Thinking of opening a sports facility? You need to start by making a business plan.
It doesn’t matter if you aren’t looking for investors. To make sure your business idea is going to WORK and not just suck away months of your life in a frustrating failure, you need a vision.
Why You Need a Sports Facility Business Plan
A business plan won’t guarantee success (nothing can), but it will force you to think seriously about what you’re about to do and clarify what you’re trying to accomplish.
Unfortunately, many talented former athletes and coaches assume that their passion for their sport and their reputation in the community will be enough to sustain a business. A long list of loyal clients is a great start, but there’s much more to running a business — and not addressing those other areas is why so many sports facilities close.
In this series of blogs dedicated to business planning, we’ll guide you in the steps to position your business for success.
Don’t be intimidated. We’re not going to make you plot out a line graph with projections for financial scenarios including compound interest and inflation. We’re just going to make sure that you understand what it takes to get your business making enough money to be profitable.
Identifying the basics of any business plan is the first step. Let’s get started.
Can you describe your business’ objective in a few sentences? Clarifying your mission will be key to marketing your facility, as well as leading your company and keeping your staff focused. For example:
The mission of DNA Sports Center is to develop a new athlete by focusing on teaching kids how to move before they perform sports-specific training.
Describe the products/services you’ll offer and explain why your audience needs these products/services.
DNA Sports Center will offer speed, strength and agility training that focuses on building self-confidence for all athletes. Other services will include sports-specific training, batting cages, and use of the facility for parties and events.
3. Customers/Target Market
Add a few details about your typical customer. Briefly describe their age ranges, where they live, their income levels, interests and skill levels. For example:
DNA Sports Center’s services will benefit kids age 6 through high school, although programs for adults and younger children will also be available. Our services will appeal to those athletes who are striving to improve their skills. DNA Sports Center is in the suburb of Milford and is near many sports-oriented school districts and plenty of families.
Explain why the need for your services is not being addressed by current facilities or services that are already accessible to your audience. What will make your facility better or different? For example:
DNA Sports Center is home to the area’s only Parisi Speed School, which offers a proven successful curriculum for improving speed, agility and strength.
5. Revenue Plan
This is the big one: How specifically will your business make money? Don’t stress about the actual prices here. We’ll get there in the next steps. For example:
DNA Sports Center’s main source of revenue will be monthly payments for unlimited access to speed, strength and agility training. This income will be supplemented by revenue from facility rentals, sports-specific training, and commissions from private lessons taught by instructors at the facility.
By identifying the basic and essential parts of your business plan such as your mission statement, you’ll start to position your sports facility for success. Next month, we’ll look at creating a marketing strategy that lets your client know exactly who you are.
The expert team at eSoft Planner have worked with thousands of sports facility owners just like you. We know what it takes to succeed. Our implementation team excels at helping you use the tools to make your dream a success. We love to hear about your plans and be a partner in your vision.
Start the conversation today! Contact us for a custom demo.