At the beginning of May, The Cadman Capital team was able to take a dream of ours and make it into a reality: The Mahi Mayhem Fishing Tournament!
We held the event at the Nanny Cay arena in the British Virgin Islands (BVI) and I’m proud to report it was a success. I’m exceptionally proud of the work our team and the numerous stakeholders put in so we were able to pull it all off!
Creating a tournament to benefit the community and draw tourism to the BVI, where I spend a lot of my time, has been a goal of mine for a while. I’ve been writing this blog series for those of you who also have an event or tournament in mind. I’ve written about conceptualizing the idea, and now it’s time to talk about the extensive planning that goes into a tournament.
Make the right connections
I can’t stress enough the importance of making the right connections when you’re first starting to get things underway. I’ve spent years in the BVI; it’s one of my favourite places to fish, relax, and work. I founded Caribbean Sustainable Fisheries back in 2004, and have made a commitment to sustainability in the community. Having a presence and being known in the community definitely made it easier to launch the tournament.
Have a detailed plan
From my entrepreneurial years, I understand that pretty well no one likes planning, but you just can’t go without it. Everyone these days has grand ideas, but they simply don’t want to put the necessary work and planning in first.
You will need to start planning for a tournament or event at least a year or more out. I had the idea of Mahi Mayhem for over two years but put it together in about a year. Of course, as the year goes on things will get busier up until the event, but a year is a good starting point. In fact – we’re already planning for Mahi Mayhem 2018!
Make sure major stakeholders are on board
This is where all of your planning actually comes into action. It’s essential to the success of your event or tournament that you have major stakeholders on board because they are the people that can strike down your event if it doesn’t fit the criteria.
In order to secure that Mahi Mayhem would be able to run, CSF agreed to a 5-year deal to sponsor the event, in conjunction with Nanny Cay Marina, The BVI Tourist Board, The BVI Sportfishing Association and The BVI Conservation and Fisheries Department.
Once you have stakeholders on your side, the planning and execution of your event will run much smoother.
Have sponsors ahead of time
You will need capital to launch a tournament or event. There are ways to raise money on your own, like finding sponsors or using a fundraising platforms such as Kickstarter. However, it can be difficult to find investors for a brand-new event. You need people to help out, offer food and entertainment, and prizes for people to win – it can work out to be quite the investment.
Luckily at CSF, we had been thinking about starting Mahi Mayhem for a few years and we’re able to save a substantial investment to launch the tournament.
There are many moving parts to creating an all-star event, but hopefully, this blog was able to help you understand the importance of planning ahead of time. Stay tuned for the next blog in the series, where we get to the exciting stuff – all about the execution of the event!
Giles Cadman is Chairman of The Cadman Capital Group, a group of cohesive, complementary companies, operating in the international trade, retail, leisure, and investment markets. Learn more about Giles.