Moto Related Business Advice

Related:
Create New Tag

9/27/2017 11:07 AM

Any business owners on here that could help lead me in the right direction? If I were to be developing a product directed to the Moto market, would it be smart to push that product at the races that I already plan to attend? I guess more specifically, if I'm already planning on racing all over the whole east coast next year and if the product is ready how could I benefit using these events that I'm at as a platform to sale the product from the pits? I suppose the biggest question would be in which expenses could be used as tax deductions without crossing the line into my personal expense of racing. I think I have a solid plan that will require minimal overhead and if I'm already travelling to these events, the risk is very minimal. Any insight would be much appreciated.

|

9/27/2017 11:39 AM

Keep in mind the IRS won't let you deduct more then you make in sales unending. You can run at a loss for I think 1-3 years. I can't remember exactly. So if you only sell 10k of this product but have 30k in expenses be prepared for a visit from the IRS if you do that too many consecutive years. Just FYI.

|

9/27/2017 1:55 PM
Edited Date/Time: 9/27/2017 1:57 PM

The best advice I can offer is to go sit down with a.cpa that is up on current tax code and let him lay out a plan.

I wouldn't think that you have to keep the expenses separate, especially.if it is a Moto related business, but, like I said, talk to a,professional.

|

9/27/2017 2:00 PM

I have been Been in the MC industry since 1980 and have deducted every cent associated with the MC industry. Dont forget your travel milage too.

You do have to show a profit too

Talk to a professional accountant.

|

9/27/2017 2:48 PM
Edited Date/Time: 9/27/2017 2:51 PM

Showing a profit is the last thing you have to worry about!
Marketing at the races has to be the worst investment of all times. Forums will be your best and cheapest investment for sales and contacts, if your product really works, no worry people will find you and buy it. If it's snake oil, they won't!

Forums have the ability to get you in cheap up front with the idea that they can grow with you, if they believe in your product.

|

9/27/2017 3:00 PM

To start, setup a website and google search
will help lead customers to you.

|

9/27/2017 6:24 PM

How to make a small fortune in the motorcycle business is starting with a large fortune.

|

9/28/2017 6:27 AM

Thanks guys... I do plan on talking to a CPA and I do understand that the track is not the best place to be pushing product. With that said, the offroad guys on the east coast travel in fairly tight circles and I know a lot of people from running in each of the series at one point or another over the last 20 years. I know what the market is and know how to get the word out. I'm just looking into the logistics of running a business parallel while still going racing 2/3 times a month. Not looking to get rich or quit my day job I just would like to have the best game plan to make it as seamless as possible and worth my while. I know in todays time if you plant the seed you have one shot, if I have something that works it will circulate in all the circles between instagram and the forums but if your not ready I may miss the window, perception is everything. I just wanna know all I can about the legalities of it before I even invest my time. Worst case scenario it is something I can use myself and that's good enough for me. Thanks again

|

9/28/2017 6:53 AM

Professional Races? are they going to let you sell at the races?

|

9/28/2017 7:11 AM
Edited Date/Time: 9/28/2017 7:12 AM

Whacha selling?

Reason I ask is because, outside of the tax question, it really depends on the product.

|

9/28/2017 9:03 AM

He's not gonna say because it's some sorta secret. These posts crack me up.

"I got this revolutionary MX product I want to sell but I don't want to tell you about it because someone might come to market with it before I do or steal it."

If you're asking this question, and while i respect the fact that you're actually admitting you don't know, you're already kinda behind the 8-ball.

|

9/28/2017 11:15 AM

Zaugg wrote:

He's not gonna say because it's some sorta secret. These posts crack me up.

"I got this revolutionary MX product I want to sell but I don't want to tell you about it because someone might come to market with it before I do or steal it."

If you're asking this question, and while i respect the fact that you're actually admitting you don't know, you're already kinda behind the 8-ball.

