Top 3 hacks to increase your sportsclub budget
Based on our research we created a guide to share smart strategies to opitmize your team’s budget
Do you have great ideas and plans for improving performance of your athletes? Is your work as a coach set back by low wages, worn equipment and less than ideal working conditions?
In the past months we have been conducting extensive research in the field of youth sport, have interviewed professionals with diverse sport backgrounds. Based on our findings, we see two main strategies that sports teams can use to increase their budget:
- The first strategy involves optimising your existing channels: Using the following strategies we cover in this post, you will be able to take the most out of your existing revenue mix.
- The second option you have is a category of new revenue streams are a group of activities that are much easier to implement, nevertheless the potential impact is also much higher.
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I. GET MORE OUT OF YOUR EXISTING FUNDING CHANNELS
Raising funds using your existing resources might be a tricky subject. Most parties involved are used to your existing processes and policies. Parents, athletes and staff are used to a situation even if it’s less than ideal. Overcoming this challenge will be the biggest hurdle in increasing your budget.
Let’t see how to take most out of your existing funding channels!
1. Benchmark your membership fees
Benchmarking your club membership fees is the number one thing to do, unfortunately most clubs don’t use this opportunity well.
According to our findings:
- Almost all teams count on membership fees as the main revenue stream for their clubs.
- Some clubs from countries with significantly lower per capita GDP exclusively rely on relatively high membership fees requiring significant financial sacrifice from parents.
- Most teams are underutilizing this source of income.
We advise on benchmarking your membership fees against all competing nearby teams in other sports as well as we find most teams are underutilizing this source of income. Even though you may find that increasing fees is challenging for you, it may be the fastest way to secure new funds.
2. Camps, camps and more camps
Camps are one of the most common forms of funding for youth sports teams. Nowadays camps and training events are not exclusively for professional teams. Groups from very young ages can benefit from significant revenues coming from parents. These include:
- For small children it can mean daily camps, for youth athletes it can mean several weeks of camping a year.
- Give extra services just like including some physical gift from the camp like a certification, diploma, professional photo of the participant or even a mascot.
- Invite hobby players or accompanying parents, family members or even friends as a side-team to drive more value out of the event.
- Involve companies from the community to support your cause by offering some services, or merchandising products, or organizing raffles.
- Involve athlete and family members, build your community around your group.
3. Private classes
By talking to clubs we see that there is an important “missing piece” when considering the relation between coaches and youth athletes. Parents are key points in the success of coaches. Without any doubt, parents can make life of coaches either much easier, or much more complicated. Most parents would do anything they could in order to help their kids excel at sports. Offering extra private classes:
- can add to your club’s revenue stream mix,
- kids would get that extra attention,
- your coaches could have the possibility to have one-on-one time with kids further developing their skills,
- and at last, but not at least parents feel happy about their children.
II. NEW REVENUE STREAMS
Apply some of these useful hacks to fix your club’s financial situation. Have you already implemented these principles and seeking more hacks?