The Business Plan
Now comes the challenging part—the business plan. Many new tennis businesses skip this step, often leading to failure. Yes, it’s a bit of a hassle, but once it’s complete, you’ll be glad you took the time. Your business plan will evolve as you face the challenges of running your tennis business, and it’s key to long-term success. So, roll up your sleeves and get to work!
Write Your Business Plan
A business plan is an essential roadmap for your tennis business’s success. This living document typically projects 3-5 years ahead and outlines how you plan to grow revenue and expand.
Executive Summary
Briefly overview your tennis business and explain why it will succeed. Include your mission statement, tennis services or products, and basic information about your leadership team, staff, and location. If seeking funding, include financial highlights and growth plans.
Company Description
Give detailed information about your tennis business, focusing on the problems you solve—offering expert racquet stringing, coaching services, or court rentals. Be specific about the customers or organizations you’ll serve.
Highlight the competitive advantages that will make your tennis business successful. Do you have expert coaches, a prime location, or state-of-the-art equipment? This section is where you showcase what sets you apart from the competition.
Organization & Management
Tell your reader how your tennis company is structured and who will run it.
Describe your business’s legal structure.
State whether you plan to incorporate your tennis business as a C or S corporation, form a general or limited partnership, or operate as a sole proprietor or limited liability company (LLC).
Use an organizational chart to outline the roles and responsibilities within your tennis business. Highlight how each person’s unique experience—whether in coaching, racquet services, or business management—will contribute to the success of your venture. You may also want to include resumes or CVs of key team members to showcase their expertise.
Service or Product Line
Marketing & Sales
There’s no one-size-fits-all approach to a marketing strategy, especially in the tennis industry. Your strategy should adapt to meet your business’s unique needs. This section outlines how you plan to attract and retain clients, whether through lessons, racquet services, or tennis equipment sales. Detail how you’ll guide potential customers from interest to booking or purchase. This section will also be key when you develop financial projections, so thoroughly explain your marketing and sales strategies.
Social media marketing is essential in today’s landscape, so leverage every platform—showcase player development, promote racquet stringing services, or run local tennis events. Take full advantage of these channels to build your brand and engage your audience!
Funding Request
If you’re seeking funding for your tennis business, this is the section where you’ll outline your funding needs. Clearly detail how much funding you require over the next five years and how you intend to use it.
Specify whether you’re looking for debt financing or equity investment, including the terms you prefer and the duration of the funding. Provide a detailed breakdown of how the funds will be allocated—whether for purchasing tennis equipment, paying salaries, covering operational costs, or other expenses until revenue grows. Additionally, include your long-term financial strategy, such as plans for debt repayment or eventual business sale.
Financial Projections
Supplement your funding request with detailed financial projections to demonstrate that your tennis business is stable and poised for financial success.
If your tennis business is already up and running, include income statements, balance sheets, and cash flow statements from the past three to five years. If you have additional collateral for securing a loan, list it here.
Provide a financial outlook for the next five years, including forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, offer detailed projections on a quarterly or even monthly basis. Clearly explain how these projections align with your funding needs.
Use graphs and charts to visually represent the financial trajectory of your tennis business. This will help potential investors or lenders understand your financial story.
Appendix
Use your appendix to provide supporting documents or other materials specifically requested. Everyday items include credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents, and other contracts.
Make Your Business Plan Stand Out
As a professional in the tennis industry, it’s essential to showcase your expertise to potential clients. Display your certification and training certificates (such as the ones you’ll receive upon completing any IART course) prominently in your shop. If you’ve served on professional stringing teams at the tour level, highlight this experience in your business plan to emphasize your advanced skills.
Additionally, plan to contact local media to promote your accomplishments and involvement in the tour-level events. This can generate valuable free press and attract new customers to your tennis business.