Over the last 13 years, I’ve discovered a formula that allows me to consistently monetize my basketball coaching.
This formula is centered around 3 core principles:
- Residual business model
- Fundamentals-based teachings
- Emphasis on character enrichment
Residual Business Model:
My definition of monetize your basketball coaching is NOT a one-off thing. It’s consistently offering valuable offerings (camps, group trainings, private lessons, etc.) that will generate income.
Within my basketball training academy, the sequence of basketball camps are offered one after another. Once a camper concludes one camp, another opens up. Hence, this is how residual income is generated. From a business perspective, this is critical.
The very DNA of your business should call for existing campers (and parents) to enroll into the next camp. Most basketball training academies don’t do this.
Be sure to incorporate a residual income model in your business.
You can never go wrong focusing on basketball fundamentals. Fundamentals are super-important for beginning, intermediate and advanced-level players.
Also, focusing on fundamentals will impact the greatest percentage of kids you’re privileged to work with.
As a kid learns or sures up their basketball fundamentals will be great. Players will then articulate this to parents. Hence, the kid wants to continue training under you.
Emphasis on Character Enrichment:
I’m a firm believer that helping a kid build strong character is just as important, if not more important than developing basketball skill. You can put a price tag on this!
Ultimately, the kid will appreciate this, and you’re likely to become one of their role models.
The parents will absolutely love you for this. In fact, often times, your emphasis on character enrichment will be the primary reason parents enroll their kids into your basketball camps.
In summary, if you want to monetize your basketball coaching, be sure to implement these 3 core principles: residual business model, fundamentals-based teachings and emphases on character enrichment.
Implement these principles, and you’ll be well on your way to monetizing your coaching.
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