Monday, 2 November 2020

Published Monday, November 02, 2020 with 0 comment

Creating a Budget For Your Youth Sports


If you are setting up your youth sports organization, or expanding it, you will need to work on your budget before you work on other things. A budget will help allocate money to different activities and you will know exactly how much you have to spend.

Here are a few tips to help plan an annual budget for your youth sports club.

Determine the operating costs

·       Fixed costs like: the monthly rent for club facility (if you are renting it), electricity expenses, staff expenses, phone expenses, maintenance other recurring expenses that will occur month on month irrespective of the number of players.

·       Variable costs like: stationary, jerseys and sports gear etc.

Determine game costs

If you are planning youth sports events, there are a number of fees you have to pay which include:

·       Game facility fees

·       League fees

·       Facility fees for booking fields, courts, special training facilities etc.

Account for tournament costs 

Most of this will be an approximation but nevertheless it’s absolutely important to take this into account. Determine how many tournaments will the teams competing in, and then note the corresponding costs. There are registration costs for most tournaments, and this might also involve the teams travelling out of town. Take into account travelling and lodging costs too.

If you are planning to host a tournament, it will need a separate budget of its own.

Account for other expenses

Other expenses including costs for all events you hold, for instance, registration will be like an event, similarly try-outs. Also, take into account expenses like getting special coaches and evaluators during try-outs or some sort of special training. Then there are things you would need as a club to establish a differential advantage over competition:

·       Website – one-time creation costs and recurring maintenance costs.

·       Sports team management app – to be able to make optimum use of your time and efficiency you would need InstaTeam app that makes communication and coordination smooth and effective. Getting annual membership of InstaTeam would not only help the team get a leverage in terms of smooth administration, the coaches will get more time on their hands to do what they are best at doing – coaching.  InstaTeam will make collecting fees easy and will also help keep track of players’ fees paid and unpaid. Here’s how InstaTeam can help make your sports club managementseamless and efficient.

Take into account existing funds and determine fees

·       Surplus funds from previous year

·       Sponsorship money

·       Approximate contribution from fundraiser

Now that you know how much money you need, and how much money you have, you need to determine the player fees. This will also depend on the kind of fees charged by competing clubs. If your offering is not exceptional in comparison, you obviously cannot charge a premium. That said, you should also be able to get a number which would be the least number of enrollments you need during an year to be able to make the club profitable.

Voila! Your club budgeting is done. Now a treasurer can help refine it into finer details.

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