Can These Sports Business Ideas Get You Million$? (Update: 2022)
In general, people do fantasize about being a sportsperson which is quite common in every individual. But there are only a few who think of initiating a sports business. With enlisted sports business ideas, the big planners will always retain the great concept in their minds. That when executed, will leave the world astonished and speechless.
Yes! These great sports business ideas comprise leveraging others using your own brainpower. And these could get you millions. The best plan is to think differently and bigger than the majority never thinks of.
Here are the 8 Sports Business Ideas that could make you a millionaire.
Sports Organizer & Broadcaster
You’d wonder why would you get an opportunity to organize and broadcast a sport when the big companies are already doing their best?
The answer is unlimited demand to organize and broadcast a game than what you are imagining.
Forget about the whole country, even if you target a city you’d find numerous opportunities you could think of. Big business does not always mean going international. But acquiring maximum local markets.
What do sports organizing and broadcasting mean?
The term itself elaborates on arranging the game event for a specific club or academy. Inclusions are:
- Planning the game and winning amounts
- Booking a sports ground or setting up a sports event at a given venue
- Finalizing the number of teams participating
- Confirming on number of players, coach, and other members attending
- Ensuring the sports equipment and accessories are available
- Inviting the sponsors to promote their brand and products
- Setting up the cameras, broadcasting tools and lights
- Availing the food and refreshement vendors
- Assuring the hygiene, social distance, and sanitizing is given the importance
- Significantly, appointing your team to take care of the event
Though the task sounds challenging, the process is quite simple but responsible.
Who Would You Provide The Organizing & Broadcasting Services?
- Sports Clubs or Sports Academy
- Approach libraries to get youngsters to participate
- Community members to approach interested people
- Youngster interested in making a career in a particular game
- Run an award-winning contest on social media to get participated
To initiate one can start with organizing and broadcasting the sport for a small entity or school.
Approaching a Small Entity For An Event
For instance, inviting 2-3 schools for a competition would be even better at an initial stage.
- Contact the school authority to reveal the skills and sports talent of their students in a particular game.
- Reaching out 4-5 schools would eventually get you at least 2 of them showing interest
- Ensure the Sports O&B package is not too expensive as the school needs to afford it.
- Confirm on rewards to the students of winning and losing teams
- Ask authorities if they would like to invite some guests
- You being a new business, let the parents and audience entry be free
- Broadcast the match live either on YouTube, Facebook, or your Private Platform
- Set the rules to make it available for limited people or general (with the permission of school authority)
To make extra money, arrange a coffee, snack, refreshment, and lunch arrangement as a paid service.
There are a few questions you need to ask yourself prior to planning for this business.
Cricket Stadium (+Venue For Football & Rugby)
This “Sports Business Idea” is articulated for big investors. The money-minded personalities may digest the cost of establishing and marketing this business.
No matter if you’re seeking a small business idea, you may still prefer reading it for knowledge.
The two biggest examples of cricket stadiums are Modern Marvel: NM Stadium (India) and Melbourne Cricket Ground (MCG – Australia).
Other sports business ideas may not fit you if you’re thinking of a master plan.
If you dare to do something big, make it real big.
Stadium Is Never Limited To One Game
When you’ve planned even a moderate-sized stadium, it is still suitable for Cricket, Rugby, and Football match. Limiting the ground to just one game is limiting your sources of revenue.
The more games you welcome, the more you make.
So, discuss your plan with the board and architect to include all major games.
What does it take to establish a Cricket Stadium
Building any medium to the large stadium takes:
Duration Between: 24 to 40 Months With 1000 to 4K workers
Sturdy and durable Materials to be arranged from several countries (including): India, Japan, Australia, United States, Italy, Spain, and other known manufacturers.
- Practice Area
- Dressing Rooms
- Media Room
- Broadcasting Enclosures
- Corporate Rooms
Here’s what it took to build a Modern Marvel: NM Stadium – The largest ground in the history of sports.
Which country you’d like to choose for this business?
Most likely the one you’re residing in.
The main factor of planning to open a stadium in your own country is the control of ownership. Though you’ve full control over your business in other countries; there are some restrictions limited for foreign investors.
Being in a country like Australia, New Zealand, India, or the United Kingdom; have an impressive number of cricket fans. Ensure your target market is the audience from a specific country following the game of cricket for years.
