The Summer Olympics in London are in full swing, and many businesses expect a boost in their profits. But, recent studies show that only about 10% of businesses have seen an increase so far. This has led many to wonder if there will really be a surge in earnings in the coming weeks.
Looking for some positive signs, entrepreneurs might consider the example of the 2002 Winter Olympics in Salt Lake City, Utah. Sales there topped $4 billion, creating over 35,000 hours of work and more than $1 billion in worker earnings. Since then, Salt Lake City has hosted Olympic trials, World Cups, and U.S. Championships, suggesting that revenue can keep flowing even after the main event ends and the tourists go home.
Over a thousand UK businesses have already secured contracts worth over $8 billion. Interestingly, 98% of all the contracts for the 2012 Summer Olympics went to UK companies, many of which are small businesses. This should give hope to those looking to profit from the Olympics, as there are several strategies small business owners can use to get their share of the Olympic earnings.
For those who can, it’s a good idea to stock and sell Olympic merchandise. Smaller shops can take advantage by offering a few Olympic-themed items. Even if a company isn’t an official supplier of memorabilia for the Games, they can still sell related merchandise to attract tourists.
It’s important to make sure people know what you offer. With millions of visitors in London right now and even more expected in the coming weeks, getting your business noticed is crucial. This might mean letting tourists know where you are and what you have to offer.
If all else fails, you could rent out parking spaces to tourists and Olympic spectators. With parking spots near the Olympic venues being very limited, this could be an easy way to make some extra money.