Have you ever wondered how private sports organizations like FIFA (Federation Internationale de Football Association), or IPL (Indian Premier League) or BCCI ( Board of Control for Cricket in India, now a Public Association) make tons of money every time they host a sports event? Well, it’s the craze that people have on sports like football , basketball, and cricket which make them one of the richest organisations in the world.
Hosting a sports event has become more commercial than ever in this crazy world. This article is all about how you can host such events and build a business system out of it.
What is the business?
There are many sports clubs in and around your city or your state. Like everyone they also have dreams of being popular or achieving something in their sports life. Your business starts there. You job is to host events like tournaments, talent search, skill comparison etc .. to give them a chance to expose themselves to the world. They get popularity and you get money. People get entertainment and in return you can advertise yours/ somebody else’s products during the events. Its a pure blending of sports and business.
Its definitely not a poor man’s cup of coffee. Because it needs lot of expenditure. However if you are an average income earning person, who desperately wants to host such an event, then I suggest you to go for crowd funding.
In a country like India , if you get a free place to host such an event like a barren land or a big plain park, then it may cost you around 20000₹-50000₹ (300$-750$) . If land fee is included then I cannot give a specific number as it varies place by place. But basic requirements like gathering the participants, advertising your event, decorating the venue, labour work etc… can be done with the above expenditure I have mentioned.
~ know your locality. Find out which is the popular sports around you. If you are an Indian , then sports like cricket, kabaddi, and volleyball can make a fair business. Hosting an American football tournament in India or hokey tournament in Afghanistan is never a clever idea.
~ create a brand. It can only be created through your quality of hosting and innovative ideas. Do you remember? IPL has created its own brand in a single year because of their quality and innovative ideas. More popular your brand is, more you are set to earn money.
~ Make sure that your earnings are always more than your expenditure. You may have to spend some extra money to create that brand but still its better you don’t go under loss in the first year itself. Your main income sources should be participants, spectators, advertisers and your own products (like T-shirts, hats , sports items, etc …).
Where do I get the participants? Well, there will be official / unofficial regional sports clubs, or you can encourage amateur players to build their own team. You may organise matches between certain groups like schools/ villages/ cities/ religions/ ghettos/ hostels/ streets or anything like that. Making them to team up is the important point.