Sport as a Business

People hire a venue for many reasons. Often to bring convenience in many ways. The thing is, how does it stand out amongst all competitors? How can clients know what your venue offers?

Well, your brand should satisfy a client’s expectation by firstly providing the basic requirements of building a venue for hire. And then, later on, giving it a personal touch to sustain client preference and higher rental prevalence among other venues.

Considering this is non-staffed and is of personally-owned type, here are the requirements of building a venue for hire:

1. Idea – This encapsulates what the venue is for. Establish a skeleton through a conceptualized idea by figuring out how it will operate. This also accounts for the resources it needs and how much profit will it generate. Whatever will be set here is where the rest on this list will rely on. Considering the business side of things, do take your time in finalizing your idea.

• Connection – Contact professional families and friends that could help you put your idea into fruition. Maybe you have some that are one of the following — business partners, investors, people who have had an experience putting a venue for hire, an architect and an engineer — that could be of great help. They may have key inputs that could help you with research. Coordinate with the last two to generate a plan according to how you would want it. Then ask them how it would cost which leads you to the next requirement.

• Capital – It is good to lay out the budget at the beginning before finalizing a blueprint. This way, no unnecessary expenses will be imposed and not many changes would affect the original design because of readjusting the budget. This requirement is essential from the Planning Phase throughout the finality of it all. So, take your time in thinking this through.

Take note of the usual wrongdoing that happens at the beginning of it all. With a huge capital at hand, you tend to overspend on the building instead of choosing to be practical. And then when the actual expenditure needs to be paid, finances are almost always running short.

• A good location – ‘Good’, meaning…. (1) it’s accessible. A venue for hire should at least be able to allow your truck to come in as it gets built. It should accommodate a parking area and most of all, emergency vehicles should be able to come in. (2) It should have good water and electric supply. Whatever your venue is for, lighting and plumbing should be the least of your concerns. (3) It should cover an area that you need for the whole project. If you need a venue for events, space should be enough for a stage, lighting, and speakers. If you plan a venue for AirBnB, it should at least be fully furnished. The ideas could go on and on. You get it.

• Plan and Design – Together with a contractor, an architect, and the engineer finalize the plan and design of your venue. Gather the necessary resources and materials. Set a deadline for it to be finished since these processes usually involve capital already. Time means money and while you want your venue to be at its best for longer optimum performance, it would still be best to invest more time earning a profit. So, if it’s possible to finish building it at the earliest time with the most effective performance, aim for that.

• Team – Everything was built, the brand is established, manpower is next. Put together a team who believes in the idea, willing to learn along the way and brings the quality of the brand up there. Meaning, they believe in the idea so much that they live the purpose of the venue. They represent the brand, not because of money alone but because they know that what they do has a purpose. This is of utmost importance since you need people to talk like you, be accommodating as you and who would treat the venue how you would.

These six requirements put your venue for hire on the run. Be it a formal or a casual sports event, catering to these requirements can make sure that your venue reflects versatility which can accommodate both kinds. Omitting one of these may put its operation in jeopardy as one supports the other. The whole existence of the venue needs these to keep it afloat and earning. Consider them and add your stake to it.