how to start a racetrack business

[highnote]

If only the negatives of running a business and all of the hurdles that need to be jumped are considered then it is a wonder any business gets off the ground.

The guy who started FedEx was told by his Harvard professor that overnight delivery would never work.

You should take the advice of people who aren't entrepreneurs with a grain of salt.

In fact, why listen to the advice of someone who has never started a business about starting a business?

I know starting a business is challenging, but that's why it's fun.

It's gambling, except that you are in control of the outcome.

[Jeff P]

It's kind of a universal statement - but...

If you can identify a niche market, identify the customers in that niche market, identify the needs and wants of the customers in that niche market -- and make it your mission to serve the needs and wants of the customers in your niche market:

You can do really well with any business venture.

Dare I say even a horse racing related business venture.



-jp

.

[thaskalos]

Can't we build a business...where we'll advertise that we'll teach people how to become "winners" at the track? It seems safer...

[highnote]

Originally Posted by Jeff P

It's kind of a universal statement - but...

If you can identify a niche market, identify the customers in that niche market, identify the needs and wants of the customers in that niche market -- and make it your mission to serve the needs and wants of the customers in your niche market:

You can do really well with any business venture.

Dare I say even a horse racing related business venture.

-jp

The key concept is "minimally viable product".

A person who thinks they can go out and start a racetrack and compete against Belmont and Santa Anita on their terms is probably misguided unless they are Bill Gates or Warren Buffett.

However, if a person follows the model of some of the English tracks that might only run a meeting one or two days per year with 6 races per day, then it might be doable.

The size of the meeting would depend on how much money could be raised through the recently legalized equity crowd funding process.

You have to start somewhere and it starts with a vision. Then you work backwards to see what it takes to make it happen and at what cost.

This is not even close to rocket science.

[Inner Dirt]

Originally Posted by highnote

That's why companies have a board of directors.

The way I look at it is that Elon Musk can build an electric car, solar roof tiles, and send rockets into outer space.

Those seem harder than running a racetrack.

Problem is your idea would have a board of directors of horse players. I am sure you have observed how this bunch in here interacts with each other.

[highnote]

Originally Posted by Inner Dirt

Problem is your idea would have a board of directors of horse players. I am sure you have observed how this bunch in here interacts with each other.

[barn32]

Originally Posted by thaskalos

Can't we build a business...where we'll advertise that we'll teach people how to become "winners" at the track? It seems safer...

It might be safer, but it isn't possible.

[thaskalos]

Originally Posted by barn32

It might be safer, but it isn't possible.

Not POSSIBLE? It's being done as we SPEAK.

[wisconsin]

Originally Posted by highnote

Is that the old Calder racetrack?

What are their takeouts like?

It is, but I don't know what their takeout is. The grandstand was torn down.

[highnote]

Originally Posted by wisconsin

It is, but I don't know what their takeout is. The grandstand was torn down.

Shows you how out of touch I am. I didn't know the grandstand was torn down. I was there about 7 or 8 years ago and there was a grandstand! Glad I got to see it before it was torn down. Same with Hollywood Park -- went to Breeders' Cup there in 1998.

[JustRalph]

Do it offshore

[highnote]

Originally Posted by JustRalph

Do it offshore

You mean build a racetrack offshore -- or were you responding a different message?

If you're talking about building a racetrack, I actually thought about building the track in the U.S., but having all betting take place off-shore.

Non-pari-mutuel jump racing is held in New Jersey, the Carolinas, and Georgia. I'm surprised their associations don't send a signal overseas and try to collect a royalty on the bets.

[davew]

as long as you are building a fantasy track - how about sponsors?

instead of businesses sponsoring big races, sponsor racing days and then keep the takeout to 0% for bettors

[highnote]

Originally Posted by davew

as long as you are building a fantasy track - how about sponsors?

instead of businesses sponsoring big races, sponsor racing days and then keep the takeout to 0% for bettors

That's a really good idea. Kind of like NASCAR. More focus could be on the owners, trainers, and jockeys. An association would be made in the minds of consumers between the sponsors and the connections. This would work better if a story was filmed leading up to each race. This turns it into a reality show, though. If all betting was done offshore you might get away with zero takeout. If it is done onshore the government would want a cut.

But I like the idea of sponsors paying the purses. Trainers probably don't care where the purse money comes from as long as they get paid.

[jimmyb]

A niche track for cheap claimers running on dirt may work. These are the type of outfits being squeezed out that I love betting. These type races are my bread and butter.