Opinion & Analysis
Want to start a golf business? Here’s some advice
So, you love golf. If you’re a GolfWRXer, that goes without saying. And perhaps, like many golfers, you’ve thought about making your passion your profession.
No, this isn’t a discussion of the merits of the PGA’s PGM Program, but rather, it’s our attempt to provide valuable information and context if you’re considering starting a golf-related business.
For help in this endeavor, we talked to folks who invest in, buy, and build companies in the golf industry: Evan Roosevelt and Matthew Erley, both Managing Partners, at Old Tom Capital.
The duo describes Old Tom Capital as “an investment firm narrowly focused on the golf industry with a wide perspective around investing across all stages of companies.”
They also operate the private investment group, Old Tom Venture Club, which offers accredited investors early-stage investment opportunities in the golf industry.
Check out GolfWRX’s full conversation below.
GolfWRX: Many golfers have sketched an idea for a training aid on a napkin or conceived of some innovation that could change the game. Similarly, plenty of golf-adjacent businesses seem to come and go. Before getting into specifics, can you speak to the paths to success, and maybe point out a couple of companies who are doing well with and without investment?
Roosevelt & Erley: Certainly! While golf is a unique industry to build in, the foundational paths to success, especially for startups and innovators, are no different than building in any other category. They involve a solid understanding of the market, a unique value proposition, and the ability to execute and find a path to scale.
There is inherent risk to building in golf in that the category is sexy and fun, which isn’t a bad thing, but founders need to think critically about what they are building and if there is truly a market opportunity. What we would call the “golf goggles” problem is a very real thing and passionate golfers turned founders need to constantly decouple their passion for the game to ensure that what they are working on has the potential to be a sustainable business.
As investors, we see a dozen or so pitches a week and one of the most common mistakes is founders who have a solution looking for a problem. Founders need to validate their ideas outside of a core group of family, friends, and fellow playing partners, who will typically provide positive feedback on anything.
Does the golf course need better technology to improve on-course delivery of food? Will enough players adopt embedded sensors in their clubs to track data? Will a 10K square foot simulator bar survive in your market? The answer to all these questions may be yes, but there is a deep level of validation required to move forward that we would always recommend.
Companies like Arccos Golf and SuperSpeed Golf are great examples of successful ventures in the golf industry. Each has taken a different path. Arccos, known for its advanced golf analytics and shot-tracking systems, leveraged data to enhance player performance, attracting a mix of direct customers and B2B partnerships with equipment manufacturers. After a lot of success and growth, they secured significant funding, helping them scale their technology and outreach.
On the other hand, SuperSpeed Golf, known for its swing speed training system, started with a more grassroots approach. They focused heavily on product quality and customer education, building credibility through endorsements from professionals and strong online content. SuperSpeed Golf’s growth came from reinvesting profits rather than relying heavily on external capital, which allowed them to maintain control over their brand and business direction.
Raising capital is certainly not the only path to success and oftentimes it can be detrimental to a business. We recommend first focusing on market validation and growth, even at a small level, before considering funding.
GolfWRX: At GolfWRX, we see start-up equipment manufacturers come and go. It’s a difficult space with thin margins, whether you’re a custom putter manufacturer or selling starter sets at attractive prices. I know from our previous conversations, you don’t think it’s a model that’s particularly ripe for investment. Can you speak to why that is and what growth and success look like for these companies?
R&E: The equipment manufacturing space in golf is challenging, primarily due to high production costs, thin margins, and the need for significant brand recognition. Many new entrants struggle to achieve the scale required to be profitable and spend a great deal of cash along the way, as established brands dominate market share and benefit from economies of scale.
From an investment perspective, the capital-intensive nature of equipment manufacturing, coupled with the need for extensive marketing to build brand awareness, makes it less attractive to us as investors. The returns are typically not commensurate with the risks involved to fund a startup. However, there are exceptions, particularly if a company can differentiate itself significantly—be it through unique technology, materials, or customization options.
As mentioned earlier, our recommendation is always to start within a niche customer segment, build profitably, and then decide whether scaling makes sense. There are a ton of opportunities to build solid businesses in equipment, but we are not bullish on startup brands having the ability to challenge the incumbents in golf.
Growth and success in this space often come from focusing on niche markets or innovative products that offer clear advantages over existing options. For instance, companies like Swag Golf have found success by offering high-end, precision-milled putters with a focus on niche branding and building a focused community. They’ve built a loyal following and positioned themselves as a premium brand, which allows them to maintain healthier margins.
