Below are what I consider to be some of the survival essentials for running a sports academy or facility. Many of these business fundamentals are great for any small business, but particularly important in our industry. Check out this Why Sports Facilities Fail post for a general intro, then read the posts below.
To be successful, you need to prioritize these 5 things:
1. Cash Flow – Cash is king for all small businesses, including sports academies, facilities and complexes.
– Encourage Upfront Payments. Protects your business from no-shows and late cancellations.
– Accept Online Payments. Gets you cash faster, at any time of day.
2. Profitable Programming – Group programming over rentals whenever possible.
3. Diversification – Don’t rely on too little sources of income.
4. Numbers-Focused Sales – Filling your programs is a numbers game.
5. Solutions-Based Services – Always build your services based on what your clients TRULY need.