Emerging Opportunities in Sports Entrepreneurship

Are you passionate about sports? Are you interested in social transformation? Now is the time to begin your career as a sports entrepreneur.

When brick and mortar gyms couldn’t be open, due to COVID-19, entrepreneurs were not deterred. Instead, they were among the first to adopt digital tech to support their businesses and their clients.

Now, as members return to the gym, these fitness innovators are not abandoning their digital evolution. Instead, they are integrating the skills they learned over the pandemic to create alternative opportunities for clients.

As the COVID-19 pandemic winds down, the sports and fitness industry has emerged as one of the more resilient industries thanks to its quick flexibility and willingness to experience. Because of this, the industry is rich with opportunities for passionate entrepreneurs.

A degree in exercise science can help prepare you for a successful career in the fitness industry. Whether you hope to start your own gym or develop a fitness app, pursuing an exercise science degree can help you achieve your entrepreneurial goals.

In this article, we’ll tell you everything you need to know about emerging opportunities in sports entrepreneurship. From brainstorming to building, your career in the sports industry is waiting for you.

Sports Business Opportunities

Thanks to the growing use of technology, gyms can offer their customers more at a lower cost, sending the ROI through the roof. From now until 2028, the global fitness industry will reach $435 billion in value. That’s just over 170% growth.

In terms of sports business opportunities, that’s substantial. But, is it sustainable?

Well, let’s look at some numbers.

• The online fitness industry has grown 39.4% since 2022 and has maintained an upward trajectory since 2021 (The Business Research Company)
• The global sports market has grown 5.2% since 2021 ( the business research company)
• 230 million people are expected to join the fitness industry by 2023 (Ihrsa)
• The estimated summer sports equipment market revenue in 2022 was $2.9 billion (global news wire)

The numbers point upwards, and a lot of that growth is thanks to the unburdening of fitness club owners, sports tech, and sports businesses. Lifting pandemic restrictions have allowed for creativity solutions to take root as sports business best practices.

Some of these solutions include wearable wellness-tracking technology, unconventional gym settings, and hybrid models. All of which are lowering overhead costs for traditional fitness clubs.

Beyond this, leisure sports have emerged as a leading point of consumer spending. This may indicate a cultural shift towards more recreation and hobby, which would offer substantial opportunities for sports business entrepreneurs. Especially those looking to design equipment or begin a recreational club.

We find ourselves amid a technological revolution and at the tail end of the pandemic. The sports industry is poised for massive growth and is offering unprecedented opportunity.

The public is demanding ingenuitive and creative ways to move their bodies. digital products are offering promising ways to do it. All that’s left is for motivated entrepreneurs to move to action.

Tips for Sports Entrepreneurs: Starting a Sports or Fitness Business

So, you’re ready to follow your passion and begin that fitness or sports business you’ve always dreamed about. Congratulations! Now the hard part begins-Building the business.

There are a few fundamental things you need to start a sports business. Luckily, we’ve put together a few tips to help you get up and running.

Plan Your Brand

Before you can dive headfirst, you’ll need to do a little market research and pick your angle. Knowing your niche will help set you apart from the competition and help orient you to building a better business plan.

Once you’ve pinpointed your unique business angle, it’s time to research. Research your competition both local and virtual. Research your audience. Research your location, certifications, and potential investors. And then, put all of your research into one central location so that you can access it when you’re ready to build your business plan.

Put Together a Business Plan

Okay, you’ve got all your research compiled into one beautiful, albeit long, Google doc. Next, you’ll need to build a business plan.

A business plan is a professional document that outlines the goals, strategy, financial needs, and the purpose of your business. It should include things like an executive summary, company description, market analysis, marketing plan, and other logistical and operational specifics.

You may present this plan to investors, partners, or potential employees; but ultimately it will provide you with a structure as you build and grow your business.

Financial Investment

Depending on your business, costs can vary significantly. Your financial needs should be laid out in your business plan and from here, you need to decide how much you can invest and how much you’re going to need to borrow.

Ways to fund your sports business can include partners or business loans.

Permits and Licensing

The permits and licensing you need will vary depending on what services you plan to offer. Every business will need to register as a business (sole proprietorship, LLC, corporation, etc.).

