MOD 007: Race profits are evil, and other money myths

Merchants of Dirt Episode #7

Making profit promoting race is not evil but talking about it and making it transparent is the only way to debunk the myths.

Key Take Away #1: Tips for naming a race

You want a race name to be memorable.

When it’s something that people can remember without even thinking about it.

It gives you a huge advantage over a race name that is forgettable.

Unfortunately, a good race name might not come to you right away.

Sometimes you need to just give it a “BLAND RACE X” name so that you can get on with your planning.

However, If you keep your ears open, you will find that once you get into event planning, a cool name will come to you organically.

Always be on the lookout for a good story, a weird experience, or something that just sounds good to say out loud.

Chances are it will be a lot easier to remember than 90% of the other events out there.

Key Take Away #2: Myths about racing profits

Do you want to see something funny?

Want to see a race promoter look really uncomfortable?

them if they are making a profit, or if they think that generating a profit is a measure of their success.

Any talk about money will cause the average race promoter to break into a fit of “um’s” and “ah’s” that would make a public speaker with a broken teleprompter proud.

Why do race promoters have such a hard time talking about money?

The short answer?

Someone once told them that making a profit was evil.

They are actually afraid to think about making a profit, and terrified to let racers know they have.

So let’s end these myths right now!

Myth #1 – Profit is not my only barometer to success.

Truth: It might feel weird to you to think of the extra money you made (e.g. your profit) as a sure sign of success, but it is.

Myth #2 – I am betraying my beliefs if I focus only on making money.

Truth: Understand that if you’re always making a difference, but not making any money doing it, you’re not running a business, you’re enjoying a hobby.

Myth #3 – Racers are poor, defenseless customers, that are being taken by greedy promoters that charge way too much.

Truth: Be proud of what you built and that it makes money.

And there is it.

The age-old argument that racers have no money and promoters charge too much is a myth.

Unfortunately for race promoters, the terror behind talking about money is still very real.

But talking about it and making it transparent is the only way to end the issue for good.

Key Take Away #3: Use Trello for race planning

When someone on your team completes a task, how do you or the rest of the team know?

Email?

Phone calls?

Meetings?

Maybe they don’t complete it and you don’t find out until it’s too late. How can you ever keep track of it all?

Stop the insanity!

Start managing your races with a productivity tool called Trello.

Trello is an online software application that helps you do workflows in real time.

Using the kanban methodology found in software development, Trello automates the movement of your lists by organizing them into workflow boards divided into several columns.

Each column is a step in your workflow process with all your To-Do items in the first column.

Then when you start working on one of your To-Do items, you drag-and-drop that item into an “In Progress” column.

When that To-Do task is completed, you then put it into a “done” column. The name of each column is completely up to you.

However, the Trello tool is a powerful way to organize and prioritize your race into a snapshot of what is complete, what is still being worked on, and what still needs to be done.

When you connect your race’s Trello board to your team, you can then start to manage who is working what task, and have a real-time view of what is and is not done.

Trello’s “information at a glance” capability can even include files, images, and connections to other productivity tools like Slack and cloud storage.

Plus you can use it on your mobile devices, which allows you to know how your race is progressing without having to be on your laptop.

Stop managing your races by spreadsheet.

Go check out this online application at Trello.com.

And Know you know.

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Thank You for Listening

Thank you so much for listening to Merchants of Dirt Podcast. If you have questions or comments, please reach out to me @MerchantsofDirt on Twitter, by Email, or my Contact Form.

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Kyle Bondo

Kyle Bondo is a thinker, podcaster, author, and creative strategy dragon seeking to make a small dent in the universe. He is the founder of Reckoneer, host of the Merchants of Dirt and Get Lost Racing podcasts, and an avid adventure racer.

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