Also taking fanship into consideration is a must. No matter even in a country where a higher number of fans follow soccer more than cricket. This is because the primary source of revenue relies on the number of seats booked for the match. And offering refreshment and catering would be secondary.
Architechtural Plan Of The Stadium
The design of the stadium itself attracts people to “come to watch the live show” even if they didn’t plan for it.
For a stadium to be more appealing and sturdy, it has to comply with international standards.
Just as you watched in the above video. How Andrew James, Director & Senior Principal Populous (APAC) planned the shapes and outcome of the stadium.
Safety From The Unfortunates
Some major steps to be implemented to safeguard the stadium from misfortunes.
- Making it earth-quake proof
- Preventing from floods and cyclones
- Safety plan to prevent from fire
Make Reaching The Stadium Easily Accessible
Choosing the wrong location for a business basically means putting money in the wrong jar.
You aren’t supposed to afford that big mistake mate!
Set Certain Criterias Before Making an Architectural Plan.
- Analyze the location and nearby localities based on the size
- Ensure you’re not interrupting the path of local commuters
- Area is safe from the pollution, flood occurance or hazardous act
- Located either inside the city or on the edge
- Public transportation viz.Bus, train, private vehicles stations are close enough
Arrangements You Should Take Care Of:
- Food and refreshment for audiences is hygenic and fresh
- Ambulance and emergency services are available for people if any mishap occurs
- Essentials ground and property carers are available during and post matches
- The maintenance is scheduled in required manner
Sources Of Finance For Establishing
One of the marvel sports business ideas would definitely cost you millions, to expect a return in billions. We do have articulated some sources of funds to start a business. You may neglect some. Because the giant projects won’t be funded by friends or families but the huge investors. Banks and investors are suitable sources of money suppliers.
You might also be interested in knowing: 10 Sources of Finance To Start a Business
Do You Have a Solid Plan For Sports Stadium Business?
When you’ve already set your mind to establish this business, make a wise decision. The decision to make everything legal without any obstructions. Get your Company registered & acquire an ABN to start planning on.
You may also want to get legal advice before heading on to the location and architectural plan you choose.
Ain’t talking about a TV channel, but the YouTube one.
People with the busiest life prefer watching sports on the go. They either watch the matches online or get the news and updates through various mediums.
What do you’ve to offer to these people?
Well, setting up your very own sports channel would let you:
- Broadcast local live matches right through your channel
- Provide daily news in relation to national and international games
- Update your target audience with ongoing match scores and status
How can you make your channel stand out from the crowd?
Defeating the competition especially within the sports niche is a bit challenging. But you can plan your channel in a way that formulates providing the above services. And you could bring a conversational strategy to retain the viewers.
What does that mean?
Arrange a weekly or fortnightly interview with an expert of the game. It’s absolutely fine if the expert is local, but should carry a thorough knowledge of the particular sport.
Get the set of questions ready for an expert to answer in detail.
- The atmosphere you need to create while recording should be professional.
- With expertise in the field, the resource person would define minute aspects of crucial moments.
- While the conversation goes on, do highlight the significant moments that the person is talking about.
You got to have some basic editing skills to make it look impressively professional. If you can’t it’s always good to leverage the time by hiring someone to get your job done.
Investment Required: AUD $300 Onwards on Recurring Basis
This is the greatest advantage of creating a YouTube Channel. It’s completely free of cost.
But there would incur some recurring expense you need to make in order to smoothly function the business.
What is this cost required for?
- Video Editing Software (If opting Adobe Premiere Pro the recurring amount could be between USD $29 to $35
- Paying Local Experts for sharing the valuable info
- Promoting your channel via YouTube Ads
Sports Retail Store & E-commerce
I never observed a sports shop vacant in Australia. It is packed most of the time with the youngsters (except that in the COVID Pandemic).
The sports store generally avails every item required for any and all types of sports played in the country.
If you are planning to set up a sports e-commerce and retail store; you’ve got to be careful about availing of every minute item needed.
Cover the pieces of equipment and tools related to all outdoor games and activities:
Besides equipment you need to make these items available too:
- Jersey (popular clubs or print on order)
- Sports Jackets
- Accessories for all outdoor games & activities
- Indoor games’ equipment & accessories
- Fishing tools and equipements
- Gear for sky diving, Mountain climbing, river rafting
- Camping, Backpackers and adventurers
- Stunt act safety gears
- Protection gear and helmets (outdoor)
Some essential steps you need to take for setting up an E-commerce portal:
- Do a search analysis for your competitor
- Plan on how your online portal could be better and valuable
- Hire a web development company sharing your requirements
- Organize a photo session for all of your major products (get a clear white or transparent background as an output).
