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Mandy has been with Starpeak Insurance Solutions since 2018, starting in sales in the consumer department and mov...
If you are putting together a business plan for your sports business there are some important elements to remember. No matter what type of business you are setting up, you should have a business plan. A business plan summarises everything about it from objectives and strategies to marketing plans and financial forecasts.
One thing not to leave out of your business plan is the necessity for insurance cover. Get a quote for our Sports Business Insurance today to ensure you and your business are protected should things not go as planned. If you are running an after-school club you should consider our after-school club insurance.
It is an essential tool if you are looking to secure funds from a bank or investor but can also be helpful when talking to new suppliers or customers as it will help to articulate those aspects of your sports business that will be of particular interest. There are lots of online resources to help you to write a plan, but here is a summary of the key points to include:
Top Tips:
- Outline your objectives – be clear about what you are looking to achieve and how you intend to reach your goal.
- Define your business – Provide a clear and accurate summary of your business and what it is about. Outline what produces/services you will provide.
- Identify your market – and more specifically your target consumers. Who will you sell to, what are their demographics ie. What age groups, gender are they and what regions of the country do they live in?
- Competitive Analysis – what and who could your competitors be? Remember that this doesn’t just have to be direct competitors.
- Pricing structure – Be sure to detail your selling price, costs any other investors in the business so you have a clear financial plan. This will help the bank/potential investors to be clear about the opportunity that your business can provide.
- Operations – detail the operational side of the business from facilities to employees including management and the structure of the business.
- Sales and Marketing – how will you sell your products/services? How will you promote your business and your products? What will the costs be and the expected results?
- Demonstrate that you have identified any potential risks and have plans in place in certain scenarios – investors will be more prepared to part with their cash if they can see that a risk assessment has been done.
Other top tips:
- Allow plenty of time – putting together the right business plan can take time. Not only do you need to gather all of the information required but then you need to sit down and put it together in the right way.
- Start with a template – there are lots of great business plan templates available which are an excellent starting point to help you to build the perfect business plan. Both Princess Trust and Barclays provide great examples.
- Keep the plan clear, precise and professional. Your business plan represents you and your business so it is important to deliver the right impression
- Avoid too much detail in the main body of the plan. Many business plans are simply too long! Keep the body of the document clear and accurate and include any supporting information in the appendix (making sure that you reference it).
- Don’t be afraid to ask advice – review the document with any business colleagues or friends you trust to give you constructive feedback.
So get writing your winning business plan and remember ‘A goal without a plan is just a wish’ – Antoine de Saint-Exupery.
*Disclaimer – This blog has been created as general information and should not be taken as advice. Make sure you have the correct level of insurance for your requirements and always review policy documentation. Information is factually accurate at the time of publishing but may have become out of date.
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