“Don’t forget about accounting,” warns Morgan Mosca, CFO of the Dalia Fencil Corporation INC, “Many sports betting companies fail to spend money when there is a good cash flow. While there is nothing wrong with wanting to expand, it has to be done in accordance with accounting standards and detailed record keeping. This is especially true for public companies. Private sports betting firms can sometimes let this aspect of the business slide a little.”
“Starting up any sports betting business is difficult. In our case, it took about 6 months of planning, a year of fund raising, and then another 6 months of building infrastructure before we made our first sale,” states Ossie Whitmer of the Massie Schipper Partners and Ltd. Company.
Additionaly, fundraising for any sports betting business venture can be a daunting task. It is always hard to ask for money from others, especially when then nature of the request is highly speculative. Araceli Mcquaid, a highly successful sports betting capital management consultant, believes that planning is the key to selling your idea: “If you walk up to someone and say, ‘I’ve got a great sports betting business idea, would you contribute $100K’, they’ll probably laugh and consider you a lunatic…but, if you approach someone and say ‘Look, I have this great idea, and my plan is the following…’, it will reassure an anxious investor that things will move forward with thought and purpose.”
Secondly, once the business side of a prospective sports betting venture is planned, map out the human element. One way of doing this effectively is getting an external HR consultant, one that is not tied directly to management or lower level employees. This allows for impartial scrutiny of your sports betting business model and ensures that the right people are doing the right jobs. One often over looked area in online sports betting businesses is infrastructure. Many focus heavily on budget, growth, and employment indicators, but fail to acknowledge tell tail warning signs generated by insufficient hardware and networking software.
For any sports betting business, this can spell disaster. Once investment is secured for a sports betting venture, and proper planning has been realized, start networking within your industry. “I find that attending industry related social functions, conferences, and even my neighbors’ cocktail parties help me find new ways of growing my company,” claims Retterbush Huertas, director of the Camille Abraham Brothers firm, “By asking the right people the right questions, you’ll find that you can learn new things and different strategies for your sports betting firm that you may not have thought of before.”
Also key to success in the sports betting field is logistics. Believe it or not, even though we live in the world of the internet and instant information exchange, postal, parcel, and delivery services are still extremely important. Many sports betting proprietors recommend getting a Fedex, UPS, or DHL business account setup right away, so as to avoid coming out-of-pocket for routine mailings and shipments. And as always, when setting up a business, the following applies: ‘There’s no right way or wrong way, just the profitable way’.
Once you’ve found out how to get your sports betting firm off the ground and it is generating ROI, you’ve won half the battle and are on your way to continued success.
“In the case of our sports betting marketing venture, we initially started out with a simple website, and then slowly grew as sales increased,” replies Lightner Sivia, the COO of the Bard Kutchar Co-Op, “Then, the website expanded into a data warehouse – essentially a store of all things related to our marketing campaigns – which allowed us to study and refine subsequent efforts.”