From my point of view, the athletes must prepare for their retirement during the last 1-2 years of competition to avoid being surprised. Many athletes become good examples of professional conversion.
The possibilities available to you
You don’t have to be a coach, but it’s a possibility that is open to you, as you are experienced in the field. You can also choose to be a naturopath, doctor, lawyer, yoga coach, dietician, etc. and yes entrepreneur. You have the opportunity to start a physical or online business. After you’ve focused on what you’re going to do, you need to think about the steps of setting up your project.
Studying the market
If you choose entrepreneurship, market research allows you to see whether or not your project will be profitable. This is important, especially if you want to make this business a considerable cash flow. For this step, you must first study the job. You can approach professionals who are already working in the sector, to get more information about the sector. After that, you have to think about the competition; get to know them, to see if you still have a chance to break into the field. The study of competition also allows you to offer your future customers something that your potential competitors do not have. Otherwise, you should also check and identify the possible suppliers and their offers. This will allow you to compare prices and make a profit.
After studying the market, you need to target your customers. In general, for this type of study, professionals use a questionnaire that you can set up online for example. You also need to study customers, according to their habits. You can do this study in stores or shopping malls. You’ll find out how customers choose their products, how they detect quality, how often they buy a specific product, etc.
Set up a business plan
Once you’re done, you need to start setting up your business plan. This file should contain the basic investment plan, for a 3-year start-up in general. You must also present in this plan, the possible results on a 3-year projection. You also have to display, gross profitability such as margin, added values, etc. After that, you have to write inside, profitable level, salary details, additional funds, and many more. You can use the models offered for free on the internet to write it.
This is an important point when setting up your business. You have to choose the legal status. The choice will depend on the activity you want to undertake, potential partners, your personal status, the investments and loans you will make, existing clients and potential customers. To make it easier to choose, you can use online legal status simulators, for example.
Please do not hesitate to write me if you have any questions.