A sports agency is a lucrative venture anyone with the right skills and resources can start. As of 2022, the celebrity and sports agents industry revenue stands at $10.5 billion and is expected to increase by 7.6%. There’s no better time for an aspiring entrepreneur to start a sports agency than now.
And you don’t even need much money to start. You can begin as a sports agent if you have the right skills and talent. But one thing is for sure, running a successful sports agency requires great instincts and strong business acumen. Here are helpful tips anyone can use to start and run a successful sports agency.
Running a sports agency is more of client management. Negotiating deals, handling contracts, overseeing endorsements, and payments will be routine practices for you. A bachelor’s degree in finance, business administration, public relations, or a background in legal studies is vital for a prospective sports agent. Also, remember you can’t do it all by yourself, but you can always hire experts to do the work for you as the agency grows.
You’ll only attract high-profile clients to your agency if you can demonstrate professionalism in your work. This is only possible if you have the right certification. You need to pass sports agency exams and must acquire proper licenses to operate legally. Certifications can instill confidence in potential clients about your capability to handle all business matters with the highest level of professionalism.
Any great business idea starts with a business plan, and a sports agency must have one. The business plan must clearly outline long and short business goals and how the business intends to accomplish them. It may also include all the agency’s expenses, such as travel costs, licensing, and professional fee requirements. The good news is you may not require a lot of money to start a sports agency. You can easily bootstrap it using your savings or get a title loan estimate on the amount you qualify for if you use your car as collateral.
Your office branding should communicate confidence and success to potential clients. Choose a strategic location for professional sports teams and brand it to create a statement about your services. Create both an online and offline portfolio of your sports agency.
Note that this is a highly competitive industry, so you must invest in your brand if you want to stand out. Flyers, company business cards, and other promotional activities will go a long way in furthering your branding and marketing efforts. As a sports agent, the more deals you can close, the higher your income.
Once everything is in place, start attending amateur sporting events and take note of promising talent. During such events, you’ll learn more about potential clients’ strengths and weaknesses. You can use the information to your advantage when you finally decide to approach them.
Introduce your agency and express your interest in representing them. However, avoid trying to sign players during their amateur years because you don’t know who will succeed and who won’t. Just let them know of your willingness to represent them in the future.