Evaluating Trends and Opportunities (Essay Sample)

Evaluating Trends and Opportunities Name: Institutional affiliation Evaluating Trends and Opportunities Before starting a business, it is advisable that you do an analysis of the trends and opportunities that are most likely to affect the effective operation of the business. This study will, therefore, analyze the trends and opportunities that are likely to be presented in the business of mentorship or coaching of basketball in the sports industry. The study will also discuss the environmental, demographic, psychographic, and local geographic trends that relate to the sports industry. The study will also look at the business opportunities in the industry that could be best implemented in the coaching and mentorship of basketball. Moreover, the study will look at rewards that are associated with the business opportunity hence determining if the business is feasible or not. Trends in the Sports Industry In the sports industry, there are many continuous changes in the environment that have to be looked into before starting coaching and mentoring business. The environmental trend affecting the sports industry includes the ecological footprint. To reduce the ecological footprint, the business will use the Green Sports Alliance where solar panels on the garage of Seattle’s CentuyLink Stadium complement efficiency upgrades (Pfahl, 2013). The business will try in using its games so that it can provide awareness the importance of maintaining a cleaner environment by our supporters. These campaigns are aimed at imparting knowledge to the fans and spectators on the importance of keeping a cleaner environment. The demographic trend is the increase in other leisure activities that attract people during their free time. This may indicate a reduction in the number of fans that are likely to attend the stadium to watch sports hence reducing incomes in the sports industry. To cope up with this trend, the business will try to use promotional studies where basketball tournaments are organized to promote particular brand or organization. Through such associations, it may be able to attract a larger number of fans to come and watch basketball hence increasing the revenues of the business. The other demographic factor affecting the sports industry is the increase in aging of the baby boomers that do not have the ability to go and watch sports. The business will deal with this trend by providing special facilities that address the needs of aged people and they will have their separate areas where they can view our games from. The other trend in the sports industry is the increase in social media advertisement and online streaming of games, where our fans are not necessarily required to physical come to the stadium so that they can be able to watch our games but they could do so only through watching from the comfort of their homes. Location-based data may also have an impact on the operation of the business. The increased number of mobile subscribers makes it easier for customers to share your information and tag your location on their posts hence increasing the business opportunities. This may lead to both location-based services and location-based advertising and marketing. Therefore, it is advisable that the business opens up social media accounts where customers can share all the relevant information concerning the location of the business (Owen & Kotrlik, 2012). Business Opportunity Nowadays, there is an increase in the basketball leagues played across the different nation. There are a variety of basketball clubs that do participate in those leagues hence need an adequate number of players for their clubs. This presents a business opportunity in the mentoring and coaching of basketball business through the establishing sports recruitment agency for the clubs. The main reasons of the sports recruitment agency will be to acquire young talents for mentorship that could be used for commercial and performance of the club as well. The role of the agency will be to scout on the new, ambitious and skilled young talents with passion in basketball that are willing to develop and learn new skills. The club will provide training and mentorship programs using my expertise as a coach to ensure that the player’s capabilities are developed. The agency will then use part of the by retaining them to play for our own club and outsource the other by selling them to other clubs so that we can earn an income for the business. Risks and Rewards of Sports Recruitment Agency Business Opportunity Sports recruitment agency just like any other business has both rewards and risks that are associated with the industry. The risks that are likely to face a sports recruitment agency include the ability to determine players that are willing to develop their skills. This process involves inter-state travels that are tedious, time-consuming and may be too expensive hence reducing the profitability of the business. The scouts have to spend time in other state trying to determine the skills of an individual player and convince him to join our agency. The success of this business opportunity depends on performance. This is because, for other clubs to be interested in getting the services of your player, he must have proved to be a top talent with exceptional skills. This implies that if your recruits do not meet the skills required then the business will not make adequate profits. The reward that may accrue as a result of operating a sports recruitment agency is the ability to operate a recruitment agency for multiple sports such as rugby, football, and hockey among others. This helps in the diversification of risks and economies of scale. This is because when the scouts travel to another state, they can recruit footballers, basketball players, and rugby pla...