- Get your website with store ready with impressive User Interface
- Promote your online store
- Get new and repeated customers
Starting a sports retail store is one of the easiest sports business ideas to implement on. The only important point is keeping an update about new launches by branded companies.
Also, sending over weekly or monthly newsletters to existing customers. This would generate more potentials to get returning customers, both online and in-store.
Gym For Athletes
Gym for athletes does not mean only athletes can enroll. But setting a theme and mindset of newcomers that your gym makes athletes and builds athletes.
Basically, you train the members in a way that their physique is prepared for any sport to take on.
What sections are to be made in the gym?
- The cardovascular area
- Weight lifting
- Yoga & pilate area
- Thighs, hips and body – Intense Workout Area
- HIIT / Fit 30 section
- Cycling and elliptical workout zone
- Shower and Changing area
- Breakfast and refreshment kitchen
- Consultations rooms
- Body measurment corner
There are several factors to be taken into consideration. Especially, arranging the qualitative workout machines, equipment and tools are significant.
Become a Creator For Sports
Here being a creator means either becoming one of these: Artist Illustrator, Photo & Videographer, Writer, or any creativity you have expertise in.
Well, these skills aren’t ordinary but specialized. With the diverse industry of sports, there has to be a place for a creator.
If your skills don’t match any of these, try learning what interests you.
Well, the easiest one that you can grasp early is photo & videography. It’ll require you to attend the sports event and capture the moments in the game. These could also be in the form of footage and highlights.
You may include even a minute of acts performed by the players while on the ground.
You can sell the photos and videos on your website at a set rate.
Tieing up with small to giant newspaper companies, media and channels would get your business even bigger.
Sports Illustrator Artist
Becoming an illustrator artist is not an easy job. The one who has a tendency of giving attention to detail could probably learn the art of representing. The advantage of being so is you may get some extraordinary offers and collaborations from brands to work for them. Either on a contract basis or as a freelancer.
Writing basically means selecting a sports niche for blogging. It is a long-term process to see the outcome. As your website needs to be optimized well. And search engines take quite longer to rank your pages.
The blogging process may not be suitable for those interested in sports. But this niche only can generate the Event Blogging opportunity. The rare opportunity to make thousands of dollars during the series period. The level of earning during event blogging is 10 times more than what you earn in a whole year.
Creating an application for your blog, news, and score updates is the game changer plan.
Further, the requirement for monetization with AdMob or Facebook Ad Network would be helpful.
The sports bloggers generally, keep seeking the upcoming sports match or event to write about. Sponsorship and ads are the biggest sources of income in sports blogging.
You would be surprised to know about a 19-year-old kid named ‘Star’ who made around $35K USD. Just from IPL (Indian Premier League) during the 2-3 months of the league. That’s the power of event blogging.
What Are The Requirements To Set-up Any Sports Business?
There is a certain criterion before starting any sports business. These include:
- Analysing the market demand, size and competitors
- Evaluating the location and understanding the barriers or restrictions
- Making a strategic plan
- Getting sources of funds ready
- Consulting an expert for advice
- Get your ABN and Company registered
- Contacting the stakeholders (manufacturers, suppliers, construction company or designers)
- Evaluating the overall capital required to set up the sports business
- Recruiting the employees and workers where required
- Availing all essential raw materials, equipment and accessories from local or international suppliers
- While the work in progress, set-up your online ecommerce or booking portal
- Get a perfect finishing touch prior marketing
- Promote your business digitally
- Nurture your new and existing clients
- Maintain the business in timely manner
- Strengthen customer relationship through instant support
What Are The Challenges Seen In Setting Up a Sports Business?
There are 3 major challenges you may come across while setting up a sports business.
The first major challenge could be the location. Opting for the right spot could be expensive but worth it. There’s no point in compromising with area unless your business solely relies on the online platform.
The second big challenge could be an obstruction in establishing a business. This is rare and could be due to political or social reasons.
The third challenge is common in every business. This relates to making sufficient finance available for the business. This means having a solid source of funds either from your existing business, assets, or financial institutions.
Here we can take you through 10 sources of finance for a business.