Development Funding Beginnings
Creating a new sports facility takes a significant amount of time, money, and planning. After coming up with the idea for the sports complex or recreation center that you want to build in your community, the next step is figuring out the development funding. Without development funding, your idea can’t come to fruition and will stay an idea. Luckily, there are a few steps you can take to get started on the development funding process.
Invest in Your Idea
To see your plans become a reality, you need to invest in yourself. Using your own money could be a risk, but it can be well worth it. Personal savings and investments mean that you don’t have to take out loans. Using your own money for development funding is called “bootstrapping”. If you choose to use your own money instead of taking out loans, the facility planning process may take longer. If you have a faster time schedule that you need to abide by, you may want to consider other development funding options.
Open Development Funding Opportunities to the Community
In order for a sports facility to function, it needs the support of the surrounding community. The people who live near your new sports complex or recreation center will be patrons and the support system for your facility to thrive. A great way to begin creating that relationship is to offer investment opportunities to those in the community. People are more interested in supporting a business that they have invested time and money into.
If you choose to involve individuals from the community as a means of development funding, be sure to choose people who can be relied on. Pick people with prior investment experience or those with a firm grasp on your business plan. The more people you involve, the more people you have to answer to. Be sure to clearly define the other person’s involvement before you accept any funding. It takes a fine balance to navigate funding and the involvement of others.
Facility Planning with Sports Facilities Advisory
If you are in the beginning stages of sports facility planning, Sports Facilities Advisory can help! We have years of experience with feasibility studies, sports complex design, and sports facility management. We can help you navigate every step in opening and managing your new sports facility. For more information about our services and how we can help, check out the Sports Facilities Advisory website or contact our office today!