How did you gain funding?
Discussion
I've just been speaking with one of our suppliers who has a son racing in the Forumla Ford next season, at least he hopes to be. The issue is that they just cannot find any money to fund the season (total of roughly £100,000) despite sending out around 50 letters every other day to a lot of places locally to them and across the country.
Unfortunately, the chap seems to be a very good racer from what his dad has been saying. He was the champion in the 750MC championship and finshed 3rd in his Formula Ford Festival. The most noteable would be when racing on a simulation device the at Silverstone (I think) on the Porsche sponsored device. He was 2/10th behind the guy actually racing for Porsche and around 3/10ths behind a guy that had spent the day before on the machine in preparation. Ash had never used the machine before the 10-lap gift on that day.
He seems to have real talent for racing and it's a shame they has resigned to the fact noone wants to sponsor them. Any advice would be appreciated on how I could offer some advice to the chap - surely some of you have been through this before!
Unfortunately, the chap seems to be a very good racer from what his dad has been saying. He was the champion in the 750MC championship and finshed 3rd in his Formula Ford Festival. The most noteable would be when racing on a simulation device the at Silverstone (I think) on the Porsche sponsored device. He was 2/10th behind the guy actually racing for Porsche and around 3/10ths behind a guy that had spent the day before on the machine in preparation. Ash had never used the machine before the 10-lap gift on that day.
He seems to have real talent for racing and it's a shame they has resigned to the fact noone wants to sponsor them. Any advice would be appreciated on how I could offer some advice to the chap - surely some of you have been through this before!
You have to turn yourself into a business proposition. Unfortunately a badge on an overall isn't worth 100k. What makes your seasons racing worth that money from a business perspective, what can you offer over the next person? You're essentially selling yourself as a marketing service, so what's the return?
The best way is to find a manager who knows motorsport as a business, but they are few and far between!
The best way is to find a manager who knows motorsport as a business, but they are few and far between!
Edited by Adam205 on Thursday 16th February 13:55
Adam205 said:
You have to turn yourself into a business proposition. Unfortunately a badge on an overall isn't worth 100k. What makes your seasons racing worth that money from a business perspective, what can you offer over the next person? The best way is to find a manager who knows motorsport as a business, but they are few and far between!
Indeed. And to many businesses in this country, the accelerated burning of fossil fuels isn't a great ad.V8mate said:
Adam205 said:
You have to turn yourself into a business proposition. Unfortunately a badge on an overall isn't worth 100k. What makes your seasons racing worth that money from a business perspective, what can you offer over the next person? The best way is to find a manager who knows motorsport as a business, but they are few and far between!
Indeed. And to many businesses in this country, the accelerated burning of fossil fuels isn't a great ad.Melman Giraffe said:
V8mate said:
Adam205 said:
You have to turn yourself into a business proposition. Unfortunately a badge on an overall isn't worth 100k. What makes your seasons racing worth that money from a business perspective, what can you offer over the next person? The best way is to find a manager who knows motorsport as a business, but they are few and far between!
Indeed. And to many businesses in this country, the accelerated burning of fossil fuels isn't a great ad.V8mate said:
Melman Giraffe said:
V8mate said:
Adam205 said:
You have to turn yourself into a business proposition. Unfortunately a badge on an overall isn't worth 100k. What makes your seasons racing worth that money from a business perspective, what can you offer over the next person? The best way is to find a manager who knows motorsport as a business, but they are few and far between!
Indeed. And to many businesses in this country, the accelerated burning of fossil fuels isn't a great ad.Thansk for the replies so far chaps. I'm afraid it seems to be a situation where the 'Bank of Dad' can't quite run this far! What would be a suitable strategy to 'sell yourself'. He wants to head all the way to F1, so it isn't going to be a cheap proposition. The racer was speaking with his director's at his current job and over the next 3(?) seasons he was looking at around £2,600,000 to be in a position to hit the F1 circuit - and then have to pay for the F1 stuff on top of that!
They have been given a lifeline that they can drip-feed the cash in, instead of the £100,000 in one drop but it's still a lot of money to find. Unfortunately, some of the other 'Banks of Dad' seem to be able to take slightly more underhand ways of supplying their son's with the funding.
They have been given a lifeline that they can drip-feed the cash in, instead of the £100,000 in one drop but it's still a lot of money to find. Unfortunately, some of the other 'Banks of Dad' seem to be able to take slightly more underhand ways of supplying their son's with the funding.
bank of dad I suspect is how alot of racers get in. it remains and expensive sport and as even some of the F1 guys are paying their way I don't think sponsors see the prospect of stumping out 100k to someone in a lower level as an attractive one.
might be why do many father sons in racing
might be why do many father sons in racing
Honestly, Bank of Dad is how virtually all racers get in, more or less without exception.
If your friend's son is walking into Formula Ford with club racing experience then to be totally frank he is dreaming if he's expecting anything other than peanuts from sponsors. In fact, if anyone is offering anything at all I'd bite their arm off.
