Wherever you are in the world, a love of sports translates beyond the barriers. Indiaâs love affair with cricket and other sports have been well documented, while across the world in Brazil, it is football that has captured the nationâs 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. It means converting love for sports into viable business models like sporting merchandise, equipment or memorabilia or even sports journalism.Â 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 toÂ 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 need to secure protection for your business and assets like business premises, employees and stock, as business insurance. If your sports business centres on offering sports coaching/training, certain forms ofÂ business insurance, including workersâ 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 mostÂ common financing sources for businesses in IndiaÂ 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. Quick glance at March 2020 rates shows SBI Business Loan and Allahabad Bank have lowest rates with 2-3% processing fee.Â
Recently there has also been a rise in theÂ popularity of crowdfunding platforms in IndiaÂ 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. It is 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. This keeps your expenses to the minimum and your cashflow unhindered.
With infinite ideas and fans across the globe, it can be easy to turn sports passion into profitable income streams. 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.