The Business of Racing
Hello friends,
I'm changing the way I write these newsletters. With a lot going on over the past few weeks, I've brainstormed some ideas for Hanscombe Performance's future and concluded that I wasn't serving you as best as I could.
The new structure will be for you, rather than in a blog style. Expect more insights into the science behind human performance and free resources to help you even more.
This week's newsletter topic is why you should treat your racing career as a business.
You can be the fastest driver in the world, but if no one knows about you, you'll never reach your true potential in the sport.
Here's why.
The business of driving fast
Unfortunately, no one can survive in the world of motorsport without money. It just isn't accessible like other sports. You can't grab a car or kart and take it to your local track whenever you want.
This is the complete opposite of sports like basketball or football. Kicking a ball around a field is free, but it costs a lot for limited track time.
For example, you could play an entire season of competitive football for less money than a karting practice day.
The costs of race wear, a vehicle, vehicle maintenance, travel, and race entries add up fast. Professional racing drivers counter this (if they don't have funding handed to them) by turning their careers into money-making machines.
How to start your business
There's no hiding that sponsors have a lot of power in determining a racing driver's career. Zak O'Sullivan is a high-profile example.
Zak won the Formula 2 feature race at Monaco in May 2024 but was forced to withdraw from the championship a few months later due to a lack of funding. Proving that a successful racing career takes more than just being fast.
Sponsors won't throw money at you just because you asked for it, though. You need to give them something in return.
That's where your business comes in. Here are some questions to consider that will help you set the foundations for your business:
How do you stand out from every other driver asking for funding? When you're looking for funding, you join thousands of other drivers who want the same thing. Make yourself stand out with a compelling story about why you pursue this career.
What do you want to race, and how much does it cost? Create a detailed budget. Make sure you include every detail from racing fees to travel expenses. Know your numbers so you can approach sponsorship conversations with clarity.
How do people know about you? We're lucky enough to live in an age of the internet. Create a website to showcase race reports, highlight your personality, and build a following. Your authenticity will resonate more than cookie-cutter pitches.
Can you offer something extra to a sponsor? Go beyond logo placements. Can you provide track days, exclusive content, or behind-the-scenes access? Make an offer so good that they feel stupid saying no to it.
Do you know the right people? Get on LinkedIn, attend motorsport events, and build relationships with industry professionals. People are the most important part of any business. You won't get far if you can't communicate and build relationships.
Are you keeping the main thing the main thing? Ultimately, the most important part of your business is your ability to drive fast. If you spend all your time trying to raise funds, neglecting training and practice, your business model will fall through pretty quickly.
No punterino inspiration
Jimmy Broadbent is a brilliant example of someone who turned a passion for racing into a career.
Starting as a sim racer posting videos online, he didn’t drive a real kart until 28. Now, at 33, he’s a championship-winning driver who recently competed in the Nürburgring 24-hour (7-hour) race.
There is no secret to his success, either. His entire story has been documented from his first YouTube video. However, he has applied two rare qualities - consistency and resilience.
Moreover, he's generally a likeable guy. His authenticity has built a strong connection with his audience - one that he can leverage when talking with potential sponsors.
Jimmy has a video on his channel that goes through each step of his racing career. I highly recommend you watch it.
What's your plan?
What’s your strategy for treating your racing career like a business?
It won't be easy, but it will be worth it when you're standing on the top step of the podium.
Thanks for reading this new format of the Margins newsletter. If you found it helpful, share it with a friend and reply to this email if you have any questions.
See you next week,