As a young entrepreneur, engaging in sports business is an idea that may help in excelling in the business, considering the opportunities and demands presented in the market. The ideal business that I would is a sports store, a sports business that involves selling different equipment related to sporting activities. The business would involve opening an online and physical store that will focus on the provision of equipment required for engaging in different sports. The most significant reason the sports store is ideal is because of the kinds of returns anticipated in the business. The fact that most people engage in different kinds of sporting activities results in high demand for sporting tools and equipment. The need to remain fit and healthy increases the demand for sports equipment. The equipment ranges from sports shoes to complex sporting equipment such as treadmills, which are significant in maintaining individuals' physical fitness.
The demand for the business would be created by different people, considering that all people engage in sports activities differently. However, it is important to note that the athletes would create a more significant demand for the business considering their engagement in different kinds of activities. The business may focus on meeting the demands for the starter athletes as well as professional athletes. It is necessary to focus on a wide range of factors that relates to the ownership structure to open up a sports business. For the sports store business, a partnership will be the most appropriate ownership structure. The business will be a partnership between two or more individuals/investors with similar interests and objectives. Considering that the business is a profitable organization, the selection of the ownership structure is ideal as it enhances ease in the process of running and managing the organization and maintaining effective operations (Foster, O'Reilly, & Dávila, 2016).
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In sports business, funding is a vital aspect considering that the business requires adequate capital to obtain different kinds of equipment that may be costly. In this case, the business will require the partners to raise funding. Additionally, the business may require funding from financial institutions to help in ensuring that there is adequate capital that is needed to set up the business and meet different kinds of costs. The estimated cost of starting a sports business is approximately $50,000-$75,000. The startup cost for the business may vary depending on a wide range of factors, such as the location of the business and the kind of equipment required. Upon starting a partnership business, it is important to define different roles for each partner, helping to eliminate different kinds of conflicts (Foster, O'Reilly, & Dávila, 2016). For the business, my primary role would be the management of the different kinds of operations in business, while other partners will undertake other roles.
Considering the size of the business, the employees will need approximately ten individuals who will take different roles. The employees will focus on selling the products to the customers, handle different queries, and provide assistance to the customers on matters concerning the use and handling of the sports equipment. The most significant aspect of consideration involves choosing a proper location for the business, which is an aspect that defined by the target and potential customers. The location for the business will be Vermont state in the United States. Vermont is located on the northern side of the United States and is known for the natural landscape, which is an aspect that attracts athletes. The advantage of selecting the given location is based on the business market considering that the state has a high population of athletes. Additionally, the state has reasonable taxes that enable the effective and smooth running of new businesses.
References
Foster, G., O'Reilly, N., & Dávila, A. (2016). Sports business management: Decision making around the globe . Routledge.
