The motorsports industry has been tracked by market researchers as the fastest growing sports in the world. Revenues from various segments such as those gained from ticketing, hosting fees, sponsorships, advertising, broadcasting and merchandising have driven growth that is expected to reach $6.87 billion by the year 2023.

According to the 2017 Nielson Sports survey, more than 194 countries across the globe are exposed to the world of motorsport, vastly increasing the growth potential of the industry. The Senior Vice President for Global Motorsport at Nielsen Sports, Nigel Geach, says that the advent of new media has contributed to the increased exposure of various forms of Motorsport, fostering increased engagement among legions of fans.

Racing enthusiasts are now watching more than one type of race event, in light of the growing number of TV channels; including the digital platforms that allow streaming of racing events as they happen in real time. .

The evolution of social media as a powerful source of Motorsport content has greatly contributed in bringing videos and photos for the worldwide audience to see and share. In many cases, social media posts tend to offer broader content as fans, equipped with smartphones and other forms of handheld devices take photos and videos, whilst looking and hoping to capture scenes that could go viral throughout the Internet.

As a result of increased fan engagement, many who are highly engaged in different types of motorsports racing, either as competitors or hobbyists, have ventured into motorsport merchandising or servicing business.

Highlighting the Importance a Business Plan When Engaging in Motorsports Trading Business

The motorsport trading industry though is filled with challenges considering that the global economy is volatile; instantly affected by trade wars, climate-change spurred calamitous events and unexpected decisions of major political leaders like Donald Trump.

Regardless of their expertise and experience in any field of motorsports, startup entrepreneurs should not overlook the importance of having a business plan in place as clear guide for strategic planning. Moreover, a business plan is essential for startup companies looking to raise additional capitalization from private investors or from banking institutions.

Engaging a business plan company is the best way to go about it, but make sure to contract one that offers not only customized business plan content but also marketing and funding consultations based on latest market research.