Fantasy Sports have grown to be a billion-dollar industry globally. It supports and stabilizes the ecosystem. Today, with the influx of large brands, celebrities, gambling, league competitions (like the IPL, ICL, etc.), and much more. It is indeed a massive industry with billions of revenue, uncounted fans, and millions of Fantasy App Developers. Since its somewhat forgotten inception, the Fantasy Sports industry has come a long way.
The medium has developed to be much more than merely a social media game that your friends may enjoy. The Fantasy Sports market is around ₹34,000 crore and is expected to touch ₹1.65 lakh crore by FY25, stands strong and towering like a giant in India alone. Here, we’ll look at 12 stupid mistakes that could seriously harm your startup company.
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What’s the landscape of Fantasy Sports in India?
Fantasy Sports have proven profitable for more than just commercial entities. In truth, the Indian Government and a large number of private customers have profited greatly from fantasy sports websites.
Individual customers generated an astonishing ₹14000 crores in revenue alone in the past year. The TDS and GST taxes, on the other hand, allowed the government to bring in a total of ₹1,450 crore in FY21. A second industry that now directly and indirectly employs 3400 more people directly than it does indirectly is the fantasy sports sector.
As per the new budget rule of 2023, now fantasy sports operators have to pay 30% tax, which will contribute around ₹24,300 crore by FY2025.
What dumb mistakes do start-ups make and how to avoid them?
Although owning a business opportunity is a dream for most of the people, but unfortunately, many start-ups fail due to a variety of reasons. Explore the 12 dumbest mistakes that usually happen while initiate fantasy sports startup!
Mistake #1: Not Knowing Your Target Audience
Lack of awareness about your target audience is among the biggest and worst possible mistakes you can ever make when you are starting up your online Fantasy Sports Business. Your ability to develop an effective marketing and sales plan will be limited without this understanding. According to Fantasy Sports Developer, knowing your target audience entails being aware of their characteristics, driving forces, and preferred communication channels.
Mistake # 2: Insufficient capital
Entrepreneurs frequently underestimate the amount of money needed to launch and expand their businesses, which is one of the most costly mistakes they can make. According to Fantasy Sports Developer, Costs like overload, marketing, and inventory are challenging to pay for without enough cash. Creating a product, paying vendors, paying creditors, and hiring and keeping personnel are all challenging tasks.
Mistake #3: Not Having a Solid Business Plan
Neglecting to create a solid Fantasy Sports Business plan is one of the major mistakes that Fantasy Sports Business owners commit. The objective of your firm, your strategy for marketing and sales, and your financial projections should all be included in a thorough business Marketing Strategy that serves as a blueprint for your enterprise.
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Mistake #4: Not Testing Your Product or Service
No matter how ground-breaking you believe your product or service to be. It is crucial to test it with actual customers. According to Fantasy Sports Developer, You may improve your offering and work out any flaws by testing. Without proper testing, your product can have bugs and usability problems that could become the reason for customer dissatisfaction and result in negative feedback, bad reviews, and a tarnished brand.
Mistake #5: Not Setting Realistic Goals
Many Fantasy Sports Business owners make a huge mistake by neglecting to define practical goals for their companies. Without this crucial phase, it is difficult to track development and assess the company’s viability. A more accurate budget and plan can be created by setting realistic goals.
Mistake #6: Not Having the Right Team
Staff is among the most crucial elements for any Start-up Company. Your company might easily crash or suffer huge losses if the wrong employees are chosen or if the employees aren’t in the correct positions. Make sure that whoever you hire for your business are not only the best candidates but also the ideal fit for the team. They ought to be the individuals who are driven by your mission and are prepared to work hard to make it a success.
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Mistake #7: Not Having the Right Marketing Plan
A solid Marketing Strategy is a must for making a Start-up Company successful. Your start-up will struggle to lure clients, good business deals, and expenditure without a well-thought out Marketing Strategy. Start by learning the tricks and strategies to reach your clients and conducting research on them to avoid making this crucial error.
Mistake #8: Failing to implement the Correct Technology
It’s a piece of cake to become overwhelmed by all the available technology when beginning a business. Knowing what technology you need and how to deploy it can be challenging for running a successful business.
Mistake #9: Missing out on social media opportunities
Social media is a crucial component of any company’s marketing plan. For start-ups, failing to utilize the various platforms might be a costly error. Social media may help you not only spread the word about your company but also build connections with your target market.
Mistake #10: Not Protecting Your Intellectual Property
Failing to adequately protect intellectual property is one of the frequent errors that can destroy a Start-up Company. It’s simple to get taken advantage of and miss out on a lot of profit if you fail to protect the legal rights to your ideas, products, processes, and other intellectual property.
Mistake #11: Not Aiming High Enough
you don’t set high goals and standards for yourself and your company, your start-up business may become mired in a never-ending cycle of mediocrity and stagnation. If your goals are too low, you won’t have the motivation to keep working to grow your company to its fullest potential. Without having high-standards, you run the risk of becoming complacent and disregarding the opportunities for innovation and improvement.
Mistake #12: Not Networking
Failure to network is one of the biggest errors you can make while starting a business. The importance of networking in the business world is often overlooked by entrepreneurs who think that success comes only from perseverance. While perseverance and hard work are necessary, networking is equally crucial, if not more.
Conclusion
Fantasy Sports have grown to be a billion dollar industry globally. It supports and stabilizes the ecosystem. Today, with the influx of large brands, celebrities, gambling, league competitions (like the IPL, CPL, ICL, etc.), and much more. It is indeed a massive industry with billions and fans. Since its somewhat forgotten inception, the Fantasy Sports industry has come a long way.
Not only that, it is generating huge revenue, career opportunities, and several other benefits for individuals as well as for the government. You can enter the Fantasy Sports market by just avoiding the mistakes mentioned above or by hiring an expert fantasy sports app developer, who can assist you in every aspect and help you grow.
READ MORE ABOUT FANTASY SPORTS!
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- Fantasy sports stock trading development: detailed guide!
- Factors affecting cost of fantasy sports app like dream11!
The post What Stupid Mistakes Can Sink Your Fantasy Sports Business? appeared first on Fantasy App Developer.
This post first appeared on Fantasy Sports Growth In India: Trends & Benefits, please read the originial post: here
