Wherever you are in the world, a love of sports translates beyond the barriers. India’s love affair with cricket and other sports have been well documented, while across the world in Brazil, it is football that has captured the nation’s hearts for decades. While sports are a great pastime and can also be an effective inclusion in your fitness routine, its universal popularity means it can also make a great business idea if you are looking to take your hobby into a practical income stream. However, before you begin to think of all the success you can have launching your own sports-themed business, there are a few things you need to consider.
Translate Your Passion Into A Viable Business Idea And Identify Your Client Base
The first step to starting a new business is to turn your idea into a clear business plan. In this case, it means taking your love for sports into a viable business model such as selling sporting merchandise and equipment, creating and selling sports memorabilia or even getting into sports photography and writing. Once you have settled on a business idea, its time to identify a market for your product.
Thanks to technology and social media, a simple search online can answer questions like how many competitors there are industry-wise or locally along with giving you access to customer feedback. Sports forums and boards are also useful to connect with other sports fans and gauge their reception to your idea. Once you have done this, you have officially identified your target audience.
Clarify The Legalities Including The Copyright Infringement Rules
Like any new business, there will be certain legal requirements you are required to satisfy before becoming operational. One of the first is checking the trademarks for your business or product name to avoid a case of intellectual property infringement. This can easily be done by running a trademark search online using platforms like IndiaFilings Trademark Search. You also will need to secure protection for your business and its assets including your business premises, employees and stock, in the form of business insurance. If your sports business centres on offering sports coaching/training, certain forms of business insurance, including workers’ compensation insurance, become important, as you can otherwise be held liable for injuries to employees while on the job.
Source And Budget Your Launch Funding
Once you have settled on your business idea and created a viable business plan, it is time to think about finances. Some of the most common financing sources for businesses in India include personal funding, bank loans, and government grant schemes. If you are considering securing a bank-funded business loan, online comparison websites like MyLoanCare can help you find the most current interest rates and processing fees for banks across the country. For instance, a quick glance at the website for March 2020 rates shows us the SBI Business Loan and the Allahabad Bank currently have the lowest interest rate and comes with a 2-3 percent processing fee.
Recently there has also been a rise in the popularity of crowdfunding platforms in India like GoFundMe and Kickstarter. Once you have chosen your ideal funding source, it is time to draft a business budget. Some lenders such as venture capitalists or investors may ask to see your business budget in a bid to see how the capital will be spent. A key reason many businesses fail is poor cash flow management. Drafting clear policies and tools to monitor receipts, expenses and capital expenditure (such as business budgeting tools) can help you keep your expenses to the minimum and your cashflow unhindered.
With endless income ideas and fellow sports fans across the globe, it can be easy to turn your passion for sports into a profitable income stream. Just remember to do your market research, plan your finances and address the legal requirements involved. With a strong foundation like this, you are almost guaranteed success.
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