Friday, December 4, 2009

How to Make Money By Organizing Races

Business Idea: Organize local races and competitions

Business Description: Every summer you will see signs advertising some sort of race, usually it is a 5k or a marathon. Most of these races require contestants to pay an entrance fee of $15 to $50. Yes, thats right. People pay money to run even though they can run for free whenever they want to. All you have to do is plan some sort of course. I recommend a 5k, which is just over three miles. You should pick a somewhat scenic route, and you will probably have to get permission from your town. Once you get permission, just give the race a name and market it.

Business Expenses: Your town may make you pay some sort of fee to run on the course. Your other costs will be advertising, giveaways, (you should provide snacks, Gatorade, and T-shirts to your runners) and prizes.

Business Logistics: You will have to start work on this at least a year before your target race date because there are several steps, and all of them can take significant time. The more time you have to market your race, the more contestants you will get. Start by mapping out a scenic course through a local historic area or park. Once you have a good course in mind, go to the local authorities and ask for a permit. Pay whatever fee they charge, as long as its reasonable, like $100 or less. Then go find local businesses who will sponsor the event. To entice sponsors, you should offer to put an ad for the company on the back of the t-shirts you give out. Once you've collected enough money from your sponsors to pay for your expenses, you should start advertising. Put signs on nearby street corners, post bills on any kind of public bulletin board, and put an ad in the local paper. If possible, write an article for the paper. Get a free website that provides all the information. You should give your race a memorable name. The registration fee should easily pay for the t-shirts, and you should be able to pocket about $10 per runner. On  the morning of the race make sure the course is well marked, make sure there are tables full of snacks and drinks, and prizes. There should be age groups, and prizes for the top three finishers in each age group. I recommend participating in a few races before you actually host your own. These races get more and more popular every year, so make it a regular event.

Related Business Ideas: Triathlons, Wife Carrying Contests, Polar Bear Clubs

Business Risks: If you don't get enough contestants to cover your costs, you could lose big time. Try to spread out the risk by getting local business to partner with you.

Feasibility Quotient: 74

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...