Basketball training as an industry is expanding at an unbelievable pace. More players and parents are taking the sport seriously as a path to get college paid for, and as a result more money than ever is being spent on player development. Opportunities are far from scarce.
In fact, the youth sports industry is now growing to mammoth sizes, and has surpassed the NFL as a market at around $20 billion in 2019. But it gets crazier…
The industry is projected to multiply three-fold by 2026 to roughly $75 billion. That’s not a typo. $75 billion.
One of the foundational principles of business is that a quickly growing industry will always present opportunities to people who are creative and driven enough. So how can you take advantage of this perfect timing?
The first way may not be the most sexy, but it’s the foundation of it all. And that is preparing by mastering your craft. As the market grows, true experts will emerge. At times, it feels like the quality of coaching isn’t as much of a predictor of success as it should be. For sure, some pretty poor coaches get tons of clients, and there are absolutely fantastic coaches who remain overshadowed. This is partially a product of marketing (and even luck), but also stems from many parents not understanding what good training really looks like.
But as the market becomes more and more serious and countless coaches and trainers enter the space, I genuinely believe parents will catch up a bit, and results will become the priority. And how do you get players results? Master your craft. Lock in and become the best coach or trainer you possibly can. Spend more time researching, applying, and experiencing new things. This is an investment! You’re in the game at the perfect time, so you’re preparing for it to really boom by learning your craft like the back of your hand. You know the old saying: “stay ready so you don’t have to get ready!”
Next: think more than just training. This youth sports market isn’t just player development and travel teams. It’s SO much more. Just to name a few:
Think about all the untapped territory in those areas. This really takes an entrepreneurial mindset and some critical thinking, which is definitely not easy, but it’s easy for us to get caught in our sphere of training and coaching simply because we love it so much! If you want to maximize your profit while changing lives, think outside the box a little bit and consider what could grow the game past the services we typically offer!
Last, don’t be afraid to invest and take risks. Here’s an example if you’re familiar with the stock market:
Let’s say you knew a stock’s value was about to triple. You’d put a shit ton of money into it, wouldn’t you? Now, I know it’s not the exact same and there’s a LOT more uncertainty than that, but the message holds true. If you truly believe in your abilities, and you’re in one of the fastest-growing industries in the world, it should be a no-brainer to take some risks and invest in yourself and your business. These can be investments of all sizes: buying a book, paying for a seminar or platform like Mastery Hoops, starting your own team, or getting your own gym. All have the chance to really pay off, and it’s the perfect time to get them going.