I don't care to say, the only thing that is laughable on here is the fact that there is always an asshole with a negative comment. Not sure who you're getting your quote from but I haven't mentioned any details because no ask. I'm also reluctant to associate the launch of a new business with a post like this. As far as being "behind the 8 ball" I admit that I'm very early stages. Thanks for respecting me for being able to ask questions... with an attitude like yours I'm sure you cant fathom that type of thinking.

|

9/28/2017 11:20 AM

526 wrote:

Professional Races? are they going to let you sell at the races?

You can promote anything you want a, if you want a spot on vendor row its like $500 a round. I'm not sure that they could stop you from handing out samples. Its a hydration product by the way.

|

9/28/2017 11:29 AM
Edited Date/Time: 9/28/2017 11:30 AM

kkawboy14 wrote:

Showing a profit is the last thing you have to worry about!
Marketing at the races has to be the worst investment of all times. Forums will be your best and cheapest investment for sales and contacts, if your product really works, no worry people will find you and buy it. If it's snake oil, they won't!

Forums have the ability to get you in cheap up front with the idea that they can grow with you, if they believe in your product.

This.

Why would you waste time pushing a product to a couple dozen people at races when you can pitch it to hundreds of thousands on the internet while you sit at home in your underwear while drinking beer? Create a YouTube channel under your business name and make videos about your product or business. If your product solves a problem, people will buy it. If its a solution in search of a problem, it won't.

|

9/28/2017 11:30 AM

526 wrote:

Professional Races? are they going to let you sell at the races?

montesagold wrote:

You can promote anything you want a, if you want a spot on vendor row its like $500 a round. I'm not sure that they could stop you from handing out samples. Its a hydration product by the way.

ahh i see selling magic water

|

I don't crash, I just run out of talent

9/28/2017 11:41 AM

NJKawi913 wrote:

ahh i see selling magic water

Magic water? Do you know anyone who drinks Pedialyte at the races? Do you think it is worth $8 a quart? My point exactly, there is room for something more affordable. As far as pushing the product at the races... my question was not if that avenue was a good one to go but I were to mix my personal racing with a product where do you draw the line?

|

9/28/2017 11:41 AM

Get in touch of the owner of Shock Sox. If anyone knows how to bring a product to market and how to do it right, it's Shand Garcia.

|

9/28/2017 11:41 AM

East TN hydration products mostly consist on Mt Dew and moonshine. sideways

|

9/28/2017 11:52 AM

imoto34 wrote:

East TN hydration products mostly consist on Mt Dew and moonshine. sideways

That's right, heavy completion right there! It could be a flavor for sure

|

9/28/2017 12:41 PM
Edited Date/Time: 9/28/2017 12:45 PM

Yes, set up a booth and bring a van or trailer with your supplies and products. Vending at racing not only helps business for you but also supports your local racing as well. At my race we have some local shops and companies related to motocross who set up booths and sponsor the event.

Also do you happen to attend any district 7 races?

|

9/28/2017 1:54 PM

Zaugg wrote:

He's not gonna say because it's some sorta secret. These posts crack me up.

"I got this revolutionary MX product I want to sell but I don't want to tell you about it because someone might come to market with it before I do or steal it."

If you're asking this question, and while i respect the fact that you're actually admitting you don't know, you're already kinda behind the 8-ball.

montesagold wrote:

I don't care to say, the only thing that is laughable on here is the fact that there is always an asshole with a negative comment. Not sure who you're getting your quote from but I haven't mentioned any details because no ask. I'm also reluctant to associate the launch of a new business with a post like this. As far as being "behind the 8 ball" I admit that I'm very early stages. Thanks for respecting me for being able to ask questions... with an attitude like yours I'm sure you cant fathom that type of thinking.

The reason I asked is because some products would really benefit from being sold at local races, whereas with others it wouldn't be worth your extra cost and effort.

If it's a product where potential customers can easily demo it, or it's something so new that they would want to look/feel/taste if first, then it makes sense to get out there and take it to your potential customers.

