Unfortunately, COVID-19 (Coronavirus) has seriously affected the global economy, and this long-term business impact will ripple for years. Lots of people have lost their jobs, or working conditions changed for the worse. We all are trying to adjust to the new normality. Some of us are trying hard to find a new job while others are looking for work from home business ideas.
Do you belong to the latter category? Great, then our post is for you! The truth is you don’t necessarily need a “real job” to move on with your life. There are far more ways to earn good money from home than people think. Besides you can work entirely on your own terms.
If you are a sports fan seeking a small-invest business idea, we’ve got good news for you – there are lots of sport-related business opportunities! And, who knows, maybe you’ll generate magnificent revenue just in a few months.
So, let’s take a closer look at 2 the best, smart business ideas for sports lovers with an entrepreneurial instinct.
I. SMALL-INVEST BUSINESS IDEA: Start A Sport Podcast
Starting a sports podcast is a cost-effective, simple business idea that will allow you to make money in the comfort of your own home. The best thing is that podcast listenership keeps on growing tremendously.
According to the research by Edison, the number of Americans who listen to podcasts has increased 175 percent over the last 5 years with up to 90 million listenings to a podcast every month.
To start this business, you don’t need to be a technical person, and it doesn’t require mega-bucks to learn how to make the show. Actually, there are lots of free online resources that explain in detail what and how to do.
Why are podcasts popular?
Podcasts are easy to consume for everyone regardless of the lifestyle. People can listen to the record on the go, at the gym, in the car, and even at work. Besides, podcasts can be listened to on any device.
Sports fans won’t need any special environment or gadgets to listen to their favorite podcaster – you! Unlike radio, podcasts are on-demand which means people listen to what they want and when they want.
How much can you earn?
Podcasters can make up to $40 for every 1000 listeners from ads. According to Advertise Cast average rates for a show advertising are $18 CPM for a 30-second ad and $25 CPM for a 60-second ad. CPM means cost per 1,000 listeners.
How do podcasts make money?
Here are some of the most popular ways for podcasts to make money:
- Direct support – a host asks listeners to donate some money to support the podcast. If people enjoy listening to your content, they may throw some money your way to help keep the show running.
- Sponsorship or advertisements – it means that your show promotes your sponsor. How much money you make will depend on how popular your show is and how many downloads you get. As we touched on above, the rates range from $18 to 40$ on a cost-per-1,000 listeners basis.
- Selling products – a podcast can sell products that complement the show, and this way earns money. In your case, products can include sports food, gear, accessories, books, and anything else that relates to sports and fitness.
- Affiliate sales – due to affiliate sales, you can earn money by taking a percentage of what your podcast sells for the company it’s promoting
How much does it cost to launch a podcast?
Here’s another reason why creating a sports podcast is a great start-up business idea – you can do it for free. No investments! You can use free audio software, free podcast hosting service, and upload your shows to sites such as Spotify, Apple Podcasts, and Google Podcasts for free.
However, we recommend buying a good microphone to enhance sound quality.
What hardware is required to launch a podcast?
Here is your starter kit:
- Audio recording software
- A quality podcast microphone
- ardware to improve sound quality
- Call recording software<
What are the most popular podcast platforms?
How to pitch this business idea? Try to record a short episode right now, introduce yourself and your podcast. Learn to get comfortable talking into a microphone for about 30 minutes and then listen to yourself. Don’t upload this episode – you may need some practice and familiarity with the process before you work.
II. HIGH-PROFIT BUSINESS IDEA: Start An Online Sport Shop
If you need a retail business idea that you can perform from home, this paragraph is for you. You can open an online shop where you’ll sell sport wears and accessories.
Why open an online sports shop?
E-commerce provides a wealth of opportunities for all entrepreneurs. According to the TechCrunch research, 8 in 10 Americans – that’s 79% of the U.S. consumers – shop online, using the web or their phones. Considering the ongoing COVID-19 pandemic and current trends, the popularity of online shopping will only grow.
