So you want to start a sports business, but you don’t know which sport to choose. Or maybe you’ve chosen a sport, but you don’t know if you want to be a trainer, focus on marketing, get into sports medicine, or many of the other options in the sports space. The first thing you should do is identify what you are most passionate about. Next, identify what you are naturally good at. You have just identified your niche. That doesn’t mean you have to be stuck there. You can expand on it later, but at least it gives you somewhere to start.
Now that you have identified your niche, you have to determine if it’s a viable market. Basically, is there money to be made in this space? Your first option should be Google. There is a high likelihood that someone has already done the research for you. After you verify that there is money in the space, it’s time to do your own research and testing.
The 90-Day Fast Test Model
The best way to determine if a business is viable is to rapidly test it with as little money as possible. First, create a succinct survey. The survey should contain questions relevant to your niche and what you’re offering (product or service). There is a fine balance of questions for a survey. Too many and nobody will fill it out. Too few and you won’t get enough relevant information. Once you created your survey, it’s time to go out and get information. It is absolutely imperative you get their contact information. Without it, you are pretty much wasting your time. I explain why this is so important.
In the first 30 Days of the 90-Day Fast Test Model your only focus is getting as much valuable information from your target demographic. I personally recommend no less than 1500 survey responders. I usually shoot for 3,000. Google offers the ability to send out your survey for an affordable price. If you are sticking to the free option, you will have to do a little more work, but it can still be done. Don’t worry if you can’t get to 1,500 or 3,000.
In the second 30 Days you actively comb through all of the research data you have compiled. Once you have done that, you ask your list if they would be interested in the service that was built off of their responses and at what price. It is very unlikely that your entire list will respond, and honestly you don’t need them to. You take all the information from those that responded and craft your service at the price point that the majority chooses.
In the final 30 Days you offer the product or service to your entire list. If you have done everything correctly, I guarantee you will be able to sell your product and service to a percentage of your list. If you are selling a product or service for $100 and only 3% of your 1,500 person list buys, you still made $4,500 for little to no work. And if that is a monthly recurring service, that’s an additional $54,000 per year! And in the worst case scenario, you didn’t make any money, you still have 1,500 people on a list that are already interested in your space. You just have to find a different niche in the space.