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Congratulations on taking the plunge and running your own sports facility! Now, you’re faced with the challenge of making it more profitable and seeking guidance.
Running a sports facility presents a unique set of challenges. From managing heavy wear and tear and keeping up with specialized equipment to maintaining safety standards, the tasks can pile up quickly. Seasonal maintenance, complex facility structures, budget constraints, and coordinating with user groups add even more to your plate.
It’s no surprise your head is spinning!
If you're looking to lighten the load and increase your sports complex profitability, it might be time to consider sports facility management software like SportsKey.
Designed to streamline operations and enhance customer satisfaction, SportsKey turns your current challenges into opportunities. We're dedicated to increasing your revenue by at least 30%.
In this blog, we'll share our top tips for optimizing revenue through effective hiring and renting strategies for your sports facilities. Discover how SportsKey's innovative features can transform your challenges into success stories, driving profitability and community engagement.
Are sports facilities profitable?
Absolutely! Several key factors determine the profitability of your sports facilities. Here are six things that significantly impact your bottom line:
Strategic location: A well-situated facility with easy access and lots of parking can attract a steady stream of customers, boosting revenue.
Optimized facility design: Tailor the layout, amenities, and equipment where possible to suit specific sports and activities enhance user experience, and encourage repeat visits.
Diverse offerings: Offer different sports and activities that appeal to a broader audience, maximizing facility usage and revenue potential.
Competitive pricing: Set competitive rates for rentals, memberships, and services ensuring affordability while supporting profitability goals.
Effective marketing: Implement targeted marketing strategies across digital platforms, local partnerships, and community outreach to increase awareness and your number of bookings.
Exceptional customer experience: Provide excellent customer service and maintain a clean, safe environment that fosters customer loyalty and positive word-of-mouth.
Our top 5 tips to increase sports complex profitability
Here is a deep dive into our top five tips to ensure you can increase revenue in your sports facility:
Diversify Revenue Streams
Don't limit your revenue potential to just membership fees.
Expand your offerings to include leagues, tournaments, clinics, camps, rentals, and amenities. This diversification will attract a broader customer base resulting in a boost of your overall revenue.
Consider additional revenue streams such as sports equipment sales, concessions, or hosting tournaments and events. These suggestions offer extra opportunities to supplement your facility’s profitability.
We suggest partnering with a reliable sports facility management provider like SportsKey to maximize revenue with 24/7 online bookings, allowing you to generate income around the clock.
For example, our client Lake Forest Academy saw a remarkable +200% increase in revenue within three months of adopting our software compared to the previous year.
2. Online bookings and payments
Avoid the frustration of turning away customers and potential revenue due to overbooking by utilizing an online booking system like SportsKey.
Our platform allows customers to effortlessly reserve and pay for their desired sports activity or rental. This avoids double bookings, and calendar mishaps, enhances customer satisfaction, and reduces the administrative burden associated with manual bookings.
Our client, Kevin Haigh, Lettings Manager at Merchant Taylors High School, commented on the software noting:
“The ease of use with SportsKey was what decided it for us. The fact that people could book and pay on credit card - what the most important feature for me”.
3. Maximize Revenue per Square Foot
Don't let your facility sit unused - maximize revenue by offering multiple sporting options and optimizing scheduling. This strategic approach will increase your revenue per square foot, allowing you to host more activities or event hosting, and generate higher income without the cost and hard work of expanding your facility.
Managing additional facilities or classes may seem intimidating - and even more work. However, by utilizing sports management software like SportsKey, you can take advantage of remote access control. This allows you to manage your facility more effectively, regardless of your location. Whether it's adjusting lighting or overseeing bookings, remote management saves time and boosts revenue opportunities on the go.
Customers like Connecticut College were able to expand external bookings through SportsKey’s platform.
Liz Cahn, who manages bookings for 20 teams and 15 clubs, noted that managing these through email was time-consuming.
SportsKey transformed this by centralizing scheduling and invoicing processes. With our help, they streamlined operations, increased external bookings, and saved at least 10 hours per week on administration.
4. Recurring Revenue vs One-Time Payments
To ensure stable and predictable revenue, build recurring revenue streams such as monthly memberships or long-term contracts. Offering season passes or multi-visit packages also encourages customers to commit to longer-term engagements, maintaining a consistent cash flow.
During school holidays or low seasons, consider renting out your equipment to top up cash flow. This approach maximizes revenue potential during quieter periods and can facilitate seasonal camps or clinics.
A sports management facility software like SportsKey enables efficient equipment rental management, ensuring seamless bookings and enhancing revenue generation capabilities.
According to Sara Feloney from BC High in Massachusetts, USA, "SportsKey is a must for any high school. We have saved hours a week on scheduling and managing our sports facility rentals."
5. Automate to Reduce overheads
To streamline operations and reduce overhead costs in your sports facility, consider implementing sports facility management software. This will allow you to automate critical tasks such as scheduling, payment processing, and inventory management, allowing you to regain valuable hours of your day and enhance overall operational efficiency.
By automating these processes with a robust solution like SportsKey, you can reduce the amount of back-and-forth emails, and prevent stress headaches from keeping track of payments by simplifying the payment process for you and your customers by moving it all online.
SportsKey also provides valuable insights into sales trends and facility usage, empowering informed decision-making and strategic planning.
For instance, SportsKey has significantly reduced email workload by 90-95% and streamlined internal booking processes at Lake Forest Academy. Rentals have increased as clients can now view real-time availability and book spaces instantly, without waiting for email responses.
According to Tanika Golota, Assistant Director of Athletics at Lake Forest Academy, "It’s made scheduling a thousand times easier." Incorporating SportsKey's sports facility management software not only optimizes operational workflows but also positions your sports facility for increased profitability and sustained growth.
Summary
In conclusion, these strategies highlight how plausible it is for you to increase your sports complex profitability.
Each tip - from diversifying revenue streams to embracing automation - will significantly enhance your current operational efficiency and boost customer satisfaction.
Utilizing advanced sports facility management software like SportsKey allows you to optimize your facility's operations, including rental and hiring opportunities.
It has proven to be a game-changer for schools and colleges like Lake Forest Academy, Merchant Taylor’s School, and Connecticut College, where it streamlined scheduling, increased revenue, and improved overall facility management.
These success stories are a testament to how easy it is to start earning some extra dollars for your business. We hope these tips have provided some insight into how to make your sports complex more profitable.
If you're interested in learning more, schedule a personalized demo today to see firsthand how our platform can simplify operations, improve service quality, and drive revenue growth.
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