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A business plan won’t guarantee success — nothing can — but it will force you think seriously about what you’re about to do and clarify what you’re trying to accomplish.Unfortunately, many talented former athletes and coaches assume (on some level) that their passion for their sport and their reputation in the community will be enough to sustain a business.
You need to make sure you have a business idea that is going to WORK and not just suck away months of your life in a frustrating failure.
It doesn’t matter if you aren’t looking for investors.
Staff will require a means of keeping up to date in terms of research and other developments in their professions; they will need to be provided with access to a fair amount of job scope and depth.
There must also be a plan to keep staff motivated; a motivated staff exhibits less absenteeism, uses fewer sick days, is less prone to burnout, and undergoes less turnover.
The market analysis contained within the business plan in essence guides planning along an analytical path, identifying, first, whom the business will serve and, second, what its competition will consist of.
These two foundational elements of the market analysis generate information that helps prepare the businessperson to obtain funding for the venture.
Good communication skills must be established and information must flow freely if an organization is to meet its goals and objectives efficiently.
The communication structure outlined in the business plan ultimately helps ensure that clients will receive the kind of service that truly benefits them.
The business plan should be reviewed and changed as an organization grows and prospers.
With sound research, careful consultation, and wise decision making, thriving sport management businesses, it is hoped, will be established.