FAQ - Entreprenuer
Our consulting program will provide you with a solid business model that has been proven to work. You don’t have to come up with the hiring requirements, training process, sales protocol, equipment needs or any of the other details that it takes to launch and run a business. Keep in mind, after you participate in our optional training program you are free to build your business any way you want. It is your business, you own and control it. We will give you all the knowledge and resources to grow a successful race management business, but once you leave our training program there is absolutely no further obligation to us.
How much does it cost to start a Timing/Race Management business?
Your total investment depends on several factors, legal requirements in your particular area, and more. You can get started for as little as $5,750.00. This can be reduced by purchasing refurbished equipment if desired. Keep in mind, you can outsource your timing needs. So investing in equipment is not required. Occasionally we have refurbished equipment available that can reduce your startup costs substantially. Ask us about availability.
I’m already in the Race Management business and have my own equipment, can I still join as a member to take advantage of cost savings and themed events?
The short answer is YES. It’s important to us that we bring on members that are qualified and will represent our brands with the highest integrity. With that said, should you be awarded membership into our organization you will enjoy these perks:
Fully customization responsive website (Optional) that includes our online registration platform. Responsive means your site will work on all platforms from cell phones, tablets to PC’s.
Unlimited bandwidth, email accounts and all the bells and whistles you can imagine.
Hosting Services
Access to themed and trademarked events, logos, etc.
Posting of race results (LIVE option also available)
Discounts on medals, awards, and race resources
No more diluting your events with companies like Active.com or Events.com that list thousands of events and are flooded with advertising that have nothing to do with your company.
Ongoing support, guidance and counsel. You’re in business FOR yourself but not BY yourself.
Access to our buying power and promotional products (SWAG) program
Our mission is to ensure the success of your events and enhance the athlete’s experience. Just complete our REQUEST for CONSIDERATION form and a representative will contact you to review the process in detail.
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How much money can I expect to make running a Race Management business?
The amount of money a client makes can vary dramatically from location to location and depends on multiple factors. Some clients only do a few events per year while others may do events weekly or monthly. You may start the business part-time or what we call as a “weekend warrior” or full-time. Like anything, you get out what you put into it. Based on your own efforts you can earn between $65,000 to $150,000 in extra income per year working orchestrating just 3 events per month. Our equipment is easily transported which means you can use your own car. With 5Kevents we’ll have you up and RUNNING fast!
Can I obtain financing to help start a race managment business?
We do not offer financing. Because this investment is low cost, we suggest anyone needing financing use a credit card or other source of funding.
How do I keep up with the latest trends once I open a race management business?
5Kevents provides continuous training and process updates to our clients to help keep up with the latest trends. You are never alone when you join the 5Kevents family.
Do I have to be a runner or race director to get started ?
Many of our current clients were not experts in the field when they started. 5Kevents provides extensive training and ongoing support to ensure that your business is set up for success. You are not required to have any prior experience in the industry or sales.
Am I provided an exclusive territory?
Clients will not receive an exclusive territory. Clients may face competition from other clients, from outlets we own, or from other channels of distribution or competitive brands that we control. Our themed and tradmarked events are protected by trademark laws and we will only allow them to be duplicated in areas that are not in competition with other clients. Keep in mind you are not limited to using our themed and trademarked events. This is your business, you own it, you control it and you are free to expand your business any way you desire.
Are there any additional fees such as a royalty fee?
Great question. We are not a franchise and therefore…
- NO Royalty fees
- NO Ad fund fees
- NO Marketing fees
- NO Quotas to maintain
- NO Brick and mortar needed
- NO Business hours to maintain
So what do I get for my investment?
This depends on what you invest. Our timing system comes with everything you need to get started in the race timing business. That package is $5,750.00. The “Entrepreneur Program” is designed to introduce you to our systems and to make sure you start your own business on the right foot. If you’re already in the industry or understand the process of starting your own business, you may opt out of the program. This program is available at our office or remotely. Our equipment is also available on a ala-cart basis.
Those that invest their time in our Entrepreneur Program will also enjoy all these profit centers:
- Race Management
- Timing Services
- Themed Events
- Course Measurement
- Printing Services
- Signs and Banners
- Promotional Products
- Awards and Medals
- Sponsorship Acquisition
- Equipment Rentals
5Kevents.org provides entrepreneurs the most complete dedicated run/walk platform in the industry.
So all this sounds great, how does 5Kevents make money?
Unlike a franchise system where a franchisee pays an average 6% of gross sales plus a 3% advertising fee, plus renewal fees, marketing fees, etc. We do not charge our clients these fees.
We make our money via online registrations. Most races that offer online registration do so through a third party company who provides this service for a fee. Races then have a choice of passing on the entire fee to the participant, passing on part of the fee to the participant, or paying the total fee themselves. Those that pay the fee themselves may actually just increase the entry fee by the same amount — so, actually, the participant is still paying for it. Usually these fees are a percentage — 6% to 10%, in most cases — of the race entry fee.
We charge participants a $2.00 transaction fee plus a lost revenue fee to offset the merchant card fee charged by our credit card processing company. This is typically a small %, around 3 to 5%. You keep 100% of your entry fee. This allows us to maintain the registration platform, offsets administration and merchant card fees and leaves us with a very small profit per registrant.
Online registration “makes life easier” for the race organizers, but it also benefits the participant, in that through the internet, you can easily access races and register for them almost immediately. Races then can maintain constant contact with the runners and send out regular communication to their participants about the race. For most races, the money and time saved in not having to handle paper applications simply goes toward the expense of maintaining the technology expense and expertise that all of this requires.
Lastly, most (not all) races do allow you to print out an application from their web site, with the total fee to register via this method being a little less than to register online. Conversely, some races actually charge less to register on line (incurring the online fee themselves) than by mail in as they are trying to encourage more and more registrants to use the easier, online method.
One of the biggest advantages of networking through 5Kevents is the cost savings our clients incur. While not obvious to the runner, we are able to buy in bulk and pass those savings on to the Race Director. Examples include Custom Race Medals, T-shirts, Race Bibs, and numerous other items. At 5Kevents we have a saying…” Saving Money is just as important as Making Money”. All of our programs are designed to do just that for our Race Directors, ourselves and for the participants.Our business model is structured as a home based business. While you may obtain office space to conduct business, there is no need to have office space initially.
| Initial Investment | ||
| Name of Fee | Low | High |
| Initial Fee | $495.00 | $495.00 |
| Real estate (Home based model, no brick and mortar needed) | $0.00 | $0.00 |
| Real Estate Security Deposit | $0.00 | $0.00 |
| Equipment Package (Traditional vs RFID) NOTE: Refurbished/Used Equipment may be available | $5,250.00 | $8,750.00 |
| Insurance – general liability | $0.00 | $400.00 |
| Shipping | $0.00 | $1,000.00 |
| Utility Deposits | $0.00 | $0.00 |
| Business Licenses | $0.00 | $1,000.00 |
| Additional Funds (0 to 6 months) | $0.00 | $2,500.00 |
| Approximate Total (Equipment Package only) | $5,250.00 | $8,464.50 |
| Approximate Total (if starting new) | $5,745.00 | $14,145.00 |
| OTHER FEES | |
| Type of Fee | Amount |
| Royalty | $0.00 |
| Ad Fund | $0.00 |
| Software, website, email & maintenance fees | Set-up, Hosting Fees and Annual Domain Name Fees |
| Training Fee | Hotel, food and airfare. |
| Additional Equipment - Due to shipping costs. Some items should be purchased locally. These items may include extension cords, traffic cones, tools, and misc. items) | Please request detailed list |