Start a cricket academy.
From the title, you must have guessed what I am intending to write on today’s business idea. Yes, you got it right, we will see how cricket academy can be a complete form of commerce. If you have cricketing skills, and an entrepreneurial mindset, you are the right fit to start this business. If you want to know what the skills of an entrepreneur can be please read a few books I have short-listed.
I hope you find this cricket academy business idea relevant and valuable in today’s market. It is expected that the popularity of cricket will continue to grow globally in the coming years, making it a global choice for sports enthusiasts. The rapid commercialization of cricket as entertainment, as demonstrated by the successful IPL championship in India, has proven that cricket can be as popular as FIFA or NBA in terms of entertainment and business.
Cricket academy business plan.
The potential for a cricket academy business is high due to the ever-growing popularity of the sport. With over 2.5 billion fans globally, spanning across 180 countries, including the estimated 20 million cricket fans in the USA, the demand for quality training and coaching will only continue to increase. Cricket’s second-place position as the most popular sport after European football is a clear indicator of its growing popularity across the globe.
Another good indicator is that recently IOC (International Olympic Committee) has asked the International Cricket Council (ICC) to publish a presentation to help cricket’s inclusion. The presentation will officially be docketed during the IOC assembly in Mumbai 2nd half of 2023. After women’s cricket made its debut in T20 format at the Birmingham Commonwealth games 2022, there are talks in different cricket control authorities to find a way to the Olympics in 2028 Los Angeles (LA).
As we know, there are billions of cricket lovers living in India. With the growing demand for cricket to be adopted as a mainstream sport, parents in India have started to consider it as a profession for their children. This behavior change has created a demand for quality training, as parents feel that academic institutions do not provide adequate cricket training as a co-curricular activity. This to a great extent is true.
Cricket academy businesses can be of two types: residential and day. In this article, we will focus on how a day cricket academy can become a thriving business in small towns.
The concepts discussed here can be applied to other sports such as soccer, basketball, baseball, cricket, and outdoor athletics, among others.
Points to keep in mind (Before starting a cricket academy business)
The best place for this business is in small cities as big cities already have established companies in this niche, so to reduce competition it is better to locate in small cities.
To start this business, you will need four things: a training location, coaches, aspiring students, and funding.
Ground: For ground or indoor space, you can approach local schools that are accessible by public transportation and negotiate for rent. Alternatively, you can try to convince school authorities to allow the use of the ground for free in exchange for offering a certain number of students free admission or at a discounted rate. Contacting the right person of authority can help make this deal.
Coach: For a trainer or coach, you can reach out to the sports authority of the state or the cricket board, where you will likely find a qualified coach.
Student: To attract aspiring students, you can give sales presentations in schools, do digital marketing, and distribute flyers to parents near schools during school dismissal times. Target households located near the ground.
Investment required to start a cricket academy business
Investment areas are gadgets and working capital and licensing.
[Below are the major heads of cash outflow]
- Rent of ground
- Salary: Coach, assistant.
- Running expenses.
My suggestion is to start the cricket academy business with two grounds, operating 3 days a week. Based on this you must decide on working capital, this kind of business takes 6 months to run on its earnings.
Pumping money into the business is important, here is how to manage investment and funds.
Assuming you will start the business with an investment that will support it for six months. To operate beyond six months, you need to pump in money regularly till the time your business reaches the break-even point (Considering 12 Months is BEP). To arrange funds, if you fail to convince investors, then borrow money from the bank. And on the completion of 12 months re-approach the investors for investment, this time a high chance you get them on board because your quarterly book of accounts will give a clear indication of whether the business is growing or not.
Why am I asking to start with two grounds? Because of two reasons,
- This will create a brand and resist a tag from becoming a localized coaching camp
- You can easily create a competitive attitude in your team by conducting regular competitions within the two groups.
Please note, while appointing coaches for your cricket academy business please consider their fame and capabilities, which will act as your USP.
Steps for your easy understanding:
- Conduct Market Research: Research the demand for cricket in your area and analyze the competition.
- Create a Business Plan: Outline your vision, goals, target market, budget, and other details.
- Secure Funding: Determine your start-up costs and look for funding options like grants, loans, or investors.
- Choose a Location: Look for a suitable location for your academy, taking into consideration factors like accessibility, infrastructure, and facilities.
- Hire Coaches and Support Staff: Find experienced and qualified coaches and support staff to help run the academy.
- Purchase Equipment and Set Up Facilities: Purchase equipment like cricket bats, balls, stumps, and protective gear. Set up facilities like practice grounds, nets, and pavilions.
- Develop a Curriculum: Create a comprehensive training program that covers all aspects of cricket, including technique, strategy, and physical fitness.
- Market Your Academy: Promote your academy through social media, print and online advertisements, and local events.
- Evaluate and Improve: Continuously monitor and evaluate the performance of your academy and make necessary improvements to enhance its quality and reputation.
Do’s of Sports Coaching Business.
- Focus on providing high-quality coaching: The primary goal of a sports coaching business should be to deliver excellent coaching to athletes.
- Hire experienced and qualified coaches: Ensure that your coaches have the necessary skills, experience, and qualifications to provide high-quality coaching.
- Invest in quality equipment and facilities: Providing athletes with quality equipment and facilities can significantly enhance their training experience.
- Create a comprehensive training program: Develop a comprehensive training program that covers all aspects of the sport, including technique, strategy, and physical fitness.
- Build strong relationships with athletes: Building strong relationships with athletes can help establish trust and increase their commitment to training.
- Continuously evaluate and improve your program: Continuously monitor and evaluate the performance of your coaching program and make necessary improvements to enhance its quality and effectiveness.
- Market your business effectively: Promote your business through social media, print and online advertisements, and local events to reach potential athletes.
Do Not’s of Sports Coaching Business.
- Do not neglect the safety of athletes: Safety should be a top priority in any sports coaching business. Ensure that your facilities and equipment are safe and secure.
- Do not compromise on the quality of coaching: Delivering low-quality coaching can harm your reputation and negatively impact the development of athletes.
- Do not neglect proper training and support for coaches: Ensure that your coaches receive adequate training and support to maintain their skills and effectiveness.
- Do not ignore market trends and demand: Stay informed about market trends and demand for the sport you’re coaching to ensure that your business remains competitive.
- Do not neglect proper financial management: Proper financial management is crucial for the success of any business. Ensure that you keep accurate records and manage your finances effectively.
- Do not ignore the importance of customer service: Providing excellent customer service can significantly enhance the reputation and success of your business.
I hope I have been able to explain the model of the cricket academy business, now you may take it forward.
You may contact me with any queries you have.
Best of luck!
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