5 must-do’s when deciding on sports lesson pricing that will keep you competitive without undercutting the value of your expertise. A good first step when determining your sports lesson pricing is…
When you hear the phrase “spring cleaning,” you probably think of open windows, dusted shelves, and organized closets. But, spring cleaning doesn’t have to end with tidying up your home. Have you spring cleaned your sports training business? We’ve put together a list of top resources and guides to help you prepare your business for the busy spring and summer months ahead.
Best Practices for “Spring Cleaning” your Sports Training Business
Clean up your brand/ marketing strategy
If you’ve previously run marketing promotions, it’s important to review their success in order to refine upcoming campaigns. Take a look at your past promotions by using a marketing promotion analysis calculator. If you have yet to experiment with running marketing promotions for your sports training business, you should explore the effects that they can have on your business and revenue.
Upper Hand’s free Marketing Promotion Analysis Guide & Calculator will help you
- Understand the pros and cons of running discount-based promotions
- Calculate your break even point prior to running a promotion
- Analyze the overall benefit of your promotion after its completion.
In addition to crunching numbers, you should also gather feedback from your clients. Use marketing surveys like these to uncover trends or concerns that will improve your client experience and the health of your sports training business.
Additionally, whether you are just getting started, or have been in business for years, you have an opportunity to review your brand strategy. Creating an identity for your youth sports training business should be a priority for your brand.
Upper Hand’s sports business brand strategy guide will help you understand
- The key elements you need to consider prior to opening your sports training facility
- Best practices to follow when launching a new brand
- In-depth breakdown of logos, websites, and social media
- Questions to ask to build a strong brand foundation
Improve your staff management skills
As you review your business, it’s critical to better understand and empower your staff. By improving your trainers’ and coaches’ experiences, you’ll promote strong staff retention and business growth. Check out these 6 staff management tips to help you build an effective team that’s eager to come together to help your athletes meet your goals.
Additionally, as you look to hire new coaches or trainers to join your team, be sure to conduct a background check that gives you peace of mind that your athletes will be in the best hands.
This background check template outlines
- Why screenings are so important for sports businesses
- The steps to take in order to run effective staff and coach background checks
- A thorough form template including all necessary information to collect
Review your health and safety plans
Every youth sports training business needs a well-executed client/ athlete waiver that prioritizes both athlete and staff safety. A strong waiver will help protect you and your staff from any liabilities due to injuries during training or camps. Take a look at your current waiver verbiage to ensure your terms are up to date.
Upper Hand’s athlete/ client waiver template outlines
- Client acknowledgment of training rules and policies
- Medical verbiage for new and existing injuries
- Rights to images, videos, and other forms of media
- Financial responsibility for enrolled programs, and more
No one likes to think about the bad things that could happen, but in the event that an incident does occur, are you prepared? Review your current incident and injury response plan to ensure you and your business are safe from both a health and legal standpoint.
An incident and injury response plan, like this one from Upper Hand, should include a checklist of actions to take in the event of an injury or incident, a customizable report template for your staff to document, and an explanation of the proper steps one should take when handling an incident.
Refine your budget
Of course, a business audit would not be complete without a deeper look into how you are utilizing your time and resources.
Reallocate your resources
On the financial side, a detailed budget is key to your youth sports training business success, as it enables you to make smart financial decisions for growth.
Upper Hand’s budget template, which has been designed specifically for sports and fitness, will help you
- Calculate revenues from various offerings like lessons, teams, memberships, classes
- Determine other revenue streams like retail products, vending machines, and uniforms
- Assess operating expenses like payroll, rent, software tools, websites, online marketing, and insurance
- Calculate costs of goods sold
- Project average revenue per client
- Calculate 12-month cash flow projects, and more
For more tips on how to budget for your sports training business, check out these top ten sports business tools and tips.
Manage your time
You should also look at how you are budgeting your time and space. If you operate out of a facility, you should look for ways to maximize the profitability of your sports facility (without adding a single square foot).
Here are some things to consider:
- Which programs, equipment, or offerings can be eliminated or adjusted?
- Create multiple uses for each large space in your sports facility
- Incorporate advanced technical training methods
As mentioned above, conducting an audit of your programming will help you prioritize your time, as well as improve your client experience. Upper Hand’s gross profit margin template will help you determine where you should be focusing your time and energy. Keeping track of the health and success of your offerings will help you uncover which programs are performing the best, which ones you should tweak, and which ones can be eliminated. Auditing your programs regularly will ensure you are delivering the most value to your clients and athletes.
Aside from your programming, there are other ways to diversify your revenue streams, including
- Incorporating auto-renewal memberships
- Identifying opportunities to cross sell other offerings to your clients
- Stronger internal marketing and communications
- Selling retail or branded gear, and more.
Remember there is never a wrong time to review your sports training business. But, analyzing where you’ve been in relation to where you want to go is a critical step to achieving growth and exceeding your goals.
Opening a Sports Training Business? Be sure to check out these related resources:
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