Beyond that, you may need a fire department license, health department license, and other local or state-specific licenses.

Marketing Your Business

The key to successful business is successful marketing. Letting people know about your sports business or fitness club is critical. To begin, be sure that your Google Business Profile is registered and you’ll want to claim your business on Yelp.

After that, your marketing strategy will depend heavily on your business. Software that help with customer relationship management, reputation management, and even help you get feedback can be beneficial to developing a potent marketing strategy.

Examples of Successful Sports Entrepreneurs

In today’s fast-paced market, the sports industry offers sports entrepreneurs diverse opportunities when it comes to business. Whether you’re interested in sports media, sports fashion, or sports tech, there is space for you.

Don’t believe us? Let’s look at a few examples of important sports entrepreneurs.

In 1954, Henry Luce, the creator of Time magazine, began Sports Illustrated. While we may be moving away from print, Sports illustrated has adapted to the times and integrated multimedia elements into their business model. The results are surprising and delightful to their users.

Ten years later, Phil Knight took the running world by storm when he launched Nike. As the Oregon state coach, Knight saw a need for better quality, lighter weight shoes. His company is still a leader in running shoes today.

More recently, Siri Wallenius left the European Club Association to launch her independent soccer advisory club, Club Affairs. Her company is helping solve unique challenges that face the global soccer industry.

Charlotte Roach, the founder of Rabble was inspired by the fun, social vibes found on the playground. She founded the sports club to encourage adults to find new ways to think about exercise. Instead of a HIIT workout, she uses playground games like capture the flag to stoke fun, fellowship, and health in her community.

Other important sports entrepreneurs include:

• Payal Kadakia, founder of Classpass
• Joe de Sena, Spartan Race founder
• Billy Blanks, Tae Bo creator
• Jillian Michaels, celebrity personal trainer

Each of these impressive sports business entrepreneurs experienced a lack somewhere in the industry. For Phil Knight it was shoes, for Billy Blanks it was access to fitness for the masses. They each were not afraid to ask themselves: how could this experience be better? And then, they became the solution to the problems.

Many of these individuals also had educational backgrounds in a related field, like exercise physiology, strength and conditioning, or human movement science.

For entrepreneurs, getting a degree in a related field can give you important information beyond biomechanics. Higher education can also build communication, organization, and research skills. All of which are important for writing your own personal success story as a sports entrepreneur.

10 Sports Business Ideas

From sports consulting to physical therapy, the sky’s the limit for sports entrepreneurs. Depending on your interests, your educational background, the sports and fitness industry offers a wide range of business opportunities.

Of course, some opportunities require more formal education than others. However, the remote revolution has made getting certifications and degrees more accessible than ever. Depending on your hobbies, interests, and career goals, pursuing a degree in an adjacent field could be beneficial, if not necessary.

Here are 10 sports business ideas that you might consider when looking into a career as a sports entrepreneur.

1. Sports Coaching
2. Sports Marketing
3. Sports Nutrition Consulting
4. Youth Sports Camp
5. Recreational Sports Clubs
6. Sports Performance Analysis and Consulting
7. Physical Therapy
8. Sports Educator
9. Strength and Conditioning Consultant
10. Sports Team Investor

Like we said, not all of these careers require higher education. However, having some background knowledge-whether from personal experience or formal education–can help you progress further, faster.

When it comes to formal education, pursuing a degree in a related field such as exercise science can help. Many of the most successful entrepreneurs have degrees in kinesiology, sports performance, or even sports nutrition.

Examples of Successful Fitness Entrepreneurs

The world of fitness is growing rapidly. Between the digital revolution and the lifting of COVID-19 restrictions, the fitness world has boomed. In fact, ISPO reported that 75 to 805 of members returned to the studios in the first months of 2021 in the U.S.

What may be even more impressive is that 66.5 million consumers belong to a health club or fitness studio. This year, it is projected that the industry will grow nearly 7%, that is double what it has been since 2021.

Now is the time for fitness entrepreneurs hoping to break onto the scene to do so. With digital fitness studios becoming more popular, entrepreneurs will have more room to imagine what the world of fitness could look like.

