People are constantly triggered to think about their future and it seems like everyone’s goals are getting bigger and bigger. We see big records in the numbers of upcoming companies and entrepreneurs are more than a trend; it is choosing a certain lifestyle. Choosing something that you have a really big passion for, and making it your job. The sports industry is not behind in this movement. From clothing, to at-home gyms and from discovering talents to organizing sports events; the possibilities are endless. But, let’s start at the very beginning. The base for creating a new company. In this blog, we would like to give you three tips to start a business, in the sports industry, or elsewhere!
Make a comprehensive business plan
If you are into sports, winning is your goal. And you can only win, with a good plan. As an entrepreneur you do not have the safety net of a permanent job, so it is important that you know what your goals are and how you are going to achieve them. In a good business plan, you specifically describe all your business goals and how you’re going to achieve them, as well as the pitfalls and challenges in your industry. Are you going to offer a new product/service? Then it is important to know how you are going to market it.
In addition, your marketing plan (part of your business plan) is also 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.
Your financial plan must also be solid. You can also use this financial plan to apply for financing, for example from a bank. For example, it is important to make an operating budget with expected revenues and costs per period. Take enough time to work out your entire business plan; this is important. Are your ears ringing from all this info? Then you can find a lot of good information and even coaching online about creating a business plan.
Know your strengths and weaknesses
In the competitive sports industry it is good to stick to the sport rules. Just like a good plan, self reflection is key. Where athletes have to review their results, you have to review your business. Is selling your absolute strength? But are you a little bit sloppy with your paperwork? That’s ok! You can’t be good at everything, but it’s important to have an understanding of what you’re good at, and what you’re not so good at, so you can anticipate this. For example, by hiring 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.nl). Should one of your customers not pay, this often brings out the worst side in an entrepreneur. This can also cause you a lot of stress! Therefore, leave the collection of your account(s) to the professionals, they know exactly which steps to take to collect your money, such as seizing accounts (Dutch: beslag leggen) and goods.
Don’t forget to take a break
The last lesson we can learn from the sports industry in comparison to creating your own business? That next to very hard work, you also have to give your body (in this case you, the entrepreneur, are the body) some rest. Many new entrepreneurs give 100% to their business and that’s great. But if you don’t sleep enough, don’t exercise enough and barely see your friends and family, it’s guaranteed to affect your mood … 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!