MOD 002: What I Wish I Knew Before My First Race
Merchants of Dirt Episode #2
Walk you through the top five things I wished I had known before I built my first race and help you avoid some of the more painful trial and error lessons.
Key Take Away #1: You Will Never Have Enough Time
What is your time worth?
Did you know you needed to pay yourself for doing this races?
It wouldn’t be much of a business if you didn’t get paid for doing it.
How can you ever think about quitting your day job and do this full-time, if you never think about how much your time is really worth?
The truth is, you can’t.
Your time is a resource you cannot afford to waste.
Only through managing your time with techniques and processes that actually work, will you ever hope to keep your race profitable.
Key Take Away #2: You Must Stay Humble
There is a risk in this business – as in any business – that it may not work out.
Most race production companies do not make back the money they put into it, and many go out of business in the first year.
Do you want to know how to really protect yourself from the crushing results of your own overconfidence?
Start with the first principle of profitable racing: Keep it small.
Building small races allows you to learn the flow, do some experiments, and keep your costs down.
Going all out for your first race too risky.
Hedge your bets by creating a small race you can control, then add to that experience by making your next race better.
Key Take Away #3: You Must Build Repeatable Systems
A big part of race building is figuring out how to do something right, be able to repeat it the same way, and never have to relearn it again.
The only way to do this is write everything down.
Learn what works and what doesn’t work, then keep it in a journal that you can constantly review.
Then and only then, will you be able to teach your way you do it to others.
Key Take Away #4: You Must Always Be Selling
Selling your race — that fun promotion part — is an all-encompassing job that never ends, and your number one job as a race promoter.
But the truth is that selling a race is no different than selling anything else.
If you have a good product, and a means to convince people the value of that product, people will buy it.
The same goes for races.
If you can find enough racers that want to come to your race, your race will be successful.
Every part of your race requires some sort of sales, and it is your job to get good at selling, sooner rather than later.
Key Take Away #5: You Are The Only One That Cares
This is your race company, and you are the only one who will care how it is built.
If you don’t work on it, no one will.
No one else will put the same amount of passion and effort into your race like you will.
And if you give up, your race will die.
You have to want to build this thing into a business.
Care about the details now while you still have control.
Only you can build your races into a business the works.
And Know you know.
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