In this month’s newsletter, we’ve included some things to think about when deciding on whether to expand your business into new geographic locations or diversify into other sports. We are currently working on a new analytics tool created specifically for businesses and event operators that may help with this decision – stay tuned! You may have noticed that we have added additional categories to our facilities page including Fieldhouses/Gyms, Golf Courses, Dance Studios, Indoor Training Facilities and more. Be sure to check them out.
Event Expansion
Regional Expansion vs Sports Diversification
Whether you are satisfied with the size of your business or looking to grow, staying on top of trends: Demographics, Economics, Participation Rates, etc., will undoubtably influence whether to stay the course, expand regionally or diversify into to other sports. In addition, securing facilities to host your events is another critical component in your decision to expand or not. The good news is that there are sources of information accessible to businesses wrestling* with these decisions.
Demographics
City and region growth rates are driven by a number of factors including immigration, migration, technology mobility, weather, etc. These factors and others contribute to certain states and regions growing faster or slower than others. When looking to expand your existing business, demographic trends can be an important data point to consider but may not be the only factor to consider. The Census Bureau is a good place to start when looking to better understand demographic growth trends.
Economics
While there are articles written about the idea that the youth sports industry is “recession” proof, your customers, parents and players, will change their behavior based on economic uncertainty which can impact your growth plans. “During a recession, however, families may opt for a regional travel team instead of a national team to reduce travel expenses”. Forbes. Staying on top of economic signals can help guide you as to whether to look to expand or stay the course.
Participation Rates
The trends for youth sports participation accelerated after covid, with certain sports growing and others shrinking. The Aspen Institute through their “Project Play” does an amazing job at analyzing the factors that influence participation rates in youth sports. Growth rates in sports may mean you should double down in your existing sport or possibly extend into another sport. Be sure to check out participation rates for youth sports at Project Play.
Facilities
Demographics, economics and participation rates all factor into deciding whether you should expand or not, but they are not the only things to consider. Access to facilities and employees are two additional critical factors that will undoubtably influence your decision. While Travelsports hasn’t yet fully tackled the “employee” issue, we have gone on to create the largest list of facilities on one site. From rinks to fields, gymnastics facilities to fitness centers, Travelsports has over 38,000 facilities listed on our platform that you can use when deciding on adding your next event.
*“We like to throw in some sport motifs when possible!”
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Travelsports is in the process of building a way for you to highlight events, let teams/managers know that you need an extra team for an upcoming tournament, general announcements, etc. through “Posts”. Similar to the content that you post on your website, emails and social media, “Posts” will allow you to amplify your message to a hyperfocused customer base. Stay tuned!
Enjoy a comfortable stay and multiple amenities in a place that feels like home. Located in the heart of Nashville, the Nashville Marriott at Vanderbilt University offers free 2-mile shuttle and is walking distance from Vanderbilt’s campus and the historic Centennial Park. If you’re traveling for an upcoming tournament, be sure to bring your sports teams here for a winning stay.
