The Summer Olympics is in full swing in London, and many establishments anticipate a surge in their profits. However, recent studies reveal that only a tenth of businesses have recorded an upturn so far. Consequently, many are speculating whether there will indeed be a surge in their earnings in the forthcoming weeks.
For a glimmer of hope, entrepreneurs may reflect on the Olympic success in Salt Lake City, Utah where sales exceeded $4 billion, providing over 35,000 hours of employment and more than $1 billion in workers’ earnings. Since hosting the Olympics in 2002, Salt Lake City has been a venue for Olympic trials, World Cups, and U.S. Championships. This suggests a potential increase in revenue even after the excitement of the Games fades and the influx of tourists subsides.
Over a thousand UK businesses are already onboard, securing contracts worth over $8 billion. Astonishingly, 98 percent of all the contracts for the 2012 Summer Olympics have been awarded to UK enterprises, a good number of which are small-scale. This should build confidence in those preparing to cash in on the Olympics, with several strategies applicable to small business owners eager for a share in the Olympic earnings.
For those eligible, it’s a wise move to stock and sell Olympic merchandises. Smaller shops can leverage this by selling a few Olympic-themed items. Granted that not all companies are the official memorabilia suppliers for the Games, this does not keep you from selling Olympic related merchandise to captivate tourist interest.
It is crucial for people to recognize what you offer. In view of the millions of visitors that London is currently attracting, and the promise of even more in the following weeks, it’s important to put your business on the radar. This could mean informing tourists about your establishment’s location and what it can offer.
If everything else falls short, you can seize the opportunity to provide parking space for tourists and Olympic spectators. Considering how scarce parking spots near the Olympic venues will be, this would be a sure way to generate extra income.
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