Entrepreneurs shouldn’t be too quick to discount the value of brick-and-mortar. Especially after world-wide shutdowns, people are craving community and they’re going to the gym to find it. ISPOs statistics on members returning to studios is an important statistic to tell us this.

As 2023’s first quarter draws to a close, let’s look at some fitness entrepreneurs who are changing the game when it comes to fitness business.

Dan Reardon & Sam Decomble: FitnessGenes

Reardon and Decombel founded FitnessGenes as a way to help athletes and individuals looking to get healthier to reach their goals. Their program uses DNA-testing to provide unique nutrition and fitness guidance to participants. Their genetic analysis is not the first on the market but it’s certainly one of the most successful.

Ellen Latham: Orangetheory

In 2009, Ellen Latham was looking for a new way to engage with fitness, health, and her community. Her solution? Orangetheory. The unique, goal-oriented structure, unified workouts, and community feel have garnered the loyalty of thousands of people.

Tyler Haney: OutdoorVoices

While Haney may have sold OutdoorVoices, her company drastically changed how many companies thought of ‘activewear.’ Fully embracing the idea of athleisure, Haney created a brand that could suit the needs of everyday life–weather that included rock climbing or going to the grocery store.

Toni Carey and Ashley Hicks-Rock: Black Girls Run

Carey and Hicks-Rock founded Black Goals Tun in 2009. Their goal was to help combat obesity rates in black communities across America. Since its launch it has grown substantially and is now a nationwide organization.

Entrepreneurship is born out of an observable need. Sometimes that need is personal, like in the case of Ellen Lathum. Sometimes, that need is the answer to a less tangible problem like obesity rates in black communities.

While this is by no means a comprehensive list of important fitness entrepreneurs, it does highlight the diversity of opportunities within the fitness industry. From footwear to gene decoding, the fitness industry is growing.

10 Fitness Business Ideas for Entrepreneurs

When it comes to building a business, being passionate about your goals is important. When building a fitness business, being passionate is critical. The health and wellness industry is one of the fastest growing industries in the world, contributing to nearly 10% of total business revenue.

Especially after the pandemic, people around the world are taking their health and wellness more seriously than ever. This global priority shift means that a lot of doors will be open when it comes to fitness entrepreneurship; however, it also means that innovation will be required to be competitive.

If you’re interested in building a fitness business, here are 10 ideas to get you brainstorming:

1. Personal Trainer
2. Health Club or Gym
3. Workplace Health and Wellness Consulting
4. Health and Fitness Coaching
5. Online Fitness Coaching
6. Weight Loss Clinic
7. Yoga Studio
8. Exercise Physiology Consulting
9. Fitness App Developer
10. YouTube Fitness Content Creator

Of course, the sky’s the limit when it comes to building your fitness business. The important thing to ask yourself is “what needs does this fill?” Once you can answer that, let your passions guide you.

It is worth mentioning, however, that some of these businesses may require certifications. Personal trainers, health coaches, and yoga instructors should be well trained in their craft so as not to lead their clients to injury.

One of the best ways to prepare for starting your fitness business is to get an undergraduate degree or master’s degree in a related field, such as Kinesiology or Nutrition. These exercise science based degrees can help give you the understanding that you need, and best prepare you for a job in the fitness industry.

Excited to Get Started in Sports Entrepreneurship?

If you get excited by the prospect of sports, health, and wellness, a career as a sports or fitness entrepreneur is for you. The reward of building your passion into a business is unlike any other, and the satisfaction of supporting a community you love is incredibly fulfilling.

Beyond the personal joy, now is a great time to begin a career as a fitness or sports entrepreneur. The fitness and sports industry is booming. The digital revolution is lowering overhead costs and expanding the fitness world. Consumers are craving a community brought about by gyms and health clubs. And, on top of it all, the pandemic has made consumers more aware of their health and well-being.

Have we convinced you yet?

If we have, Concordia University Chicago can help you best prepare for your next big step into the world of sports and fitness. Getting a degree in Exercise Science can help open fitness and sports business opportunities you never imagined.

Our online degree programs include Kinesiology, Sports Nutrition, Strength and Conditioning, and Leadership Health & Human Performance. Our diverse range of programs can help give you the background knowledge you need to achieve your biggest dreams. So, what are you waiting for? Begin your journey today at Concordia University Chicago.