How much does it cost to create an online shop?
It really depends on your purposes, here is a minimum for what you’ll pay:
- Domain name – $2 – $20 per year
- Hosting – $300 per month
- Creating an effective marketing plan – the average cost of creating a good marketing plan lies between $10.000 and $40.000. However, it’s possible to create such a plan on your own if you’re ready to invest a significant amount of your time.
Another part of your spendings will include products you are going to sell. You’ll need to find vendors who offer high-quality goods for a reasonable price.
Determine what products you want to specialize in
When you are just starting to realize a business idea, it’s better to specialize in a specific area. Think about what you like the most, what really interests you: sportswear, accessories, souvenirs, literature. Or how about a sports food business idea?
The options are endless! Just make sure to narrow your brand, this way you’ll have an opportunity to expand your market. After that, you’ll need to choose a domain that reckons SEO key terms and represents your brand in the best way.
Decide on how you’ll buy products
Once you understand what products you want to sell, it’s time to decide on suppliers. For instance, companies like Maurice Sporting Goods and Mighty Grip could supply your online shop with discounted sports goods for buying in bulk. When you finally choose wholesalers, ensure to consider prices and build them into your business plan.
What paperwork do you need to start an online sports shop?
Online business is rewarding, however, you must get your financial forecasting right, in other words, you’ll need a good business plan. If you aren’t a professional accountant, it’s wise to hire a specialist who can break down your costs accurately to ensure there won’t be surprises along the way.
To start any shop, it’s required to obtain a business license, permits, and insurance. Furthermore, in most cases, you’ll need to pay a fee to get all the necessary documents. Contact your local authority to find out what paperwork you need and how much to pay.
Choose a flexible, easy-to-use software platform
It’s one of the most essential parts of launching an online shop. The right software solution will provide you with multiple tools so that you can operate the store without any hassle. So, choose wisely!
Design a website
With the right software solution, creating a website design is easy-peasy since you can always use templates available with your shopping cart software. Or, if you don’t mind paying to a professional designer, get a custom design for your online store.
Think about shipping options
This is a tricky but necessary component of getting your business up and running. If you have quality software, it should be possible to incorporate orders into an external order-fulfillment service provider.
An online sports shop is a profitable business, however, it requires 24/7 availability to address your customers’ questions and concerns in a timely manner, as well as resolving various logistical issues need to be your priority.
How To Run Your Home-Based Business
When you decide on the best online business idea for you and start realizing it, it’s time to learn how to run a business out of your home. It’s a lot different than heading into an office every day. You’ll need to deal with distraction and have a certain level of discipline to be able to work properly.
Here are some tips that will help you realize your home-based business idea:
- Create your home office – it must be a separate, dedicated space. Whatever you do, make sure you have a work area where you can focus on your job.
- Set a schedule – set strict working hours that never change as if you worked for someone else. Without a schedule, you may put off your work to the point it never gets done.
- Make sure your family and friends understand that you actually work from home. Do protect your work time and don’t let anyone sabotage your home business
- When your business is up and running, take steps to keep your business finances separate. It involves setting up a business checking account, creating folders for receipts and other documents, and signing up for a business credit card.
- Consider outsourcing – it becomes hyper-relevant when as you grow your operation and need more time to work. You may want to outsource cleaning and home errands or pay a bookkeeper to keep track of your expenses, or anything else that will free some time so that you can focus on your business.
We hope our business name idea list and recommendations will help you to monetize your interests and finally turn your hobby into your dream job.
Would you like to try our business ideas? Write to us in the comment section below!
About the Author!
Alisa Weaver, she is a sports store owner, she sells the best exercise equipment and sports gear at Gym-Expert. Alisa enjoys sharing her experience through the blog posts and covers topics related to sports and business. She think that anyone can improve their fitness level no matter what their physical condition may be. By pushing yourself, discipline, not giving up together we can make your goals happen.