Internet Based Businesses as an Option for the Entrepreneurial Money Smart Athlete
- Friday, November 30, 2018
When preparing for your future outside of sport and trying to figure out how you will financially support yourself and your family after retirement from sport, you will have a few major decisions to make. One of the most important decisions you will have to make, concerns transitioning your career to either being employed or starting your own business. If you feel ready to take the risks associated with becoming an entrepreneur and decide that the world of business is for you, then you will have to proceed and choose a business sector that suits your skills and talents and resonates with your values.
Before the Internet became an integral part of our everyday life, if you wanted to start a business you either had to have some savings or visit your local bank manager for a business loan. However, now, in the age of e-commerce, where a brick and mortar presence is not required, the cost of starting an e-business is quite low and can be reclaimed after a few months’ profit.
The fundamentals of commerce apply in the internet business world as well: someone is trying to sell a product or service to another human to either fulfill an unmet need or solve a problem that needs solving. The Internet provides access to a growing global market with billions of people that can be potential customers. There are actually 3.95 billion Internet users in the world as at June 2018 compared to 3.7 billion Internet users in 2017. Out of them, 1.66 billion people purchased something online in 2017 — and an estimated 1.79 billion people are expected to purchase something online in 2018.
Athletes with the visibility they have acquired during their sports career, are considered as one of the most direct channels to reach customers; the connection between fans, sport and athletes, develops the fan phenomenon which is unprecedented in any other sector of society. The huge virtual marketplace provides a unique opportunity for athletes to start their own internet enterprise and take advantage of the special characteristics of their brand, image and the relationship they have developed with fans and others, throughout their career: