From top-level series like Formula One or the British Touring Car Championship to grassroots racing, it’s no secret that sponsorship and funding are two of the most important factors in a racing driver’s career. At Prosperity Investment Management, we’ve worked with drivers across all levels of the sport to help them make sure they’re getting the most value from their budgets.
1. Be Realistic
It’s important to match your ambitions to your plans. Outline a series of achievable goals that you can work towards. You will often find that reaching these goals will allow you to level up in the future - increasing your value to potential sponsors incrementally over time rather than aiming towards a goal it would be difficult to reach in your particular circumstances.
2. Be Smart
Be smart with your planning and your money. When considering potential sponsors to contact, look for any positive links. Businesses look for collaboration and alignment so for example does their company ethos closely match yours, the race team or the series you compete in?
Look at ways you can increase your budget with minimal effort. For example, our Budget Booster allows you to invest in a fund that aims to increase as the season progresses - meaning you can grow your capital off-track whilst focusing on your results on-track.
3. Be Creative
When looking at your plans for the year and how you might fare financially, think of any ways you can be creative with where you find your funding. Have you considered incentives like performance bonuses for yourself or exclusive experiences/hospitality as part of your sponsorship package? Finding new and innovative ways to create better value for yourself will attract more potential sponsors to invest in you.
4. Be Personable
When a sponsor pledges funds to you, they’re not only supporting your career but you as a person. It’s important to show them the best version of yourself. Being warm, open and friendly goes a long way when a business decides whether they want to come onboard. Much of the industry is built on relationships so it’s key that you do all you can to sustain these.
5. Be Proactive
Motorsport is a long game so it’s worthwhile keeping an eye on the future and planning as far ahead as you can.
As a professional driver, your circumstances and income can change year-on-year. Our Pro Driver Programme is designed for these scenarios, allowing you to invest in line with your income to help counter any fluctuations to your salary and to invest accordingly.
6. Be Open-Minded
Motorsport is fluid with teams, drivers and series all changing from one year to the next. Because there’s such a rate of change in the sport, it pays to be open-minded and accepting that your plans may change at the last moment. Be willing to change course or try something new if your original plans fall through, it may lead to bigger and better things in the long run.
7. Be Marketable
As mentioned earlier, you are selling yourself and your career as a product to potential sponsors. Alongside being open and friendly, you need to market yourself at the same time. In a world where being digital has never been more important, you can make social media work for you. Developing your ‘brand’ online can make you more attractive to potential sponsors.
8. Be Efficient
There’s a lot to do as a racing driver - from getting yourself in peak condition for the year, meeting and seeking sponsorship whilst many also juggle full-time jobs and families. That makes being efficient with your time an all-important skill.
You may have to sacrifice time for your hobbies to focus your attention on meetings and phone calls but the more time and effort you put into preparing for the season, the more positive an outcome you’re likely to see.
9. Be Informed
Knowledge is power and that’s no different in motorsport. Making sure you’re fully informed of everything you need to know about potential sponsors, the team and the series you want to race in will put you in a good position when discussions start.
Make sure you have all the information you need to sell your plans to potential sponsors. Do you know the reach and coverage of the series you want to race in? Are you aware of the media stats and online following it has? Does it race in a location of particular interest to a potential sponsor? The more constructive information you can provide, the better.
10. Be Resilient
For every ‘yes’ you get, you’re likely to receive ten ‘no’s’. Rejection is part and parcel of the business of motorsport but the key is not to take it personally. Use knockbacks as a force of motivation and to see where you can improve. Take the positives and give your next pitch maximum effort.
We have a wealth of experience in the motorsport arena so get in touch today to see how we can help you grow your budget and reach your racing goals this season.