Here are several examples of how sports enthusiasts translated sports concepts into money-making opportunities.
Many people love sports in different magnitudes, with some being just loyal fans and others being die-hard sports fanatics. Either way, it’s a good idea to think about making money from sports, even making it a regular source of your income.
That’s either said that done, though. The first step in starting (as is the case in any business) is to identify a niche in the market that fills a void.
Here are several ways you can monetize your passion for sports.
Expanding the Concept of an Existing Sport
Many people who start a sports business are former sportsmen or fitness gurus. A famous example is Reynolds, a former cross-country marathon runner, who founded the Great Urban Race in 2007. The race is a test of both the mental and physical skill where runners tackle obstacles and solve puzzles spread out over a city.
After the eighth installment of the race, it dawned on him that he race was a financial winner. So he went all in. The company grossed fifty thousand dollars after just one year of operation and on its way to hitting the fifty million dollar mark by the fall of 2011. Reynolds’ story is consistent with the creation of online businesses, like online baccarat, which identified a void in the market and set out to fill it.
Creating a New Sport
Another option is to create an entirely new sport. For example, Bob Fox stumbled upon an idea one night while watching the Tonight Show with Johnny Carson. Kids were demonstrating how to play sport stacking, an urban game. Interest piqued, Fox (a teacher at the time) introduced sports stacking to his students and found that it helped them with hand-eye coordination and dexterity. The game proved to be successful at his school, and Fox began instructing PE teachers how to play the sport so that they, too, could teach it to their students.
With success in hand, Fox and his wife invested a hundred thousand dollars of their savings in launching a sport staking businessy. They developed an instructional video, created a curriculum, and produced materials required to play the sport.
Conclusion
These, and other, success stories–like online baccarat–are based on ingenuity and follow-through. One of the keys is making sure that you have insurance to cover risks as your sport/game is in the development stages.
Good luck!
