Monday

Advanced Team Funding: Niche Racing Business



Advanced Team Funding: Niche Racing Business
By Don Terrill (c) - www.RacingSecrets.com

I'm a huge advocate for starting a business to help fund your race team.

The story of RacingSuits.com:
This domain name was included in a large lot of names I purchased in 2000. I had every intention of developing each into a viable Internet business. Fast forward to present day: I own over 350 domain names and have turned a handful into successful websites. Looking at how long it took me to turn those domains into sites, I now realize I would need 10 lifetimes to develop them all. So, I've begun to sell off some of my portfolio. Last month I auctioned off RacingSuits.com.
I don't know what the new owner is going to do with the name, but what a great domain for starting a highly focused racing business where you did nothing but sell driving suits and accessories. I hope he makes it a huge success.

Here's how you can create a successful racing business:
  • Pick your Niche - First look at where your passions lie. About any topic can be turned into a viable business, but your odds of success will be greatly increased if you do something you enjoy.
  • Pick a Profitable Revenue Model - Most racers are very busy, so the last thing they need is a service type business that in essence has them getting paid by the hour. Even if you're not that busy, I still recommend that you look for revenue models that decouple your money from time.
  • Build the Business - Nothing is more important at this point than the amount of overhead you take on. I have personally witnessed many first time business owners seal their fate by taking on unsustainable monthly fixed costs. Start small and see how it goes.
  • Grow, Expand, Duplicate - Racers are not known for being timid and why should they be any different when it comes to running a business. Once you've got a good thing going it's time to build upon your success. Just think about constant improvement.
If I was going to build RacingSuits.com I'd start by selling other companies suits and quickly move to designing/selling my own - which is where the real profits are going to be.

What is your niche?

Check out my list of racing domain names if you're interested in starting something.