When first starting out in your book writing business, there are several rookies mistakes that can be easily avoided with a little common sense. From spending too much time trying to collect from a deadbeat clients or not enough effort keeping your paying clients happy, many thing can lead to your downfall. Here are the top five mistakes new bookies make and how to avoid them:
1. Choosing the wrong customers: As a bookie, your ultimate goal is to make a profit off the bets your customers place. Like any business, the only number that matters is the amount you can collect. It’s important to vet new customers carefully to ensure they’re good for their bet. The more you know about your customer, the more likely you’ll be able to collect. And always be cautious about people starting to bet half way through the season.
2. Not knowing customer’s limit: Avoid letting your customer get too far in debt to you. Set limits at which you pay and collect on bets. Make those limits very clear up front. This will help collection issues in the future. You will need to set and enforce these limits on a case by case basis. Once you know a customer and his betting habits well, you can consider increasing his limits. It’s easy to collect several hundred dollars from a small-time customer over the course of a years, but when he loses that in a couple days or weeks, he may decide not to pay at all.
3. Not taking care of bettors: The worst thing a bookie can do is to ruin his reputation with clients. Word of mouth is a crucial component for any bookmaking business and the easiest way to make it work against you is to not pay your winning bettors in a timely manner. Make sure you have sufficient cash available at all times.
4. Not taking care of bettors: No, this isn’t a typo. Taking care of you clientele is so important that it bears repeating. Another way you can keep your customers happy is by providing them with options to place bets on mobile, live in-game action or a 24-7 call center, if you want to build a reputation as the best bookie, you need to provide your clients with the best.
5. Misallocating time: Over the course of trying to take care of current bettors, many bookies inadvertently sabotage their businesses. To be able to collect/deliver purses and being available to take bets takes so much time by itself that it can lead to burnout and it takes away from valuable networking time to find new bettors. Smart bookies use technology to their advantage by teaming with reputable Pay Per Head services to maximize their time without sacrificing the quality of their services.
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