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681
Joined
10/15/2009
Location
East, TN
US
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.
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.
You do have to show a profit too
Talk to a professional accountant.
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.
The Shop
will help lead customers to you.
Reason I ask is because, outside of the tax question, it really depends on the product.
"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.
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.
Pit Row
Also do you happen to attend any district 7 races?
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.
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.
Opening any business is a gamble. Not every one works out.
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.
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