Here are some lucrative ideas to consider for profitable revenue management, meant to mitigate risks and keep up with a sports facility’s costs.
Sports are deeply ingrained in our society and a healthy, happy population is a well-adjusted one. Sports facilities enrich communities from the grassroots level. They can revitalize neighborhoods and grow the businesses of those close by. How can a sports complex attract enough customers for economic viability?
Careful planning is required for the proper purpose, infrastructure, and programming of a sports complex. Multi-use designs are usually favored over single-use, since the former shares space and real estate to reduce costs. Multi-use venues can host different activities and events in the same place, avoiding empty idle time. A football field surrounded by a running track, for example, may also accommodate a variety of multipurpose uses like live concerts and other such gatherings.
Modular stadiums can be constructed using movable components that either enlarge or downsize events. With adaptable layouts and retractable seating, they can efficiently be assembled onsite with ready-made, budget-friendly custom parts. Big games only contribute to a small portion of utilization rate and a good way to maximize your facility is by being creative with ticket sales through demand-based pricing, offering different seating categories, membership discounts, season passes, and combo packages that include food and drinks.
Some underground sports facilities take advantage of the natural insulation of the earth. They utilize clever ventilation methods for energy savings and climate control. With outdoor turf and other recreational structures on the surface above, more opportunities are afforded for growth and expansion. Other ways to save energy include: updating and maintaining modern appliances, using solar screens for windows, switching to LED or fluorescent lighting, and strategically positioning trees for exterior landscaping.
Parking can either help or harm a facility’s rapport with a city. If a venue is expected to occasionally draw crowds, ample parking is a must. In urbanized areas, partnerships with existing parking facilities can be negotiated for large events. Shuttle systems and pedestrian-friendly paths can even be co-developed with the local government to take guests from surrounding areas to an arena; surrounding businesses benefit from these routes too. When building a brand new parking lot, think about sharing it with the public for additional fees on regular days. Neighboring establishments will be grateful.
When devising and drafting plans for a new facility, study the many possibilities of multi-purpose layouts. Beautiful, clean spaces that double as function rooms for meetings and private events can bring in more earnings. Larger fields and gymnasiums can be transformed into markets, bazaars, and conventions. Allow restaurants, bars, sport-centric retailers, and sports medicine practitioners to rent out street-facing space for ancillary revenue. Don’t forget advertising! Sponsorships and ads can prove substantially lucrative.
Programming is vital, so get the right consultants onboard. Find highly motivated leaders and a diverse set of anchor tenants who think out of the box! Reach out to the smaller education centers, independent learning organizations, and home-schooled families in your vicinity to let them know you offer the physical education their kids need. Get to know the clubs, dancers, yoga instructors, fitness trainers, martial arts groups, and even motor sport teams in your area. Hire professionals to create training academies, clinics, corporate team building activities, and multi-sport programs that involve overall body conditioning. Host classes for disaster preparedness, emergency response, first-aid, and rescue. Think about specific clientele like toddlers, seniors, the disabled, and those with special needs.
Finally, set your brand apart from competitors by building great relationships with the community. Impress the neighborhood with excellent service, environmentally-conscious initiatives, well maintained facilities, upscale aesthetics, and intelligent infrastructure. Adapt, innovate, and be flexible! Follow evolving trends to hold the public’s attention and interest. Your business should strive for success, while being valuable to society. Build it and they might come, but stand out and they will stay.