Here is how to write a business plan for a youth sports business.
Are you an industry player in the sporting sector and wish to establish your own independent operations?
You should know better than anyone that it’s a worthwhile undertaking that requires planning. Of course, such planning means you’ll need to put together a sound business plan.
YOUTH SPORTS BUSINESS PLAN GUIDE
This won’t be possible without the right knowledge or guidance.
With a great plan, you’re able to assess the feasibility of your youth sports business idea, determine your financial needs, as well as identify set goals as efficient ways to achieve the same.
Also crucial is the need to help investors feel confident by showing them practical ways they can get a return on investments.
You Can’t Skip Any of these Sections
To begin with, certain sections are crucial to the process of writing a great plan.
These give more coverage and structure to your plan. They include the executive summary, the company description, the products & services section, and also the market analysis section.
Others sections like the strategy & implementation, the organization & management team and the financial plan & projections sections are equally important.
For a detailed look at what these sections are about, let’s take a look at each of the points mentioned.
i. Executive Summary
Your youth sports business plan should have a summary section where all the key points within your plan are highlighted and explained.
As always, this should be concise and shouldn’t bore the reader. At most, your executive summary should have around 5 pages.
Important inclusions of the executive summary section consist of the introduction of your youth sports business idea by providing its name & location.
There should be other details like the products & services, the mission & vision statements, and the purpose of the plan.
Business Name & Location
Anyone going through your executive summary section should know the sports business name as well as its location. This provides a starting point for knowing the business and what it stands for.
You’re expected to have figured out such details before writing the plan.
Products & Services
What type of youth sports business do you wish to establish? You’ll need to provide key details about the products and services here.
It’s important to avoid providing too many details here as there’s a whole section dedicated to products and services in the main sections of the business plan.
Mission & Vision Statements
Your mission statement should touch on what purpose your youth sports business serves.
Also, this short statement should touch on your corporate strategy. The vision statement on the other hand seeks to state the current and future objectives of your sports business.
More importantly, the vision statement sets strategic goals on what needs to be accomplished. As an internal communications tool, it should help align the collective efforts of your workforce towards achieving your set goals.
Purpose of the Plan
The purpose of your youth sports business plan is vital to its achievement.
It basically points to what’s needed. Such could be in terms of set strategies or for purposes of securing investments. Whatever your purpose is, have it clearly stated under this section for more clarity.
ii. Company Description
Your audience will be interested in finding out about the whole concept of your youth sports business.
This section should provide all such information by highlighting your preferred legal structure, a summary of your short and long-term goals, as well as including a brief history of the business, and what needs you wish to fill or meet.
Further details such as company growth achieved so far, and information on sporting services and customers will be a great addition.
iii. Products & Services
Every business offers a wide range of products and services.
So, what does yours offer? Your services and products will mostly be sports-related. Provide a detailed description of these in addition to the benefits your clients get from them.
Any serious business should have or carry out research and development activities to better their service offers. If you have such in the works, provide details on them where necessary.
Understanding and providing information on the market role of your products is important.
iv. Market Analysis
The market analysis section of your youth sports business plan should demonstrate your understanding and knowledge of the industry. Areas to cover include a sketch of targeted customer segments in addition to details on demographics.
You’ll need to also provide historical, current, and projected marketing data for services and products. Understanding the strength and weaknesses of your competition is another area to cover and include under this section.
v. Strategy & Implementation
Your youth sports business plan can only be well implemented when there’s an effective strategy in place.
Details should include information on business promotion and market entry, the functioning of the business, and a breakdown of pricing, costing, and distribution among others.
vi. Organization & Management Team
Your organizational team is crucial to the successful takeoff and running of your youth sports business.
As such, it should touch on key areas like providing an organizational chart that clearly describes departments and key employees. You should also provide the name(s) of the owner(s).
Other accompanying information should be the percentage ownership, extent of involvement, as well as a biography with emphasis on skills. Your management team shouldn’t be left out.
Include information such as names, positions, and responsibilities in addition to prior experience.
vii. Financial Plan & Projections
Financial plan & projection is where a great deal of accounting experience is necessary.
This shouldn’t be a problem if you have such knowledge. However, if you don’t have the experience necessary, consider seeking professional help.
An accountant carries out all sorts of analysis touching on historical financial data, as well as your realistic prospective financial information covering balance sheets, income statements, cash flow statements, etc covering a period of 5 years.
A good job done here will help guarantee a sound financial future for your youth sports business.
As always, we recommend taking the time necessary to write a great plan. The success of your youth sports business largely depends on how well the business plan is written.
With this template, there shouldn’t be much difficulty putting together a sound business plan for your youth sports business. You may also seek expert help if you feel stuck at any point.