Deciding to start your own sports agency can seem like an intimidating prospect if you’ve never done it before. Luckily, plenty of other entrepreneurs have done this, and you can benefit through the wisdom they gleaned from their successes and their business mistakes. This guide on how to starting a sports agency will help you with everything from finding your first clients to figuring out your marketing strategy to deciding whether or not you should have partners in your venture.
Choose the right name
There are few things that have as much power to shape your company’s future than choosing the right name. One of the most important factors to consider when choosing a business name is whether it is available. There are many resources available for you to check if the name is trademarked, but you may find that many names will not be available due to already being trademarked or used by someone else.
Define your niche
When starting your sports agency, you’ll have to choose what type of sport you want to specialize in. The more specific you are about your niche, the easier it will be for potential clients to find you.
Have an action plan
There are many benefits to starting up your own sports agency. You’ll have the satisfaction of being your own boss, you’ll be able to create your own schedule, and you can help athletes achieve their goals. However, there are also some drawbacks to starting up an agency that you should be aware of before jumping into the business head first. Here are some dos and don’ts for starting a sports agency in Australia:
Be clear about your target market
Australia is home to some of the world’s most famous sports teams, such as the Sydney Swans, Melbourne Storm and Brisbane Broncos. As well as hosting many international sporting events like the 2000 Olympics, 2014 Commonwealth Games and 2018 Commonwealth Games. This means that starting a sports agency can be lucrative because there are so many potential clients.
However, when it comes to starting up an agency in Australia, there are a few things you need to take into consideration.
Be prepared to lose money at first
It’s not hard to start a sports agency, but it can be difficult to make money. As with any business, there will be startup costs involved with renting an office space, purchasing equipment, paying salaries etc. These expenses can quickly add up before you see any return on investment. The best way to avoid this is by starting small with just one or two athletes, which gives you time to build up your reputation before taking on more clients and signing bigger deals.
Do your homework
It’s critical to know the laws and regulations that govern sports agents in your country. For example, sports agents need to be registered with the Australian Securities and Investments Commission (ASIC) if they are operating as an incorporated entity. They also must have professional indemnity insurance. Finally, agents should be aware of their obligations under the Australian Consumer Law when dealing with clients.
Set yourself apart with branding
Whether you’re a freelance consultant or opening your own agency, it’s important to have the right branding. Your logo is the first thing that people see, so it needs to reflect your brand. The colors you use in marketing materials should be chosen carefully. If you’re not sure what colors suit your business best, try looking at some other agencies’ logos and seeing which ones you like the best.
It’s really important to get insurance as soon as you start your agency. I would recommend starting with general liability, which will cover any accidents that happen on your property or during a business event. It’s also wise to get property insurance for the building or office space you’re working out of, since it can save you money if the building is damaged or destroyed by natural disasters like fire or flood. This will help protect your inventory and equipment from damage too.
Consider staff costs, equipment, training and marketing
First, you’ll need to figure out how much money you’re going to need. You should also decide what kind of equipment will be needed (e.g., balls, cones, shirts). You’ll also need space for practices or training sessions. Finally, you’ll want to start marketing your new agency as soon as possible by posting flyers around town and advertising on social media sites like Facebook.
Avoid copycat tactics
Don’t copycat the marketing tactics of other successful agencies or you will be doomed to fail. Get creative and think outside the box.
Do invest in your agency’s website early on, as this is a great way to market your company.
Do consult with an accountant or lawyer before signing any contracts, to make sure you are not missing out on anything important.