Starting a racing business offers a number of exciting experiences, and potential for making a couple of bucks as part of the bargain. We'll break down the opportunities, and give you some pros and cons to lean on as you make up your mind.
Things You'll Need
- Business plan templates
- Motorsports business research tools
- Financial research tools
- Business accounting system
- Bank representative
- Real estate agent
- Insurance agent
- Relevant vendors and suppliers
First you have to define what kind of racing business you want. There are all kinds of series ranging from midget series, to sports car series, to stock car series, and costs vary. So, figure out where you're trying to go before you go there.
Second, write a business plan. Things to think about are: what is your vision for the business? What kind of product are you going to offer? Or how much money do you need to start, then how much will you need to weather the period between day one and day 365. In this case, it has been said that racing is the process of "making a small fortune from a big one." So, you want to make sure you will be capitalized properly during the early days.
After you have your business plan in hand, how do you know that what you're thinking is "good" thinking? Is your plan sound? Here you can lean on friends and family who are in business. Or if you don't know any who are, take your document to your bank manager and have him take a look at it.
After your plan has been reviewed and found sound, you can ask your bank's loan officer to handle the request. Once you have your money, locate a shop and secure a lease. Then identify and buy the necessary equipment for your operation.
After you're all set up in the shop you can get going on your first car. After that it's really a matter of competing, competing and competing. Of course on the way you'll need to hire a driver, support staff, office help and a PR person to handling your marketing but in general the racing business is about racing. So, have fun and never forget that there are millions of guys and gals out there who would love to work in motorsports if they only had an opportunity.
- How to Start a Promotion Company
- How to Start an Automotive Performance Business
- How to Start a Horse Racing Business
How to Join a Car Racing Team
A successful race team requires many people with a variety of skills. The new member of a team usually ends up with...
- How to Start a Custom Auto Shop
- How to Start an Indoor Go Kart Track
- How to Start a Go Kart Business
How to Start a Race Car Team
Automotive racing requires more than just a fast car and knowing how to put the pedal to the metal. In order to...