Thinking about opening an outdoor sports and recreation business? We tell you what you need to know to get started.
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Best Practices: Business Plans for Outdoor Sports & Recreation Businesses
In a startup outdoor sports and recreation business, there is no substitute for a high quality business plan. The effort you invest in the creation of your plan now will pay off later in lender responsiveness, investor attention and strategic confidence.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for outdoor sports and recreation businesses.
Don't Overlook Competitors
Prior to launching an outdoor sports and recreation business in your area, it's worthwhile to see how you will fit in the competitive landscape. We've provided the link below to help you find competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of outdoor sports and recreation businesses near you.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
Once you've finished assessing the competion, you really ought to learn as much as you can from somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started an outdoor sports and recreation business on the other side of the country will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where do you find an outdoor sports and recreation business owner who is willing to advise you because you live in different cities?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Outdoor Sports & Recreation Business Acquisitions: Financial Considerations
Startup outdoor sports and recreation businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Although there are many benefits to buying an existing outdoor sports and recreation business, the financial advantages rank near the top of the list. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
But most importantly, existing outdoor sports and recreation businesses have documented financial histories. Although you can create pro forma earnings and financial statements for a startup, a business-for-sale should have a well-documented, multi-year history of financial performance.
Don't Forget About Franchising As an Option
Young entrepreneurs are big on innovative marketing concepts, but fall short in the area of real world marketing experience.
A franchised startup compensates for marketing and branding deficiencies, giving your business a highly recognizable brand presence from the outset of operations.
It's possible to perform a successful outdoor sports and recreation business startup using a traditional model, but you can significantly improve your first-year position by exploring the outdoor sports and recreation business franchise startup opportunities in our sports franchise directory.
These additional resources regarding starting a business may be of interest to you.
If you currently own an outdoor sports and recreation business, these resources will come in handy:
If you came here to learn about selling to outdoor sports and recreation businesses, this isn't the right place for you. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.