For a young entrepreneur, the idea of starting a price per head bookie business can really seem like an uphill struggle.
This is because there are many “firsts” involved, such as putting together a good business plan, recruiting sub-agents, and promoting the bookie business itself, just to mention a few.
In order to help you advance in the right direction, we have listed the top 5 common mistakes new bookie entrepreneurs make, and most importantly, we have also added info on how to avoid making them.
1 – An Unclear Business Plan
Before you start a price per head bookmaking business, you really need to have a clear vision of where you want to go and what you need to do in order to get there.
Many new bookie entrepreneurs fall in the trap of working with a vague business model and a fit-all identity.
If you want to start your bookie business with the right foot, this is a common mistake you must avoid.
2 – To Be All Things to All People
If you want to excel as a bookie, you must focus on one key objective.
A common mistake by rookie entrepreneurs is to try to be all things to all people.
This is a big mistake because when you have your hands and mind on many things at the same time; it is likely that you will fail to be the best at something.
Instead, put all of your energy and efforts on a single objective, and by doing so, you will considerably improve your chances of being the best at it.
3 – Failing to Research the Market
Another big mistake new bookie entrepreneurs make is to fail to properly research the market.
Many new bookmakers assume that they know exactly what their prospective clients are interested in, and they base their business decisions on such assumptions.
Since the decision of running a sports betting bookie business this way can carry a number of damaging consequences, we recommend new bookie entrepreneurs to take the time to research the market in order to figure out what is it exactly that players want and need in order to take the decisions that can bring steady prosperity.
4- Failing to Speak the Language of Investors
If you want to work with investors, you need to make sure that the people that you bring in share your core business values.
If you fail to be on the same page with your investors, chances are that the business relationship between you and the people that is investing in your bookie operation is going to crack at some point in the future.
5 – Failing to Recruit the Right Sub-Agents
Sub-agents are really important for the success of a bookmaking operation.
They are in charge of handling the clients of a bookie that reside in a different area. They do collections when players lose, pay winners, and also recruit new clients.
Since the main job of a sub-agent is to handle cash for the bookie, it is crucial to recruit sub-agents whom are responsible with money.
If you don’t trust someone 100%, avoid making such individual part of your bookie business.