GolfWRX: I’d just like to establish some context here. Can you speak to what’s going on in the “business of golf” world broadly? What has changed (and what has not) since the pandemic?
R&E: The golf industry has obviously experienced notable shifts since the pandemic. The pandemic was a catalyst that increased equipment sales, tee times, and overall interest in the game. But, the most important change in the game started nearly 10 years before that, with the rise of off-course entertainment, giving the “golf curious” consumer new entry points into the game.
This new wave of golfers have had a much lower barrier of entry into golf, and a less intimidating path to play the game. That trend, along with the rise of golf technology, has driven new demographics into the sport, including younger players who are more tech-savvy and diverse in their interests.
These evolutions in the game of golf are profound for operators and founders building businesses inside of golf because they open up the aperture of potential customers and provide opportunity outside of traditional green-grass. Many of the next big golf companies are being built today on the backs of technology and the golf curious consumer.
Take a company like Dryvebox, one of our investments at Old Tom, who build mobile golf simulators that are used for corporate events, birthday parties, sponsor activations, etc. They have so much scale available to them due to how they have positioned their business in the golf entertainment space. Or another one of our portfolio companies, TMRW Sports, with the launch of their indoor golf league, TGL, which is positioned to bring golf to a more mass audience of viewers outside of the traditional tours.
Traditional golf is also healthy, but it’s now a more narrow segment of a growing category where “golf” can be so much more. That screams opportunity for us as investors, which is why we are spending more of our dollars in these high-growth segments of the game.
GolfWRX: Taking this further, looking into your crystal ball, what’s next, five years, 10 years down the road?
R&E: Looking ahead, the next five to ten years in golf will likely see continued integration of technology, both on and off the course, as well as new formats of the game to take advantage of the golf curious consumer and their path to enjoy the game.
We expect to see advancements in what we would term the “connected course,” with physical tech to monitor swings and ball tracking, better software connected to the phone, carts, pro shop, etc., as well as data for agronomy purposes, making the whole experience more integrated, fun, and compelling.
Another trend to watch is the evolution of golf’s audience and participant base. Efforts to make the sport more inclusive and accessible will likely intensify, with more initiatives aimed at attracting women, young people, and diverse groups who are underrepresented. This could lead to changes in how courses are designed and marketed, as well as how events and tournaments are organized.
Where does a player continue to experience golf and advance as a golfer after they leave a Top Golf, SIM, putting concept, etc.? We see a huge gap between off-course entertainment and on-course play. This is a big opportunity for founders to build businesses that can help the golf curious advance through the game.
Sustainability will also play a critical role. As environmental concerns continue to grow, golf courses and manufacturers will need to adopt more sustainable practices. This includes everything from water conservation and reducing chemical use on courses to exploring eco-friendly materials in equipment manufacturing.
GolfWRX: Getting down to the meat of our questions, what golf-related businesses does Old Tom feel are suitable for investment? Conversely, what areas are non-starters for you?
R&E: At Old Tom, we invest in great businesses run by great founders with an opportunity to scale and return capital. As mentioned earlier, a sustainable business model with a path to growth should always be the number one priority for founders, whether they are building inside or outside of golf.
From an investment perspective, we are most interested in golf-related businesses that can take a big chunk out of the industry and can scale to be $100M+ businesses. While it’s hard to say exactly what type of companies can do this, we tend to gravitate to the following: off-course entertainment, companies going after the golf curious consumer, software with broad product market fit, women’s golf, international golf (i.e new growth markets like India), agronomy tech, golf travel, and marketplace concepts.
On the other hand, businesses heavily reliant on traditional manufacturing, such as small-scale equipment makers, swing training aids, or apparel brands without a strong differentiator, are generally less attractive. The high production costs and competitive landscape make it difficult for these types of companies to scale profitably without significant capital investment and marketing spend.
Additionally, ventures solely focused on niche products without a clear path to broader market adoption may struggle to gain traction with investors. It’s essential to have a scalable business model and a plan for reaching a wider audience or integrating into larger ecosystems within the golf industry.
GolfWRX: For those who are brainstorming the next great golf business idea, what advice do you have? And for those who don’t plan to solely bootstrap and are looking to accelerate their growth with a capital infusion at some point, what do you say?
R&E: Our advice would be to start building. We see too many people at the idea stage, pitching concepts, looking for someone to sign an NDA to learn more, holding the cards close to their chest, and generally not creating enough progress and momentum.
The best way to build a company is to start working on it, find some level of traction and validation, and show a path and strategy to growth (even on a unit economic level). And you don’t need to leave your job, burn the ships, and be hand-to-mouth to build a company. Start small, build in public, and use the early validation to decide if you’re ready to make the leap to full-time.
