Sporting Arenas Business

Sporting arenas are often large stadiums which are oval or circular shaped; these areas are often used for conducting matches of different sports. The term has now evolved and has a new meaning attached to it, now there are multiple closed sporting arenas that allow the sportsperson to practice indoors in a space more than enough for an individual’s or a small groups practice. These arenas are more often found in various localities, residential areas and societies.

With time, India is constantly evolving in the field of fitness and sports. There has been a rapid growth in last ten years; U-17 FIFA Football World Cup, Common Wealth Games 2010, Hockey World Cup and Cricket World Cup held in India can prove that the development has been really good. So, opening a business which helps people to get better in their sports when there are more and more athletes and sportsperson thriving to be the best in the field is a good idea.

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Options Available

There are a number of different options available to the person willing to set up a sporting arena. First of all, he/she needs to know about the difference between different types of arenas:-

  • Stadiums Stadiums are a type of sporting arena too! It depends on the person what kind of stadium they want to set up. One can go for setting up a stadium which follows international standards and can conduct various international events- sports as well as concerts too! Generally, stadiums which meet international standard are favorable for only one sport. These stadiums receive a huge amount of payment whenever an international event is conducted. Though the events conducted are few in number but the amount earned just by one event is great too! With this comes another condition, one need to take great care of this stadium as it should always remain in the best of its condition throughout. Other sources of income are practice sessions held by various different academies and sporting clubs. This option provides a constant income to the owner. Inter-state matches can also be held here like the Ranji Trophy, Indian Premier League, Indian Super League, etc.
    On the other hand, one can go for a stadium that is suitable for conducting local matches, practice sessions and club matches. These stadiums are often used for matches between different clubs and schools for conducting matches. These stadiums don’t provide with huge income at once but a fixed one, but the positive point is that you don’t need much of investment in order to set up this kind of stadium.

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  • Indoor Sporting Arenas There is numerous kinds of indoor sporting arenas too. You can go for international indoor arenas for conducting a number of events. These events include various sports and games which need to be played indoors such as- table tennis, Badminton, chess, snooker, etc. These sports require an area to be played too, and are played on international level. India has produced world class sportsperson such as- Saina Nehwal, Sania Mirza, Pankaj Advani, Leander Paes and Mahesh Bhupati, etc. These talents need a space to get their talents nurtured too. You can also go for indoor arenas that are meant only for practices.

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  • Amphitheater This is an open-air place which can be used for multiple purposes such as- Entertainment, Performances and Sports. This kind of arena can also create a large revenue as various concerts, events and sports events can be conducted over here. These are the most versatile kind of sporting arenas.

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Setting up Business 

Here is a guide how you can go about setting up a business in this field:-

  1. Business Plan­- This is the most crucial part which decides where you want your business to head. The various options available to you are- stadiums and indoor sporting arenas. You need to well design your business plan and act accordingly. The space and area to be selected depends entirely on your business plan, what it is headed towards! Apart from all this, your business plan further elaborates what are your current needs and what you will need a few years down the line.
  2. Finance You should be really worried about your finances because this type of business requires a huge investment. Before stepping into the field of finance, you should have a proper business plan that can be executed. This is necessary because you need to present it before the financers in order to secure the loan or shares. You may also plan for a partnership; this is a bit risky because you need to draw a fine line between business aspects and personal life!
  3. Location This factor is also determined by your business plan, if you wish to make a sports arena which matches international standards and can be used to organize international matches, you need to choose a location that is easily accessible and has good roadways which can handle large amount of traffic. Apart from this, the area should be really large for an international sports arena; in the other case, one can go for a much smaller area too!
  4. Construction This is another important factor that may determine the success of your business. The better the infrastructure, more are the chances of generating a great revenue. So, you should hire a good construction firm who has a lot of knowledge. You need to get a blueprint before starting the construction work; this must include the minutest details of the arena to be constructed.
  5. Official Work­ The current Government supports development in the field of sports. There are a few schemes that may help you get some finance ready from the Government. Other than that, there is a set of guidelines that need to be followed by the owner, which you can easily get by visiting the official site of Sports Authority of India. This site can also help you with the documents that you need to get registered and start the business.   

References

  1. https://en.wikipedia.org/wiki/Amphitheatre
  2. https://en.wikipedia.org/wiki/Arena
  3. https://sportsvenuebusiness.com/index.php/2018/01/29/present-status-sports-infrastructure-india-necessary-recommendations-development/

http://www.sportsauthorityofindia.nic.in/index1.asp?ls_id=1016

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