertainment.
A decent amount of capital may be required to acquire the land to build your mini golf business. A reasonable mini golf course can be constructed on land as little as 3/4 acre. A mini-golf business has high profitability and ensures a fast recuperation of the start-up investment costs. This type is business usually shows strong and immediate returns on investment, due to good profitability, popularity and easy additional income streams.
You should be able to be profitable if you have a good business plan and add other features to attract customers. You may consider adding:
- virtual golf driving range
- professional instruction to work on swing
- food and beverages
- coin operated game arcade
- merchandise and souvenirs for sale
- glow in the dark course for night time play
- online store to purchase merchandise and gift vouchers
Contact Mini Golf Creations We would love to discuss the possibility of you having your own mini golf business.