They say that if you do what you love, you will never have to work a day in your life. That holds true for sports fans as well if they are inclined to start their own sports business. The sport industry is worth well over $500 billion in 2020 and encompasses everything that derives income from sports including athletes, TV distribution, merchandise, ticketing, advertising, and sponsorship among others. By starting a sports business, one can do something they are passionate about and earn good money at the same time. Here is why starting a sports business right now is a good idea:
Sport is resilient
In the past, sport has been a profitable industry even in times of great economic uncertainty. Even after the 2008 financial crisis, stadiums were full, matches were going strong and people were attending which caused many an economist to dub the sports industry as “recession proof”. In a few short years, the industry has attained massive growth, averaging on 4% year on year since 2014. Despite the massive impact of COVID 19 on the global economy, sport has weathered it relatively well once lockdown restrictions on athletes were lifted. Online streaming and television viewership has seen an unprecedented increase showing earning potential for advertising, online services and sports support services.
Increasing female participation is opening new opportunities
Today’s girls are not the meek little damsels they were once made out to be. They are strong, confident in their abilities and increasingly interested in following their passions into sports as well. According to Deloitte consulting’s 2020 sports outlook report, many companies are viewing women’s sports as a powerful diversity and inclusion platform. Untapped opportunities lie in marketing products and services to female athletes, supporting year-round female events and corporate sponsorships for female players.
Emerging economies are fast growing markets for sports.
In developing countries sport has long been considered nothing more than a leisure activity, however with increasing development, upwards social mobility and introduction of professional sports leagues, these countries now present huge markets for growth. The introduction of the Indian Premiere League in 2008 pushed the long stagnant game of cricket into the same fast-paced commercialized market as soccer and basketball. Since then, all the cricket hungry nations of South Asia have started their own professional leagues with further avenues for growth opening up every year.
Esports is dominating the landscape
Gaming is now much more than just beating your buddy at Mario cart. In 2020, esports is expected to generate $1.5 billion in revenue primarily from sponsorships and advertisements. With there being professional competitions for games like Counterstrike, PUBG and Fifa, hardcore gamers too can earn good money by indulging their favorite past time. Virtual reality and other technological innovations just keep on adding to the allure of esports.
5G, Data Analytics and technological innovation
As in all other industries, technological advancements bring new opportunities to sports as well. Faster internet speeds allow for real time streaming, fast paced data availability to consumers and customized sports content as per your requirements. Opportunities lie in customized sports content creation to increase fan engagement, cloud computing for near instant processing of large volumes of score and player data, online payments; app based delivery systems for merchandise and food among many others.
Thus, it would be quite fair to say that sport holds a promising future for multiple types of entrepreneurs. So all sports fans out there can rejoice because now they can utilize their love of sports to start earning a great deal.
How to start a sports business?
As commercial interest in sports has increased, multiple companies that cater specifically to sports entrepreneurs have emerged that provide A to Z guidance in setting up sports businesses. We head over to Texas based Gysta Group to understand just how these companies work.
Gysta Group claims to offer expert guidance to their clients in establishing their own sports business that aligns with their interests and long-term goals. Gysta Group founder Keith Coleman is a former marine and sports entrepreneur with four books to his credit. Mr. Coleman has spent years helping other people establish their own sports ventures and now brings his branding and business expertise to provide professional training to help other aspiring sports entrepreneurs on their journey through the “Boot camp to Business” initiative.
When asked about his experience with entrepreneurs, Mr. Coleman says it has been great and very fulfilling to help others realize their dreams. However, he says the biggest problem he sees is the entrepreneurs’ lack of confidence that the business will succeed or simply low ambition.
“I hear from new business owners they did not know much fun it can be to own their own business.” He says with a chuckle. “The fun comes when you are properly prepared. It is like taking a test and you already have all the answers or have taken it before. Some business say we have turned the light on in their dark space of business ownership.”
Gysta Group’s professional trainings are online and self paced so that any aspiring business person can set up their venture at their own ease. They assert that they provide subscribers with detailed guidance on what needs to be done and what mistakes to avoid; giving all their students a fighter’s chance at business success. The trainings include financial and legal guidance as well as an open line of communication so any queries or concerns one has can be effectively addressed.
Details of Gysta Group and their Bootcamp to Business Initiative can be found at:
https://bootcamptobusiness.thinkific.com/
In partnership with Gysta Group
