An Entrepreneurs Guide to Starting a Successful Golf-Related Business

More people than ever before are playing golf in the US. As reported by CNBC, in the year 2020, the player base reached 24.8 million and experienced a healthy growing trend even during the COVID-19 pandemic when numerous other sports suffered unprecedented setbacks. For individuals planning to start a golf-related business, the best time to do so is the present. In this article by NY Gold Fitness Guru, we’ll explore the steps one can take to launch and manage a successful golf-related business. 

Decide a Niche 

As a new business, you will not have the resources or expertise to cater to a broad segment of customers. Hence, it is better to choose a specialized group of target customers and create product offerings to fulfill their needs. Once you have developed a loyal customer base, the business can grow by selling additional offerings and entering new markets. Here are two of the best golf-related business ideas for you to explore:

Online Golf Store

Running an online store will help to utilize the growing popularity of e-commerce to your advantage. As reported by the Ecommerce guide, global e-commerce sales in 2021 peaked at $4938 billion and are expected to grow upwards of $7000 billion by 2025. While you won’t be catering to the full market, even serving a minute share results in potential earnings in millions. As an online store, you can choose to sell apparel, golf equipment, and other types of gear. Additionally, this is a future-proof idea, as when business picks up, you can choose to start selling goods internationally.

Driving Range 

Compared to a golf course, a driving range attracts casual and professional players alike. When done well it can become a staple attraction for your city/town that attracts locals, tourists, and players. Additionally, it provides the option to upsell other products to customers, such as food, beverages, and merchandise, and implement a membership system to generate consistent revenue. Location will play a key role in the success of this business, hence do comprehensive market research before making an investment.

Other lucrative golf-business ideas include becoming a golf trainer, starting a miniature golf course, running a golf podcast, working as a golf-event photographer, and starting a golf player management company.

Regardless of the niche, you choose, creating a strong business foundation will be essential for long-term growth and success. Here are the steps you’ll need to follow:

Write a Business Plan: Your business plan will include details regarding location, product offerings, market research, pricing, competitor analysis, funding, and all other important aspects of the business.

Establish a Corporation: S Corp and C Corp are two similar yet different business structures that you can choose from. Establishing a corporation will protect your personal assets from business debts and allow you to use business expenses as tax write-offs. Additionally, these business structures make it easy to raise funds for the business by issuing shares. Whether you want to raise funding from public or private investors, shares are a great way to keep track of how much equity you own and distribute. Here is a resource to help you choose between a C Corp and vs. S Corp.

Adopt a Digital-First Approach: To be competitive in today’s business environment, adopting a digital-first approach is crucial. This includes going paperless by using cloud-based applications for storage, project management, and accounting. Additionally, you’ll need to invest (time and money) towards creating a strong digital presence through a website and social media. If budget permits, choose a few influencers who are a right fit for the brand to promote products/services and generate buzz among their followers.

Apply for Licenses: Depending on where the business is registered, you may need to apply for one or multiple licenses. Operating a business without proper licenses can lead to fines and lawsuits, which you should avoid at all costs.

The popularity of golf in the United States is currently booming, providing entrepreneurs the perfect opportunity to start a business in this industry. While choosing the right niche will be key, remember to establish the business as a C Corp or S Corp to protect yourself from liabilities and make it easy to raise funding.