So, since it sounds like you have a hydration product, I would say yeah, get out there, and the sooner the better. Give it away at first and use it for product feedback.

|

9/28/2017 2:16 PM
Edited Date/Time: 9/28/2017 2:18 PM

montesagold wrote:

I don't care to say, the only thing that is laughable on here is the fact that there is always an asshole with a negative comment. Not sure who you're getting your quote from but I haven't mentioned any details because no ask. I'm also reluctant to associate the launch of a new business with a post like this. As far as being "behind the 8 ball" I admit that I'm very early stages. Thanks for respecting me for being able to ask questions... with an attitude like yours I'm sure you cant fathom that type of thinking.

You kinda missed the sarcasm there bud.

Pretty bold statement not knowing my background.

My quote was an umbrella collection of these types of questions that pop up here on Vital.

How can you expect to get legitimate feedback when we don't even know what you're selling. You're clearly not focused? Yeah, you already have a product in mind. Are you ready to go to market? doesn't sound like it from your response to me. Is it a new product or is it an improvement on an existing product? What's your marketing strategy? You plan to go direct to consumer or utilize a distributor? Does it need to be demonstrated? You looking for vendor space at an event? you traveling to these races as a racer, crew member, event staff, media, etc? Is it an MX only or SX only product, or can it be used for both? What about the street market? I can go on and on. (Please don't answer these questions I assume you already asked yourself.)

I leave you with this...Asking for business advice on the Vital Forum is like asking for Medical advice. You really think this is the best place to solicit advice? If your product is that good, use the forum to build awareness. Don't ask us how to make your business successful.

In all sincerity, good luck dude.




|

9/29/2017 6:37 AM

Zaugg wrote:

You kinda missed the sarcasm there bud.

Pretty bold statement not knowing my background.

My quote was an umbrella collection of these types of questions that pop up here on Vital.

How can you expect to get legitimate feedback when we don't even know what you're selling. You're clearly not focused? Yeah, you already have a product in mind. Are you ready to go to market? doesn't sound like it from your response to me. Is it a new product or is it an improvement on an existing product? What's your marketing strategy? You plan to go direct to consumer or utilize a distributor? Does it need to be demonstrated? You looking for vendor space at an event? you traveling to these races as a racer, crew member, event staff, media, etc? Is it an MX only or SX only product, or can it be used for both? What about the street market? I can go on and on. (Please don't answer these questions I assume you already asked yourself.)

I leave you with this...Asking for business advice on the Vital Forum is like asking for Medical advice. You really think this is the best place to solicit advice? If your product is that good, use the forum to build awareness. Don't ask us how to make your business successful.

In all sincerity, good luck dude.




Hey man I really do appreciate any kind of input... I guess I missed the humor in it but I ask a serious question with a fairly detailed emphasis on a few parts to the puzzle. You can suggest all the questions I need to be asking but like you said most likely I've already looked into those areas. As I mentioned, I have an opportunity to get into something without having much overhead up front due to some connections with supplies, bottling, labeling and from the professional realm. Why not put a little effort into it? Everyone is always on here concerned about health of the motorcycle economy but when someone talks about taking a leap into it, the same guys shoot down every idea. As far as comparing it to medical advice... I ask a question directed to anyone that has experience with racing and selling a product simultaneously and how to legally navigate that. What is wrong with that here? I guess I give you guys too much credit and assumed that some of you may have first hand knowledge. I do appreciate any advice, especially from Lumpy and a few others with first hand experience, exactly who the question was aimed at.

|

9/29/2017 7:03 AM

526 wrote:

Professional Races? are they going to let you sell at the races?

montesagold wrote:

You can promote anything you want a, if you want a spot on vendor row its like $500 a round. I'm not sure that they could stop you from handing out samples. Its a hydration product by the way.

You might want to look into that... You can not promote anything you want and they can stop you from handing out samples, even if you pay a vendor fee. There are a lot of existing companies that have exclusivity rights... Maybe not in your field, but might want to make sure.

|

@robfox10

9/29/2017 7:39 AM

526 wrote:

Professional Races? are they going to let you sell at the races?

montesagold wrote:

You can promote anything you want a, if you want a spot on vendor row its like $500 a round. I'm not sure that they could stop you from handing out samples. Its a hydration product by the way.

