How to Start a Basketball Coaching Business
Welcome to the Business Ideas section. Watch this video, I’m going to give you a quick start guide on How to Start a Basketball Coaching Business. Over the last decade, the basketball coaching industry has experienced phenomenal growth. If you’re looking to make some money and make a difference in someones life, you should consider starting a basketball coaching business.
The sports coaching industry is expected to increase substantially over the next five years at an estimated 8.6% in 2022 due to increase in demand as discretionary spending and face-to-face interaction has increased.
Most basketball coaching companies make between $17,000 to $75,000 their first year by servicing his 40+ accounts or customers. Most basketball coaches charge a service fee for their coaching or training at an hourly rate or sometimes priced as a flat rate. The average price for basketball training services tends to be between $50 to $200 per 2 hour training session. So, the more training appointments you can book, the better and faster your business will grow.
Lots of service offerings, which means a lot of money for you!
Market Size: $10bn
Number of Businesses: 161,329
This Industry Employs: 284,245 people
So, here’s what you’ll need to get started:
Step 1 - Get a Business Plan
If you have no idea how an online business is supposed to operate or maybe you are a first time business owner, I'd recommend downloading a business plan from Bplans or getting a custom one created on Fiverr. Their plans outline exactly how this businesses works and what you should expect.
Step 2 - Find a Training Location
To find a training court, go to google and type in "find basketball courts near me" or type in "basketball facilities near me". You can call to ask the prices of a membership plus cost to bring guests or you can directly ask them if you can bring in a few people to train with the cost o your membership.
Step 3 - Choose a Name & Register Your Business
Now, when you've got that sorted, it's time to officially register your business. You won't be able to start working until you complete this step. You'll need to register & apply for a federal EIN Number, and form an LLC or Corporation.
Depending on what state you are in, you will likely also need a reseller or retail merchant certificate as well. This allows you to buy products, tax free. I recommend using MyCorporation, as they do have a variety of packages to choose from, but their most basic package will get you started right away.
Obtaining an annual basketball coach license with USA Basketball and commit to youth development standards and safety set forth by the national governing body is also a great idea if you plan on having a professional coaching business.
Keep in mind, it can easily cost over $100 to obtain licensing and can take up to 12 months, because you need to train on the material and take a test. Keep in mind, if you decide to hire barbers and not work the business alone, your coaches should have some type of certification as well. You'll also need to obtain a quote for business liability insurance. This can be done through any service provider like Geico.
Legally Incorporate Your Business Today
Step 4 - Open a Business Bank Account
Now, since you're going to be getting all this money, you'll need somewhere to put it. It's pretty easy to open a business bank account, but they won't get you setup without having the legal incorporation paperwork and the EIN number that I just spoke about. You can work with a local bank that you already use or you can just choose a new one. Square also has small business banking and invoicing for new businesses.
Step 5 - Buy Website Hosting
The next step is to buy web hosting. I always recommend choosing Bluehost because they are the most reliable for small business websites. You also get a free domain name, a free ssl certificate and access to 24/7 tech support. So, you really can't beat it.
Buy Website Hosting with Bluehost
Step 6 - Work with a Website Designer
Once you pay for a website hosting plan with Bluehost, you'll get your login credentials.
You'll want to save that information and deliver it to the web designer in the next step. If
you don't know about Fiverr, it's a company that sells affordable web development and marketing services that get done really quick.
You just type in what you want in the search bar, and it will reveal tons of people who are willing to help you get a website up in less than 3 days. Once you choose the person you want to work with, give them the Bluehost login details and communicate your vision and plans for the website.
Find a Website Designer on Fiverr
Step 7 - Setup a Merchant Account to Get Paid
While they are working on your new website, you'll need to activate a merchant account for your customers to pay you through. Many businesses use paypal, square or stripe. I personally like Square, they make it super easy for me to accept payments online via my website or over the phone. I can also send copies of service agreements, get appointment bookings and invoice directly through Square. The account with Square is free, so once you signup, give these login details to the web designer to complete the payment integration process.
Signup for a Free Square Payments Account
Step 8 - Get Logo & Online Marketing Materials Designed
Finally, you'll need to start spreading the word about your business. A good place to start is getting a logo, social media graphics and online marketing materials created. For website branding, I recommend 99designs because the process is quick and painless and you actually get what you want and for marketing materials, I like envato, because they literally have tons of graphics for each and every single kind of business, on demand.
Get a Basketball Training Business Logo and Graphics
Get a Basketball Training Business Marketing Templates
Step 9 - Create a Money Game Plan
Since you now own a basketball training business, you can choose from a variety of services to sell. The most popular and profitable services are:
summer / winter training camps
whole team training
You’ll want to diversify your service offerings because this will help expand your customer reach. To maximize your profits, you’ll can create monthly membership plans or new customer referral discounts.
Step 1 0- Be Prepared for Startup Cost
Now, I know you're probably wondering...What's the price tag on this baby? Startup costs for this kind of business, is around $2000 if you are starting as solo entrepreneur, or can be an upwards of $10,000+. This number largely depends on how many basketball coaches you hire, payroll, how much money is spent on sporting equipment, insurance, office software, computers, travel expenses, website, equipment storage, business phones, company t-shirts, and marketing.
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About Adella Pasos
This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.
She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward!