Do you want to start a go cart racing company from scratch? Or you need a sample go cart racing business plan template? If YES, then i advice you read on.
If you have always been fascinated about car racing and have been tinkering lately with starting one, then you may want to consider starting a Go- cart racing business. What is go cart racing all about? Simply put; Go -carts are generally found in tourist destinations and large cities. More often than not, it is usually a part of a large family entertainment complex.
They can also be said to serve as leisure for drivers. There are a myriad of tracks that is available to drivers, they include; indoor, electric car facilities, loads of outdoor facilities that circle around through a field. Do note that building these tracks might not come easy money-wise because of the cost involved. As a matter of fact you may have to spend at least $100,000 for a basic track.
For an entertainment complex with other attractions you can expect to pay way higher than that amount. So if you think starting this kind of business is what it uttermost on your goal list, then you may want to consider the following steps to be reeled out in this article.
Do note that it is very important that you are determined to invest in this kind of business before dabbling into it. This is because of the huge amount of money required as well as the attention and labor it needs. So, here are the steps that you will need to take before starting your own Go- cart racing business.
Starting a Go Cart Racing Business – Sample Business Plan Template
In this kind of venture, research is one of the very first steps which you need to take. This is because of the importance as well as the benefit that you stand to gain when you carryout adequate research.
It is for this reason that you will need to research the internet most especially about the Go-cart racing business. Check out the type of folks who have invested in this type of business. Also find out how is usually needed to start this business on the average. You will also need to find out if there are competitors in this field, and a whole lot more information that should be needed to help kick start your business.
2. Talk to Experts
In addition to the research that you have started, you will also need to sit under the tutelage of a go -cart racing expert. Why is this important, you just might ask? Will all sincerity it is very vital that you see an expert for issues like this. This is because of the hands- on details that you will be able to garner since they are already operating such a business. So, talk with these experts and tell them your concerns. More often than not, you might be required to pay a consultation fee because of what you will be taught.
One of the reasons why writing a go kart business plan is most ideal is because you will need to have a framework of what your track’s marketing value is, its potential cash flow, safety measures that will be put in place , and other items that will help your business grow. If you are able to do this all by yourself them that is okay; otherwise you may have to hire a business plan writing expert who is able to help you pull things off.
4. Register Your Business
Registering your business is one of the needful steps that you will have to take before you commence your go –n cart racing business. The office of the corporate affairs or the chamber of commerce office is one of the very few places that you can get your business registered at. Be sure to adequately complete the forms that you are given.
5. Gather Resources
Up next, you will need to gather the necessary funds that you will need. Do not forget that I earlier mentioned the approximate amount that you should be able to pool together. The onus lies on you to determine how you want to raise the lump sum of money. Would it be from your savings, via family and friends, or angel investors? Conversely, would you want to get a loan from the bank or the micro finance bank? These are some of the things that you can determine.
6. Design Your Track
After you are certain to have the funds needed to start this business, then you can go ahead and commence steps towards designing your track. If you do know how to do this, then it is okay to design it all by yourself. Otherwise, you may want to consider employing the services of a professional consulting firms who are specialized in designing tracks. These experts are saddled with determining the correct angles, ramps, as well as the area to serve as a covered pit area to check clients in and out of the track.
It is very important that you get this step rightly. It entails that you either lease a location, or out rightly buy it. However, do note that buying a building might be tantamount to excessive cost. That is why you may want to consider signing a long-term lease instead. Be sure that there is traffic there and that there is potential of expansion. In doing all these, do consider additional attractions such as mini golf, batting cages and a zip line.
8. Equip and Fix Things
After that has been said and done then you want to take time to equip and fix the needful things. They include; mounting guard rails to all parts nearby the track. Why is this vital? This is vital so that the go-karts can be in place in place. You may also want to consider strengthening the rails with old tires if necessary.
If you have been able to successfully put all the steps that have been mentioned in place, then your next port of call would be how to get your business known out there. You may consider starting a car race show where you can invite people to your track. This is one very good way to have people visit. There is also the internet means where you can place adverts on any of the social media platforms. By this, people will know what you are up to.
These are the very basic and vital steps that you need to start your o cart racing business with. Do ensure that you take the tips in this article really seriously if you want to make it big and on time in this terrain.
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