Tennis pros should diversify their income
Everyone should have multiple sources of income, whether they’re a coach or a club owner—or a club manager, for that matter. Having more than one revenue stream can blunt the impact of any unexpected crisis and can help keep you afloat until it passes.
Clubs and coaches should consider building online training programs and streaming class offerings. If your members or clients have ways to stay fit with your help, no matter where they are in the world, they’re more likely to stick around if they can’t make it in person.
You can use one of a range of existing membership-based streaming services, such as Endorphinz, which is built for the fitness industry. Do your research to find the remote fitness service provider that works best for your situation. Several fitness companies have also banded together to provide digital support and services, such as continuing education, to clubs and fitness professionals during this coronavirus crisis—you can get more information from IHRSA here.
You might also want to consider selling equipment and supplements, either directly or through an affiliate model. Since you may not be able to sell anything in person at this time, you should investigate ways to sell products online.
An Amazon affiliate link will earn you a commission on every product purchased once someone clicks through your link to Amazon’s site. Many people have built businesses based on driving traffic to affiliate product links, and they don’t even have your loyal clientele or strong brand presence.
If you have the available financial resources, use them to invest in income-producing opportunities. These might include real estate, dividend-paying stocks or ownership stakes in other businesses. Many stocks have already fallen by 25 percent or more in 2020, and other asset classes are likely to follow if the economy gets worse. Economists are currently predicting a massive recession for the first half of 2020, with a rebound beginning in the fall, so you should have time to research your opportunities and find plenty of bargains.
If you currently depend on your job at a club or your client session fees to make a living, you might also want to consider diversifying your skillset. The online course platforms listed above provide many opportunities to learn new monetizable skills, from coding to copywriting, graphic design to Facebook advertising. Focus on digital skills for now, as they’ll better support you in the event of any future lockdowns.
Tim Bainton is the Managing Partner of Blue Chip Sports Management.
Keep the education goingJune 11, 2020Now is a great time to take advantage of some of the educational opportunities that are available for tennis providers and others in this industry, including webinars and podcasts on all sorts of relevant topics, with qualified experts both within racquet sports and outside of this industry. Read More