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How You Can Properly Work Out Your Finances if You are Running an Amateur Sports Club

How You Can Properly Work Out Your Finances if You are Running an Amateur Sports Club

If you want your sports club to be successful, there are many tasks and responsibilities you have to perform properly. Of course, managing your sports club involves managing each member and their profile correctly and making sure each member is paying their dues, but it also means managing schedules and games and having the proper

If you want your sports club to be successful, there are many tasks and responsibilities you have to perform properly. Of course, managing your sports club involves managing each member and their profile correctly and making sure each member is paying their dues, but it also means managing schedules and games and having the proper people in place to accomplish various duties. There are other aspects involved in effectively managing a sports club, but one aspect which is of the utmost importance is managing the sports club’s finances. If you are having difficulties managing your club’s finances, here’s how you can properly work it out.

  • Elect a club treasurer

First of all, you should elect a club treasurer. You can’t do everything yourself, and if you’re not particularly adept with numbers and bookkeeping, you can have a tough time making sure your finances are in order. But with a club treasurer, the task of looking after the club’s finances is made easier. Here’s another reason why you need a treasurer: clubs won’t often be able to open a bank account if there is no treasurer, so it’s best for you to have one.

The treasurer doesn’t need to be an expert when it comes to money and finances, either – they just need to be quite organised, and they need to be able to keep proper track of the finances going in and out so they can make sure it covers all the club’s operating costs. Besides, the treasurer can have an easier time keeping track of the payments and finances nowadays, thanks to club management software. With the right software, you and all the officers of the sports club can be in full control of the records and can arrange schedules and games in real-time as well as manage all members’ profiles with ease.

  • Open a proper bank account

If you want your club to be official, then you should open a proper bank account in the club’s name. This is a requirement if you plan to apply for grants or sponsorships, anyway. The best thing you can do is visit your local bank (or building society) and look at the options for accounts available. You should also get advice on what kind of account is best for your requirements. You may also want to have access to online banking since it will make day-to-day financial and club management much more convenient and manageable.

  • Know what to charge your club members

Now that you have a treasurer and a bank account, it’s time to make a list of what you can charge your members. To determine how much it will cost for you to set up your club and how much it will cost to run it, make a list of expenses. This should include the equipment you need, the hiring of the facility, insurance coverage, general body fees, fees for coaching (if you are paying your coaches), and expenses for marketing (this includes posters, flyers, website design and hosting costs, etc.). To be more thorough, try to work out the cost of membership per person. For instance, if you are hiring a facility for £45 per week for two sessions of an hour each and you have 15 members, then the minimum amount you may have to charge would be £1.50 per session so you can cover the cost of the facility.

Don’t forget to factor in other expenses as well, such as the unexpected replacement of equipment or the costs of kit replacement, for example. Whilst it’s always best to keep your fees reasonable, you have to be sure that the fees will at least cover the entire cost of running the club. What you can do to ensure more commitment is to be open with your members and let them know how much it takes to run the club, and they will be more likely to understand what the club needs, finance-wise.

 

Image attributed toPixabay.com

Susan E. Lopez
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