Other Race Funding Ideas
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It's true! There really were two people that started their own NASCAR Busch team (you may remember Angela's Motorsports in 2002 and 2003) using money they had embezzled from the bank one of them worked at. However, I would highly discourage this method for funding your racing. It's hard to get near the track when you are locked up behind bars after having spent some time out of the country on the run from the U.S. Marshals. So let's talk about legal ways to generate racing income. First stop - kids in racing.
Little Kids' Biz
Are you a kid or have a kid racing karts, Jr. formula, Jr. dragsters, etc...? What better way for a kid to learn about real-world finances and contribute towards the costs of racing than to start their own "kid biz". Such a venture can not only help pay some of the racing bills at the present, but it can also provide some lifelong habits and skills concerning money and business. Now, we're not talking about child slave labor here, but rather teaching them about the value of money and helping them directly contribute to their goals and dreams.
First off, a kid biz doesn't have to be anything complicated or expensive to start up. Began with some of the old standbys like mowing lawns, shoveling snow, or painting house numbers on the curb. I was most impressed recently when one of our neighborhood kids, who races at the area kart track, sent out fliers he had printed up advertising his own car washing business.
For computer-inclined kids, you may even think about a web-based business. Check out our World Wide Web article if you haven't already done so.
Another great idea for kids (although they'll need some parental help) would be selling stuff when you're race team is at the track. You could have a business selling team merchandise, souvenirs, snacks and drinks, spare parts, etc... This will be a great way to have the whole family involved in your race team and racing business.
A great resource for additional kid biz (or even adults for that matter) is the local library or large bookseller like Borders, Barnes & Noble or Amazon.com. I would avoid using the Internet for research at this level. If you put in a search for "business ideas", "home-based business", "businesses for kids" or something similar, you will be bombarded with millions of mostly get-rich-quick-type web sites. Sure, there's legitimate ones returned by the search engines, but you can waste hours and days sifting through the myriad of "opportunities".
However, if you start with books, you'll find the process much less overwhelming than the tons of options from an Internet search. And you will probably find many more small business ideas that are much more appropriate for kids. Use the library first - it's free. It will have books like 101 Home Business Ideas, Part-time Business Opportunities or Small Business Ideas for Dumkopfs (these aren't real titles, but similar to what you might find).
In a matter of minutes you could flip through 800 plus business ideas in the table of contents or index section of one of these books for ideas that catch your eye. Once you find something, you can read more about that specific business in the book.
The difference between starting this way vs. on the Internet is that the book author originally wrote the book so he could sell the book (an amazing concept, I know). However, if the book presents 100 different business ideas, then you can be confident the author was fairly unbiased towards any one business. Since he was only selling the book, he would have nothing to gain by promoting any one particular business over another. And, of course, if you find the book at the library, it costs you nothing.
On the other hand, every one of those web sites you search want you to buy and buy now! As such, you're going to see a lot of hype and crazy claims and not what I would exactly call "unbiased". I mean how could they be anyway.
Next, if the library doesn't have what you're looking for, here are some kid biz books
Big Kids' Biz
Now for you adults out there, I recommend starting again at the library or take a look at these books at Amazon.com
Next, think through some of your hobbies that you could turn into a part-time business. Or what kind of racing business could you start - race car parts sales, race fuel or oil distributor, race car or construction or repair? Think of some of the needs racers have and whether a quality company is meeting that need in your area.
Perhaps you could host seminars in your area on how race teams can obtain sponsorship. That's a need all race teams share. Hire someone from the sponsorship marketing industry to give the seminar if you don't feel comfortable doing something like that. You just market, promote and set everything up.
How about writing? If you have a talent with writing, think of something you're passionate about and write a book or e-book. What about cars? Do you have an interest in restoring classic cars? Or maybe just buying and selling? The used car business can be very lucrative if you do your homework. Just make sure you check your state regs on the max number of sales you can make per year before a dealer's license is required.
Got Real Estate
Real estate and investment property is another business sideline that has obviously been around since - well, since there was a property to sell or rent and someone to buy or lease it. If you were to look at the investment portfolios of the majority of wealthy individuals, you would most definitely see real estate as a portion of it.
The great thing about real estate is the ability to leverage your investment money, purchase an asset that generally appreciates (not always, but most of the time), and if it's rented or leased, someone else pays the note. And don't forget the depreciation you can write off on taxes - so you can lose money but make money, if you know what I mean.
If you're going to get into real estate, get plenty of books and do your research. Yes, there are those books out there hyping up the $0 down deals, but just remember those are generally the exceptions and not the rule. Robert Kiyosaki's Rich Dad Poor Dad web site has an excellent book on The ABC's of Real Estate Investing.
Just in case you missed it, make sure you read through our World Wide Web section on developing a successful online business. And just as we said over there, I'll repeat here - whatever business you become involved in, make sure it is something you have a real passion about. Otherwise, you probably just won't have the drive to make it work. And don't forget the free Science of Getting Rich ebook to learn more about developing the right mindset for producing income.
Also, remember to do your research before you jump into something. A great piece of advice I once got in this arena was to find a mentor, someone who had been there and done that kinda thing. True wisdom is learning from the experience of others.
Lastly, don't forget why you're on this track for creating some extra income - so you can help pay for your true passion - RACING!! Now, are you interested in free or almost free money for racing? Then don't miss Racing Scholarships.