For aspiring golf entrepreneurs, it’s crucial to start with a thorough understanding of the market and your target audience. Identify a specific problem or need within the golfing community that your product or service can address. This could be anything from improving performance, enhancing convenience, or making the game more accessible to new demographics. And then validate, validate, validate. Don’t make assumptions and don’t only trust the opinions of the people around you.
When seeking capital, prepare a comprehensive business plan that outlines what you have done and where you are going. We need to see the opportunity to scale and a believable path to growth. Demonstrating a clear path to profitability and scalability is key to attracting investors. We also want to see momentum. Even if it’s at a small scale, that can be enough for investors. And if you’re going to raise money, investors need to believe that you have a path to get large and take a big chunk of revenue in the golf market.
Opinion & Analysis
Brandel Chamblee PGA Championship Q&A: Rose’s huge McLaren risk, distracted LIV pros and why Aronimink suits the bombers
PGA Championship week is here, and Brandel Chamblee did not hold back in our latest discussion ahead of the season’s second major.
In our 2026 PGA Championship Q&A, golf’s leading analyst made the case that PIF pulling LIV’s funding has left its players competing in a state of confusion, called Justin Rose’s mid-season equipment switch a huge risk at 45, and explained why Aronimink will be a bombers’ delight this week.
Check out the full Q&A below.
Gianni: With the PIF confirming that they’re pulling funding from LIV at the end of the season, what impact do you expect that to have on the LIV players competing at the PGA Championship?
Brandel: I would imagine that they have all been thrown into a state of confusion, and will be distracted, not knowing where they are going to play next year and not knowing exactly their road back to either the DP World Tour or the PGA Tour. Or in Rahm’s case, being tied to a sinking ship for the next few years, likely playing for pennies on the dollar in events that no one cares about or watches.
I doubt this would put him in the best frame of mind to compete at his highest level. Keeping in mind, however, that majors are the only time that LIV disciples get to play in events that matter, so never disregard the motivation they have to prove to the world they are still relevant.
Gianni: Justin Rose switched to McLaren Golf equipment mid-season while playing some of the best golf of his career. What do you make of the change?
Brandel: I don’t really know what to make of Rose switching equipment. It seems a huge risk on his part, even though it is likely, in my opinion, that the clubs he’s playing are similar, if not the exact grinds, to what he was playing previously, with a McLaren stamp on them.
Having said that, at best, it is a distraction when he seemed to be as dialed in with his game as any 45-year-old could be and trending in the majors to perhaps do something that would definitely put him in the Hall of Fame. At worst, given the possibility that these clubs aren’t just duplicates of his old set stamped with McLaren on them, he’s made an equipment change that would take time, and 45-year-old athletes don’t have the time to do such things.
Gianni: Aronimink has only hosted a handful of professional events since it hosted the 1962 PGA Championship. What kind of test does it present, and does a course with less recent major championship history tend to level the playing field?
Brandel: Even though Aronimink has only hosted a handful of meaningful professional events, it has been fairly discerning in who can win there. When Keegan Bradley won the BMW Championship on the Donald Ross masterpiece in 2018, he was the 2nd best iron player on tour coming into that week. When Nick Watney won the AT&T at Aronimink in 2011, he was 2nd in strokes gained total coming into the week.
In 2020, Aronimink hosted the KPMG Championship, and Sei Young Kim won. On the LPGA that year, she was first in greens in regulation, putts per green in regulation, and scoring average on the way to being the LPGA player of the year. And then there is the 1962 PGA Championship won by Gary Player, who eventually became just one of a few players to win the career grand slam on the way to winning 9 majors. It is a formidable test, and if it’s not softened by rain, it will bring out the best in the upper echelons of the game.
Gianni: Is there a specific hole at Aronimink that you think will do the most to decide the winner?
Brandel: The hardest hole at Aronimink in each of the three tour events that have been played there since 2010 has been the long par-3 8th hole, with the par-4 10th being the second hardest, so most of the carnage will happen around the turn, but with the par-5 16th offering opportunities for bold plays and the tough closing holes at 17 and 18, the finish is likely to be frenetic.
Gianni: The PGA Championship has always sat in the shadow of the other majors. What does the ideal PGA Championship look like in your eyes, and what would it take for it to carve out its own identity?
Brandel: The PGA Championship, to whatever degree it suffers from the comparison to the other three majors, is still counted just as much when adding them up at the end of one’s career. Almost 1/3 of Nicklaus’ major wins were the five PGA Championships he won. Walter Hagen won 11 majors, five of which were PGA Championships.
