What is sport-related business, exactly? The term encompasses a broad spectrum of economic activities and sectors with sport as the common denominator. Sport-related business includes everything from the manufacturing of sporting goods to the hotel bed an athlete sleeps in while participating in a sporting event away from home.

As broad as the opportunities may be, they tend to fall under the general categories of sport business or sport tourism. Activities such as the manufacturing, distribution and retailing of sporting goods and apparel constitute sport business in the purest sense. The businesses that provide goods and services to athletes, sport organizations or sport facilities would also belong to this category.

The sport tourism side of sport-related business is the economic activity generated when people are drawn to a specific destination to participate in or spectate at a sporting event. Sport tourism also includes the visits people make to see sporting attractions or to take part in sport business meetings. Sport tourism creates opportunities in a variety of economic sectors, including accommodations, food and beverage, transportation, and attractions.

Sport business and sport tourism are virtually interchangeable – and almost always mutually supportive. When a sporting event attracts visitors to a community, not only does the tourism sector benefit, but local retailers or manufacturers potentially gain new customers and expand their markets. Conversely, a marketing-savvy entrepreneurial venture can spark brand new interest and participation in a sport, in turn creating a positive business climate for events specific to that sport.

Consider these examples of how sport, business, marketing and events can converge almost seamlessly at the local, national, and international levels:

• On a local level, the Yukon Quest’s marquee has helped position the Yukon as a premier dogsledding destination that draws hundreds of travelers every winter seeking a “softer” version of the race.
• Canadian mega-success story Lululemon Athletica sparked a wave of participation and interest in yoga across Canada with apparel lines that appealed to the mass market.
• The “freeride” style of mountain biking now popular the world over originated in North Vancouver almost ten years ago – and has since positioned British Columbia as the global destination for mountain biking, as well as a hotbed for bike and cycling apparel design and manufacturing. 

Can you think of opportunities your business may have to converge these elements of sport-related business?