MOTORSPORTFOX wrote:

You might want to look into that... You can not promote anything you want and they can stop you from handing out samples, even if you pay a vendor fee. There are a lot of existing companies that have exclusivity rights... Maybe not in your field, but might want to make sure.

There are a few races that cutting a $10,000 check can get you exclusively in. I know a graphics guy did it at Lorettas for a couple years then GNCC a couple years and he went bankrupt.

Opening any business is a gamble. Not every one works out.

|

9/29/2017 7:43 AM

FastHouse is a perfect example of how to do it on the cheap and to ease into the sport. If you want an education in marketing, research the marketing that made Krispy Kreme Donuts the giant company they are today.

|

9/29/2017 8:48 AM
Edited Date/Time: 9/29/2017 8:51 AM

Zaugg wrote:

He's not gonna say because it's some sorta secret. These posts crack me up.

"I got this revolutionary MX product I want to sell but I don't want to tell you about it because someone might come to market with it before I do or steal it."

If you're asking this question, and while i respect the fact that you're actually admitting you don't know, you're already kinda behind the 8-ball.

montesagold wrote:

I don't care to say, the only thing that is laughable on here is the fact that there is always an asshole with a negative comment. Not sure who you're getting your quote from but I haven't mentioned any details because no ask. I'm also reluctant to associate the launch of a new business with a post like this. As far as being "behind the 8 ball" I admit that I'm very early stages. Thanks for respecting me for being able to ask questions... with an attitude like yours I'm sure you cant fathom that type of thinking.

Zaugg wrote:

You kinda missed the sarcasm there bud.

Pretty bold statement not knowing my background.

My quote was an umbrella collection of these types of questions that pop up here on Vital.

How can you expect to get legitimate feedback when we don't even know what you're selling. You're clearly not focused? Yeah, you already have a product in mind. Are you ready to go to market? doesn't sound like it from your response to me. Is it a new product or is it an improvement on an existing product? What's your marketing strategy? You plan to go direct to consumer or utilize a distributor? Does it need to be demonstrated? You looking for vendor space at an event? you traveling to these races as a racer, crew member, event staff, media, etc? Is it an MX only or SX only product, or can it be used for both? What about the street market? I can go on and on. (Please don't answer these questions I assume you already asked yourself.)

I leave you with this...Asking for business advice on the Vital Forum is like asking for Medical advice. You really think this is the best place to solicit advice? If your product is that good, use the forum to build awareness. Don't ask us how to make your business successful.

In all sincerity, good luck dude.




I agree with this post. This platform would be an excellent choice to raise brand awareness and receive feedback. Feedback is crucial because it can guide you in the right direction. However, if we don't know what you are selling, we cannot offer feedback. On the other hand, if you tell us what your business idea is, then we can offer feedback and give you advice based on our opinion. This can save you a lot of money in the long run.

Additionally, I think social media will be the most effective way to promote your product/business idea. It is free and has the potential to reach a specific demographic in a global market.

Lastly, you have to analyze your competitors. Start off by asking yourself, "Am I entering a Blue Ocean"? Meaning that you have developed a revolutionary product with no competition. Or are you entering a "red ocean"? Meaning that you have several competitors in the same field.

Like many people have said, building a business is a difficult task but it's not impossible. It seems like you have the ambition to pursue your dreams and for this reason, I think you will be able to succeed.

|

Vital Mx is not safe...

9/29/2017 8:53 AM

kkawboy14 wrote:

FastHouse is a perfect example of how to do it on the cheap and to ease into the sport. If you want an education in marketing, research the marketing that made Krispy Kreme Donuts the giant company they are today.

Indeed, Fasthouse is a perfect example. I think they are doing an excellent job in every area of the industry. From their social media to customer service, everything about Fasthouse is superb.

|

Vital Mx is not safe...

9/29/2017 11:09 AM

like I said guys, thanks... This is all just in the earliest of stages and I will sure check back on here down the road when I have I better outline of my concept.

|