Tiger Woods twice in his career won back-to-back PGA Championships, and those four majors count just as much as the other 11 he won. The PGA may not have the prestige of the other three, but it carries the same weight. Having said that, I preferred the identity that it had as the last major of the year.
Gianni: You nailed your Masters picks. Rory won, Scottie finished solo second, and Morikawa surged to a tie for seventh. Who are your top 3 picks for the PGA Championship and why?
Brandel: I am not a huge fan of majors played on golf courses that have been shorn of most of the trees, although I understand some of the agronomic reasons for doing so and of course the ease with which it allows members to play after errant drives. However, at the highest level, it all but eliminates any strategy off the tee and turns professional golf into an even bigger slugfest. That means that it will likely be a bomber’s delight this week, but fortunately, Scottie Scheffler is long enough to play that game and straight enough to play it better than anyone else.
The major championships give us very few surprises anymore, going back to the beginning of 2012, so the last 57 majors played, the average world rank of the winners has been better than 15th in the world. So look at the highest ranked and longest drivers who are on form coming into the PGA Championship who also have great short games as the surrounds at Aronimink are very challenging. That’s Scottie Scheffler by a mile and then McIlroy and Cameron Young with a far bigger nod towards DeChambeau than I gave him at the Masters.
Club Junkie
A putter that I love and hate – Club Junkie Podcast
In this episode of the Club Junkie Podcast, we dive into one of the most interesting flatstick releases of the year with a full review of the new TaylorMade SYSTM 2 putters. After spending time on the greens, I break down what makes this design stand out, where it performs, and why it has me completely torn between loving it and fighting it. If you are into feel, alignment, and consistency, this is one you will want to hear about.
We also take a look at some of the putters in play on the PGA Tour last week. From familiar favorites to a few surprising setups, there is always something to learn from what the best players in the world are rolling with under pressure.
To wrap things up, I walk through the process of building a set of JP Golf Prime irons paired with Baddazz Gold Series shafts. From component selection to performance goals, this is a deep dive into what goes into creating a unique custom set and why this combo has been so intriguing.
Opinion & Analysis
From 14 handicap to pro: 4 things I’d tell golfers at 50
This year my 50th birthday. Gosh, where has the time gone?
As a teenager in rural Missouri, some of my junior high and high school years felt interminable. Graduation seemed light years away. But the older I get, the faster life seems to fly by.
I’m also increasingly aware of my mortality. My dad died recently. Earlier this year, a friend and fellow PGA of America professional and I were texting about our next catch-up. The next message I received was news of his unexpected passing at 48. Shortly after, a woman I dated in college succumbed to cancer at 51.
Certainly, one can share perspective at any age. Seniors help freshmen, veterans guide rookies. But reaching this milestone feels like as good a time as any to do one of those “what would I tell my younger self?” articles.
I’ve had a uniquely varied career in golf. I started as a 27-year-old, average-length-hitting, 14-handicap computer engineer and somehow managed to turn pro before running out of money, constantly bootstrapping my way forward. I’ve won qualifiers and set venue records in the World Long Drive Championships, finished fifth at the Speedgolf World Championships, coached all skill levels as a PGA of America professional, built industry-leading swing speed training programs for Swing Man Golf, helped advance the single-length iron market with Sterling Irons®, caddied on the PGA TOUR and PGA TOUR Champions, and played about 300 courses across 32 countries.
It’s been a ride, and I’ve gone both deep and wide.
So while I can consult and advise from a lot of angles, let me keep it to a few things I’d tell the average golfer who wants to improve.
1. Think About What You Want
Everyone has their own reason for picking up a golf club.
Oddly, as a professional athlete, I’m not internally driven by competition. That can be challenging, as the industry currently prioritizes and incentivizes competition over the love of the game.
For me, I love walking and being outdoors. Nature helps balance my energy. I prefer courses that are integrated into the natural beauty of their surroundings. I’m comfortable practicing alone. I’m a deep thinker, and I genuinely enjoy investigating the game, using data and intuition to unearth unique, often innovative insights. I’m fortunate to be strong and athletic, so I appreciate the chance to engage with my abilities. Traveling feels adventurous. I could go on.
You don’t have to overthink it like I do. For you, it might be as simple as hitting balls to escape work, hanging out with friends, and playing loosely with the rules and the score.
The point is to give yourself permission to play for your own reasons, and let that be enough.