If your friend's son is walking into Formula Ford with club racing experience then to be totally frank he is dreaming if he's expecting anything other than peanuts from sponsors. In fact, if anyone is offering anything at all I'd bite their arm off.
MrAdaam said:
Thansk for the replies so far chaps. I'm afraid it seems to be a situation where the 'Bank of Dad' can't quite run this far! What would be a suitable strategy to 'sell yourself'. He wants to head all the way to F1,
Honestly? He's dreaming. If he wasn't already on team radar when he was karting aged 12 forget it. He'll get nowhere without his Dad's pocket or using personal contacts to pay for him. If he wants a paid career in racing he should set his goal at a realistic level, get out there instructing (where he might meet the men to help him) and get where he can that way.Look at the accepted career ladder for single seater progress and I'm afraid results in 750MC or any club racing count for nothing. (ditto simulator stuff)
Sorry if that sounds harsh. It might not be fair but it's the way it is.
EDLT said:
How much more expensive is GT racing? A rich amateur might pay to share a car with a proven driver. It is more likely to pay off than getting to F1 imo.
You can probably get a drive for less that £10k a race. Though if you don't have the funding for FF then you're not going to make it to the next level of F3 at £500,000 (and the rest).
Maybe saloon racing of sometype is a better gamble.
Edited by woof on Friday 17th February 10:57
There are some useful tools out there that can help you to understand the real business of sponsorship (Guy Edwards book is very good indeed and worth investing in if you're really serious).
Instructing with teams and at corporate days is a useful way to earn a basic living in the industry, and can lead to occasional free or subsidised drives in saloons/GTs.
But F1? You need proper money behind you as a marketable asset. Even if he can shine massively in an internationally recognised professional series, he'll find it extremely hard to oust the other drivers that are currently being groomed by the F1 junior teams. Realistically, it's probably too late, but if you have utter belief and convicion, then with a lot of ability, business knowledge, hard work, and most importantly luck, it's not impossible.
Instructing with teams and at corporate days is a useful way to earn a basic living in the industry, and can lead to occasional free or subsidised drives in saloons/GTs.
But F1? You need proper money behind you as a marketable asset. Even if he can shine massively in an internationally recognised professional series, he'll find it extremely hard to oust the other drivers that are currently being groomed by the F1 junior teams. Realistically, it's probably too late, but if you have utter belief and convicion, then with a lot of ability, business knowledge, hard work, and most importantly luck, it's not impossible.
I don't know where you got the idea that £2.6m is enough to get anywhere near the F1 radar, I know kids walking around with £10-15m ready to go who can't get anything. You need money, but you also need talent, with a few exceptions, most of the kids who actually do go far who are perceived to be winging it on daddys money are also pretty good. I funded my eldest up to GP3 through the usual route, but thats it; as others have said, if they can't get spotted in F3 and then given a helping hand by a big name team you really aren't going much further, those who go into GP2 entirely on their own money are, frankly, lying to themselves.
If he wants to make a living out of motorsport, and really thinks he is good enough to apply his hand to whatever, then my advice would be to give up the single seaters, hit the saloons and hope to get into a Toca package where TV coverage makes a difference, and then if he's any good, he's more likely (its all relative however) to be able to progress there.
If he wants to make a living out of motorsport, and really thinks he is good enough to apply his hand to whatever, then my advice would be to give up the single seaters, hit the saloons and hope to get into a Toca package where TV coverage makes a difference, and then if he's any good, he's more likely (its all relative however) to be able to progress there.
Truckosaurus said:
What are people's thoughts on drivers in this age of Social Media building themselves a fan base on Facebook/Twitter/whatever, is this a commodity then can leverage to sponsors in addition to tradition coverage in the printed and broadcast media?
I think it's a non-starter. Just look at the level of sports sponsorship in general. Sponsors are only interested if there are large audiences with potential of being in their target market. Outside of F1, motorsport attracts such small audiences it's barely worthwhile.
Now you may argue that the government should support young drivers in the same way as they support young swimmers, runners and rowers, but so long as Dads are out there funding their sons (generalisation, for effect) why would they bother?
Truckosaurus said:
What are people's thoughts on drivers in this age of Social Media building themselves a fan base on Facebook/Twitter/whatever, is this a commodity then can leverage to sponsors in addition to tradition coverage in the printed and broadcast media?
I don't think there is enough interest in motorsport below the top tiers to build a decent size 'fan base'. Its not like football where lower tiers are easily followed on tv, and people feel drawn to a local team. A casual football fan can often have some idea of the progress of thier local teams in low down divisions etc, whereas it takes a pretty hardcore motorsport fan to be aware of the goings on below GP3, nevermind taking an interest in an individual driver enough to become a 'fan'.Plus i can't see having a few thousand twitter fans making any difference to a sponsor or team.
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