Get a set of sponsors for your race team to help offset costs.
Obtaining sponsorships for your racing team, regardless of your racing sport, can be a very beneficial way to offset the operating costs of racing. It also gives your team the opportunity to obtain products and services through your sponsor at a discounted price. In mutually beneficial sponsor relationships, the sponsors are given a chance to publicize their brand and company by placing their logo on your equipment while you and your team focus on race strategy and winning. Obtaining a sponsor can be time consuming, though, and will most certainly require persistence and a good value proposition for the sponsors.
Instructions
1. Create a list of key items and equipment that your racing team uses. For example, if you have an auto racing team, items such as tires and braking components would be at the top of your list because you frequently use them and change them often. Uniforms and safety equipment are also other examples of items which sponsors can offset cost.
2. Research and create a list of vendors and manufacturers who supply the items that appear on your list. Depending on the size and budget of the companies you contact, there may be a formal sponsorship request process that requires teams to fill out applications describing their needs, expectations, and track record. Teams with a consistently high track record of winning are more likely to obtain sponsors because their success gives sponsors higher visibility when the team is on the podium or conducting a media appearance.
3. Contact the companies which are you are interested in receiving sponsorship and explain what opportunities you can give the sponsor. For example, you could offer them the opportunity to place their logo prominently on your race car and on the team's uniforms in exchange for free or discounted tires and equipment.
4. Continue to follow-up with the companies. It is important to be patient and persistent. Do not be afraid to ask a vendor why it is passing up the opportunity to sponsor you if it says "no." The feedback can help you hone your pitch to other potential sponsors.
5. Create a sponsorship agreement with a lawyer, or use a legal template provided to small businesses, to legally bind the sponsorship's terms and conditions. This final step ensures that both parties will adhere to the conditions of the sponsorship deal that was made. Have your sponsors sign this document and use a notary to verify the legal document with a witness.
Tags: racing team, your racing, their logo, track record, your list, your race