- Sports businesses make money in a variety of ways, including advertisements and endorsements.
- Following other sports businesses is a great way to learn how to start a successful sports business.
- Starting a sports business requires careful planning, smart advertising and substantial funding.
Technology has revamped the sports industry with features such as virtual-reality sports platforms and game footage analysis. Whether you're an athlete or an avid sports fan, you can turn your skills into a lifestyle and create a business that allows you to follow your passion.
Check out these game-changing sports businesses for inspiration.
TeamSnap – available on iPhone, iPad and Android devices – helps athletes manage, coach or organize team sports or groups. The company allows players to access their roster, team schedule, member availability, live game updates and payments to keep tabs on all players. There is also a group-message option to connect with teammates in one convenient location.
CoachUp matches users with skilled professionals in their area. All they need to do is enter their location and training goals, then browse through the results by distance, price, reviews and training types. From there, they can choose their coach and either message them for more information or book a meeting time. The coaches offer one-on-one training, camps and clinics, and virtual training.
3. EON Sports VR
EON Sports VR is a virtual-reality platform that help athletes get better at their sport. The platform simulates different game situations to help players improve their decision-making skills. (EON boasts an improvement rate of up to 60% for users.) The company offers 3D-playbook and playbook-simulator products for coaches, simulators for athletes and even a virtual-reality baseball platform.
4. i9 Sports
i9 Sports seeks to make sports more fun – and less stressful and competitive – for young people. The company works to build self-discipline, determination, teamwork and good sportsmanship for each child while promoting healthy competition. Started initially as a flag football league, i9 Sports has since expanded with soccer, basketball, T-ball and cheerleading. The company offers leagues, camps and clinics for both boys and girls ages 3 to 14 throughout the United States.
Sportsy, a website and mobile app for aspiring athletes, helps users improve their sports skills. Sportsy members have access to videos to help them learn the proper way to perform drills, special challenges to help them practice the way professional athletes do, and exclusive tips and tricks from professional athletes and coaches. Members can also compete against one another and upload videos of them playing to get feedback from Sportsy coaches. Sportsy covers 20 sports, ranging from soccer to surfing.
Coachbase is a tremendous resource for coaches. The company is part marketplace, part Android and iOS app, and it helps coaches find, diagram and share new plays. With the app, coaches can ditch chalkboards and whiteboards and switch to using their mobile devices to create new plays for their teams. It has a step-by-step system for animating plays, and features automatic backup and automatic syncing so that the plays are accessible across all devices – and easily shared with assistant coaches and players. Coaches can also buy, sell and trade plays and drills with other coaches.
Krossover is a great resource for coaches and teams. Rather than trying to analyze game footage yourself, have Krossover do it for you. Teams can sign up for a package for a whole season based on how many games they play per week. The company's experts break down clips by event, tag footage by play and with player information, and extract stats from the footage. Athletes can also purchase individual packages to analyze their performance. Krossover offers services for multiple sports.
Fandeavor helps sports fans plan the perfect trip or celebration with sports-based packages that include hotels, airfare, land transportation and game tickets. Hotels are curated based on their distance to the game, their ratings and amenities, and things to do nearby, and transportation is round-trip from the airport and the game. Fandeavor also offers unique information and VIP packages for different stadiums.
Tips for starting a sports business
If you are interested in starting a sports business, be sure to consider the following tips:
- Create a clean plan. This involves determining what your ultimate goals are and planning the steps you need to take to achieve those objectives.
- Advertise. Make sure you raise awareness of your business and use the right channels to target your market.
- Check the legal requirements. This may involve consulting a lawyer. Also look into local and state regulations.
- Raise funds. This may involve securing investors, starting a crowdfunding campaign or getting a business loan.
How do sports businesses make money?
Here are some ways sports businesses make money:
- Advertisements: One of the top ways sports businesses make money is through advertisements. This is because many companies are willing to pay top dollar to have their products and brands advertised to the fans who watch sports and attend sporting events.
- Endorsements: Another way sports companies make money is through endorsement deals. This means that the company chooses to sponsor a particular company or help to build an arena in exchange for having the company name and brand appear on merchandise, signs and other places.
- Merchanise: Another way sports businesses make money is by selling merchandise – such as balls, jerseys and hats – to fans.