For many Winter Olympians, the road to the 2010 Winter Olympic Games in Vancouver has been paved with extra sweat. Their reward is a shot at a gold medal. They have no illusions about striking it rich in their chosen sports. After a few weeks of permanent vacation, some of us might feel the need to get back into the sports business. Other Winter Olympians, feeling the pinch of slumping economy, may simply want to generate some extra income. Either way, the small business market is ripe for Winter Olympians who want to launch new careers or simply convert their life experience into a lucrative, new business.
A thirty-year-old Winter Olympian usually doesn’t have the same tolerance for risk as the typical young founders of start-up companies. Even famous winter Olympians with substantial sponsorships should learn to bootstrap their companies with minimal investments, according to experienced small business advisers. An ideal small business for a Winter Olympian to launch should:
- connect passion with profits by involving an activity you already love,
- launch with under $10,000 of working capital,
- operate from home or from flexible, short-term office space, and
- either be a small business that you can run on your own or a larger business that can quickly begin operating without your daily presence.
Although these conditions might constrain typical entrepreneurs, you can leverage your fame, your connections, and your passion to build a small business with just a small amount of investment or time at risk. This way, if your small business fails, you can move on to a new one, take a part-time job or simply retire with no fears for the future. Small business experts highlight five success stories that represent the types of business that Winter Olympians can stat after retiring from the sport:
Skiing and Hobby Businesses
In a recent Miami Herald article, Shannon Bahrke, Michelle Roark and Noelle Pikus-Pace shared the story of how their individual passions evolved into a fully-fledged small business. Bahrke started her own coffee company called Silver Bean Coffee, which has six blends, including her signature D-Spin blend. The 2002 silver medalist employs other skiers in Salt Lake City and donates a portion of the sales revenues to U.S. Winter Olympic athletes. Pikus-Pace, a skeleton racer, is hopeful that her passion for hats will translate into more sales revenues. She designs the knit beanies lined with fleece and distinguished by the spiky “hair” growing out of them. She makes a red and blue USA model and summer hats. Roark’s perfume business has enabled her to stay in the sport through six knee surgeries. Michelle Roark owns a perfume shop in Denver called Voila where she sells her handmade perfume. She has six blends: For Real, For Ever, For Balance, For Focus, For Imagination and For Confidence. Roark no longer has any sponsors but wants to continue the lifestyle she loves. Many of them have taken their passion for the sport and launched sports training programs, apparel stores and equipment leasing outfits in snow resort towns such as Tahoe, Whistler, Aspen, Salt Lake, Denver, Breckenridge etc.
While websites such as Etsy offer online sales tools to beginners, more advanced e-commerce solutions can help hobbies businesses sell everything from finished goods to equipment rentals. Website design firms can help you post event schedules or showcase videos, while credit card processing systems remove the burden of accepting customer payments.
Real Estate Sales and Brokerages
Today’s economy might not seem ideal to launch a full-time real estate business. However, retirees such as Ed Judy have discovered that selling property part time can keep you active in the community while generating extra income. Although working full time as a real estate professional during a market slump can be challenging, a Winter Olympian retiree with less pressure for regular income can often provide higher quality customer service than the typical agent.
Recently profiled by his hometown newspaper, Judy combined the communication skills he developed as a law enforcement officer with the practical knowledge he learned during real estate training courses. As an independent sales executive, he can set his own schedule. Under the umbrella of a regional agency, he can trade a portion of his commission for sales leads.
Online Information Service
After more than three decades in the publishing industry, Ric Cox asked SCORE advisors for help combining his passion for real estate with his experience as a researcher. Instead of working as a broker, Cox decided to launch a subscription-based website for Chicago area real estate investors. An e-commerce solution deposits subscriber payments directly to Cox’s account, allowing him to pay staff members and freelancers that help generate high value content for the site.
While some writers test the waters with ad-supported blogs, Cox’s targeting of high-value information led to faster profits. Professional web design often means the difference between a site that looks like someone’s hobby and a strong online presence that generates income. Adding individual coaching, live webcasts, social networking capabilities to an online information portal can create more revenue streams for people that enjoy personal interactions.
Successful Athlete-Run Small Businesses Thrive on Low Overhead
Small business advisors often caution athletes to avoid franchises and other association programs that require hefty upfront fees. Free advice from other winter Olympian run businesses can prevent you from falling victim to investment schemes and fly-by-night operations. By limiting start-up business ideas to small businesses that can be launched with minimal training and low overhead, you can focus on the kinds of activities you enjoy doing without putting your entire savings at risk.