But if improvement is your goal, thinking about your destination—and when you want to get there—is important, because it dictates the steps you need to take. When I set out to go from a 14-handicap to the PGA TOUR as quickly as possible, the steps I needed were very different from those of a working golfer trying to break 90 in six months. That’s also different from someone who just wants a few peaceful hours outside each week, away from work or family.
None of these goals are better than the others, but each requires a different plan that you can work backward from.
2. There Are Lots of Things That Can Work
One of the challenges of golf is that, although there are rules for playing, there aren’t clear, industry-wide standards for how to best play the game. There’s a lot of gray area.
You might hear a top coach or trainer insist that a certain move is the best way to swing or train. Then you dig a bit deeper and, much to your confusion and frustration, another respected coach or trainer says something completely different. I don’t think anyone is trying to confuse you—at least I hope not. It’s just where the industry is right now.
You have to be careful with advice from tournament pros, too. They might be great at scoring, but they’re also human and sometimes just as susceptible as amateurs to believing things that don’t really move the needle. Tour players might describe what they feel, but that’s not always what they’re actually doing when assessed with technology.
I recently ran a test on my YouTube channel (which connects to my GolfWRX article “How to use your hands in the golf swing for power and accuracy”), and, interestingly, two of the most commonly taught hand actions produced the worst results in the test.
Coaches can certainly help. If you find someone you connect with to help navigate, that’s great. But there are many ways to get the ball in the hole. In the current landscape, you may need to seek multiple opinions, think critically, and use your own intuition to discern what seems true and whose advice resonates with you.
I’d recommend seeking someone who is open-minded and always learning, because things constantly change. Absolutes like “correct” or “proper” should raise a red flag. AI can be useful, but it tends to confidently repeat popular advice, so proceed with caution.
3. Get Custom Fit
If you’re serious about becoming a better player, getting custom fit is hugely important. There’s no sense fighting your equipment if you don’t have to. Most better players get fit these days and, if they don’t, they’re usually skilled enough to work around clubs that aren’t ideal.
If you plan to play for a long time, it’s worth spending a little more upfront to get something that truly fits you and your game, rather than continually buying and discarding equipment.
Equipment rules haven’t really changed significantly since the early 2000s. To stay in business, manufacturers keep pushing those limits. If you pull a bunch of clubs and balls off the rack and test them, you’ll find differences. I’ve tested two new drivers and seen a 30-yard total distance gap. Usually, the issue isn’t bad equipment; it’s that the combination of components simply isn’t the best fit.
It’s like wearing a new pair of floppy clown shoes. Sure, they’re shoes—but you won’t sprint your best in them compared to track shoes that fit perfectly.
Be wary of what’s called custom fitting, too. Sometimes the term is used as a marketing strategy rather than an actual fitting. In some retail settings, fitters may be incentivized to steer you toward higher-priced components. That doesn’t automatically mean it’s not the best fit, but you should be aware of potential biases.
I learned a version of this lesson outside of golf. Years ago, I bought a tennis racquet at a big box store from a seemingly knowledgeable employee who thought it would suit me best. The racquet gave me tennis elbow, and I spent months recovering with rest and acupuncture. The next season, I invested more time and money to find what actually fit me, and I walked away with something amazing that I still play with years later.
So if you’re going to get fit, be smart about it.
Find someone you believe has deep knowledge—possibly with certifications, but not necessarily. Make sure there’s a wide inventory across many brands. Check recent reviews for the individual fitter if possible. Make sure you trust that the fitter has your best interests at heart. If they’re wearing a hat or shirt with a specific brand’s logo, proceed with caution. Unless you specifically want a certain brand or look, be wary of upsells, especially if two options perform nearly the same.
Also, while golf is called a sport of integrity, there’s a thread of manipulation in the industry. I once drafted an equipment article for an industry magazine, structured just like one of their previous popular stories, with matching word count and great photos. The assistant editor loved it; it was useful to readers and required little work on his part. But the editor-in-chief nixed the story. When I asked why, I was told it was because I wasn’t an advertiser. It turned out the article I’d modeled mine after was a paid ad cleverly disguised as editorial content.
I really dislike games, clickbait, and fear-based manipulation. I hope this changes, but golfers deserve to know it exists.
4. Distance and Strategy Matter
There’s a real relationship between how far you hit the ball and your scoring average, even at the PGA TOUR level.
I experienced this early in my pro career. I started as a power hitter, swinging in the high 120s and breaking 200 mph ball speed with a stock driver.
Back then, some instructors advised swinging at 80%, so I tried slowing down for more accuracy. That worked fine on shorter, tighter courses. But on longer setups, I was coming into greens with too much club, and par 5s stopped being
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