Paddock Racing LLC | Application Preview
Paddock Racing LLC is seeking government grants to fund a program aimed at increasing diversity in motorsports. The initiative proposes to provide low-cost racing experiences to 50-100 minority students over the course of a year, addressing the financial barriers that often prevent access to racing careers. By creating a safe environment for students to learn valuable skills and discipline, the program aspires to foster interest in motorsports among underrepresented groups.
The business is situated in downtown Indianapolis and has adapted to the challenges posed by the pandemic. As other local businesses have closed, Paddock Racing plans to leverage its prime location to attract convention traffic and tourists. The growth strategy includes heavily targeting marketing efforts toward event attendees and expanding their offerings with additional simulators while maintaining a flexible event space to accommodate various needs.
Despite the pandemic's impact, Paddock Racing has experienced significant growth in its local clientele and aims for financial stability, projecting to break even by 2022. While facing competition from established venues like the Columbia Club, as well as other racing facilities, Paddock Racing differentiates itself through cost-effectiveness and location. Its spacious facility allows for customizable events, and it offers a more affordable racing experience compared to its main competitor, RaceCraft1, while utilizing superior equipment and setup.
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General Information
Business Registration Number: 84-3967759
Location: Indianapolis, IN, United States
Length of Operation: 1.5
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
We would like to develop a program to increase diversity in Motorsports. Our ability to introduce students to racing at such a low cost would allow us to help between 50-100 minority students learn to race with the requested funds over a year. Minority representation in Motorsports has always been lacking. The cost of taking the first steps to a racing career is prohibitive to most of us. We have the ability to introduce these students to racing in a safe environment, and develop skills and discipline that will last a lifetime regardless of career choice.
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Business Plan
We are located in the heart of downtown Indianapolis. As the Pandemic draws itself out, more and more of our neighboring businesses have shuttered. We plan on taking advantage of our positioning, in that we should be able to take a larger share than expected of convention traffic and tourism. We plan on advertising heavily to people coming into town for races, conventions, tourism, etc. As we do grow our footprint, we have focused on keeping each local customer happy. Many of our local customers keep coming back. As we grow our local clientelle, we will add 3-6 simulators to our downtown facility. We recognize the need to keep a flexible location for events and parties, however, and will keep our large open spaces. Despite the Pandemic, we have grown our local clientelle at a substantial rate. We have waited to spend much on advertising locally or otherwise as tourism has been down and many businesses downtown have yet to bring their employees back to their offices. The Paddock is positioned to be one of the few businesses left in downtown Indianapolis that can entertain tourists and host events. Our business model is built around tourism and convention traffic, and despite all that has been against us, we've managed to grow at a rate which should allow us to break even in 2022.
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Self Identified Competition
In the events space, we compete with the likes of the Columbia Club. In terms of racing, we compete with another Simulated Racing facility and the local race tracks a go-kart tracks. In terms of events, we are a less expensive option that offers flexibility businesses like the Columbia Club cannot. We have a upwards of 2,500 sq ft of empty space, including several open rooms. We can outfit our space however our clients would like. In terms of racing, we are located in a more convenient and accessible location to our competitors. Our main competitor, RaceCraft1, charges more than triple what we charge. Our equipment is more advanced than their's. RaceCraft1 has every simulator together in one large room. We have each of our simulators in a private room with furnishing for up to five guests. The Paddock does not charge a per person fee.
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Contact Applicant
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