How to Ask Businesses for Money

by Dec 19, 2018

The very first thing that you should realize is that you’re not actually asking for money. You’re persuading a business that sponsoring you is an investment that will return profits.

This may seem like a daunting task but, in reality, securing a sponsorship deal that supplies you with the money you need to compete at the very top of your motorsport is a lot easier than people commonly think.

It’s estimated that businesses and corporations will spend a combined total of about $19 billion on sponsorship in 2019.

That staggering figure is, in itself, an endorsement of how much companies value the promotional capabilities of successful sponsorship deals. 

In the same way that advertising firms will pitch creative ideas that aim to capture consumers’ imaginations, you must pitch your talents and personality accordingly.

The reason why businesses are willing to spend so much on sponsorship is because a successful deal will give them a lot more exposure for a lot less money than through mainstream advertising.  Proving you’re worth the investment is essential.

This article considers the best ways to approach businesses when asking for an investment.

Provide them with information about your fanbase

Businesses are largely concerned with targeting demographics that are most likely to buy their products. You need to collect valuable information about the types of people that can be reached by sponsoring you.

This instantly provides them with free market research which will earn a great deal of gratification.

You can do this by conducting surveys on social media and interacting with your fanbase. They will be far more interested in answering questions from their hero on the track than they will from a business.

Prepare your pitch perfectly 

A pitch can be a written proposal, a video or an interview in person. Regardless of which one the business wants from you, it needs to be prepared with painstaking attention to detail. 

If you want some ideas of how to sell yourself in a pitch, then check out some of the scenes from the critically acclaimed series Mad Men.  The lead character, Donald Draper, will hook potential clients by following a particular formula:

Tell a story: Create an emotional connection with your potential sponsor by engaging them with a heartfelt story about becoming a professional motorsports athlete.

Describe your job: In order for your proposal to be accepted, it needs to be signed off by those that work in accounts. They may have little idea about how much effort and commitment you must pour into your passion in order to be successful.  Provide an engaging description of your life as a professional athlete.

Manifest the financial benefits: Once you have provided the business with market research about the demographics of your fanbase, you need to show how your personality and success can help to generate consumers.

Show your team is made up of consultants: You need to surround yourself with people that understand marketing and advertising and how to make the most out of motorsport events as well as social media platforms.

Ask for the money: Don’t expect a business to make an offer. Ask for the money that you need and show exactly how it will be used to help you accomplish success in your field of competition.  Be able to show how the money will be an investment with returns that will benefit the business in the long term.

For more tips and advice on building your career in motorsport from those who have done it, follow InSyde Media on FacebookTwitter and Instagram.

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