TSL #005: Unlocking Success: The BLEEP Framework for Launching and Growing Your Sports Business
Use the BLEEP framework to move your brand and profit into the green
Let's talk business – the real deal.
You've probably heard the stories: how only one out of four businesses manage to keep their doors open past the initial 15 years, and a surprising 20% throw in the towel within the first two years. But don't let these stats scare you off.
I've got some wisdom to share from my journey of launching and growing a national sports business – and it all boils down to having a solid game plan.
Flashback to 2006 when I tipped off Ultimate Hoops, Inc. My vision was straightforward: treat every participant like an NBA All-Star. Don't get me wrong – we had our fair share of bumps along the way, but we were quick to learn and adapt.
It was all about keeping our eyes locked on the prize- treating all our customers like professional athletes.
We were determined not to become just another statistic in that not-so-pleasant 75% club of businesses that didn't make it to their 15th anniversary. This drive for success fueled our growth, eventually leading to our acquisition by Life Time, Inc. and becoming a big deal across 30 North American markets.
Fast forward to 2023 – I took a step back and thought, "Why not reverse engineer the whole process of building a successful sports business?" That's when the BLEEP framework was born: Branding, Leads, Experience, Engagement, and Profitability.
Here is the breakdown.
1. BRANDING
This is where you plant your flag. Branding isn't just about having a cool logo – it's about creating trust and standing out from the crowd. You want folks to remember your brand, not scratch their heads wondering who you are. It's like a first impression – if your brand game is weak, it's like showing up in pajamas to a business meeting.
2. LEADS
You've got your brand; now it's time to spread the word. You need a dual strategy – both online and offline. Build your social media with content that gives people a sneak peek into what you're all about. Behind-the-scenes stuff works like magic. But remember, there's no substitute for human interaction. Get out there, chat people up, and share your passion for upcoming business.
3. EXPERIENCE
This is your bread and butter. Your business's heartbeat is in the experience you deliver. Ensure you have the right team in place and everyone knows their role. But here's the secret sauce – infuse your personal touch. Your business should scream "you" in every aspect. That's what sets you apart.
4. ENGAGEMENT
Making memories isn't a formula; it's an art. You've got to connect with your customers in a way that sticks. Create a vibe around your business that makes folks feel like they're part of something bigger. It's like turning customers into your own community.
5. PROFITABILITY
The bottom line – you need to make money. All the branding, leads, experience, and engagement won't matter if you're not making money. Pricing matters – don't shortchange yourself. And don't forget, keeping your customers and team happy is the real key to long-term success.
Starting and growing a sports business ain't a walk in the park. But armed with the BLEEP framework, you've got a roadmap to steer you through the highs and lows. Remember, it's not just about surviving; it's about thriving and leaving your mark in the game.
