When it comes to making it as a price per head bookie entrepreneur, there are five important things that you need to accomplish.
Price per Head Bookie: The Five Things
Make Meaning
There is a simple, single question that you must ask yourself before starting a new sports betting and gaming business: do you want to make meaning?
Meaning is really not about the cash, the prestige, or the power. It is not even about creating a fun environment to work at.
The actual meanings of “meaning” are:
- To contribute to improve the world.
- To increase the quality of your own life.
- To right a terrible wrong.
- To prevent something good from ending.
Indeed, making meaning is considered to be the most powerful motivator there is, and if you are working towards the aforementioned meanings, you are in the right path.
With that said, having the desire to make meaning doesn’t really guarantee that you are going to become a successful price per head bookie.
However, it does mean that if you fail, you will at least fail while doing something worthwhile.
Make Mantra
Just relax, and take a few minutes to close your eyes. Then, picture yourself serving the clients of your sportsbook business.
What is the kind of meaning that you see your bookmaking organization making. Most CEO’s of different companies from all industries call this the “why” or the mission statement of their respective organizations.
To create this mission statement is doubtless, one of first steps you need to take as a price per head bookie entrepreneur.
Now, a lot of companies tend to come up with average, mediocre mission statements containing the very same words.
The solution for this is to not think of it as an actual mission statement, but as a mantra.
A mantra is a verbal formula, which is repeated time and time again.
What is great about a mantra is that it is short and sweet. It must be easy to remember, and, if you have to write down your business mantra in order to “enforce it”, chances are that you are not using the right one.
What your mantra must be able to accomplish is to deliver the same positive message than a mission statement. The difference? the latter is larger and filled with common, popular words, and the former one is short and memorable.
When creating the mantra for your price per head bookie organization, try to keep it under 5 words, and also, don’t confuse mantras and tag lines:
- A mantra is for your employees, for internal usage.
- A tag line is for your clients. This is a guideline for how to use your sports betting and casino services.
Get Going
The toughest thing about getting started, is getting started! So, don’t just focus on creating a business plan, take action!
In other words, you shouldn’t just be making strategies related to selling; you MUST be selling.
Avoid repeated testing as this is a game that is played only by big corporations with a big budget.
In your case as a price per head bookie entrepreneur, you must take into consideration the following key principles related to get going:
Think Big: Always set the bar high for yourself and your bookmaking and casino company. Try to be the top bookmaker in your area.
Find a Few Soulmates: The entrepreneurial path doesn’t have to be a lonely one! Many successful companies from all industries out there have been built from the ground up not by one, but two brains.
Polarize People: When you offer high-quality price per head bookie services, some people will love you for it, while others will hate you, and that is just OK. The only result that can either scare you, or offend you, is lack of interest.
Indeed, people are either devoted fans, or relentless critics, and that is just part of the entrepreneurial game.
Define your Business Model
So, now you have your meaning, your mantra, and are aware of the fact that you should take action while defining your business model, it is time to focus on the latter.
In order to come up with a good business model, you need to ask yourself these two questions:
- Who has YOUR cash, in their pockets?
- HOW are you going to move that money into your pocket?
Such questions are doubtless not very subtle, but they are very real, and here are some tips for answering them:
Be Specific: You need to be specific when describing who your prospective clients are. You need to target an specific market, and once your price per head bookie company grows, you can start addressing other business segments.
Keep it Simple: If you aren’t able to describe your business model in just a few words -less than 10- then you aren’t planning well.
Copy Somebody: If there is a top bookmaker that you admire and that is close to you, don’t be afraid to copy what he’s doing good.
It is actually easier to assimilate others’ ideas and integrate them to your business model, than to start from scratch.
M.A.T
M.A.T, in this case, stands for milestones, assumptions, and tasks. Using M.A.T, you can understand better the scope of what you’re undertaking.
Milestones
Milestones are goals that are more relevant and important than other goals.
The milestones of your price per head bookie business mark significant progress, and there are seven which are considered as to be the most important ones:
- Prove concept.
- Complete design specifications for your services.
- Finish your prototype of bookmaking and casino services model.
- Raise funds.
- Release a first, testable version to clients.
- Release the final version of your price per head bookie services to customers.
- Achieve break-even.
Assumptions
It is also important to come up with a list of major assumptions related to your sports betting and gaming business, and these involve factors such as:
- Metrics related to service performance.
- Market size.
- Gross margin.
- Sales per agent.
- Conversions from prospective, to actual clients on your bookmaking portfolio.
- The length of the sales cycle.
- The ROI for the client.
- Tech support calls.
- Payment cycle for payables and receivables.
- Requirements related to compensation.
You must be able to track these assumptions, so, when they prove false, you can have the ability to react fast.
What is ideal is to link these assumptions to one of the aforementioned milestones. So, when you reach a milestone, you can test a given assumption.
Tasks
The third point in M.A.T is to come up with a comprehensive list of top tasks that are necessary to build your business empire.
They include:
- To rent office space.
- To find key sub-agents.
- To set up trustful payroll and accounting systems for your price per head bookie company.
