5Kevents FAQ’s

 

Before getting into the race management  business, and before taking the plunge into any opportunity, we know you will have many questions.

 

We want to make the decision process as easy as possible for you. Below is a list of frequently asked questions by other potential clients.

5kevents_success
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Why should I buy your equipment package and consulting service instead of starting my own business?

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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 attend our 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.Upon completion of our training program you will have the option to become a member which will allow us to continue our ongoing support services or simply spread your wings and do your own thing.

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How much does it cost to start a Timing/Race Management business?

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Your total investment depends on several factors, legal requirements in your particular area, and more. Our equipment packages range from  $4,750 (Traditional Timer) and $8,750 (RFID). They both include two days of training. Our Entrepreneur Program is optional and comes at no cost. 

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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?

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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 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.

This level requires only a monthly software fee of  $65 per month. It includes your company website, hosting, unlimited email accounts, bulk email,  and the use of our proprietary systems, logos and themed events. 

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How much money can I expect to make running a Race Management business?

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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 just 3 Saturdays a month typically from 7:30 AM until 11:00 AM. Our equipment is easily transported which means you can use your own car. With 5Kevents we’ll have you up and RUNNING fast!

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Can I obtain financing to help start a race managment business?

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We do offer financing options. We offer in-house and third party vendors that will help you to obtain financing, even if you do not qualify through the company.

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How do I keep up with the latest trends once I open a race management business?

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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.

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Do I have to be a runner or race director to get started ?

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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.

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Am I provided an exclusive territory?

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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. 

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Are there any additional fees such as a royalty fee?

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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
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So what do I get for my investment?

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This depends on what you invest. Our traditional timing system comes with everything you need to get started in the race timing business. That package is aprox. $4,750. The RFID package is an add-on to the traditional package and allows you to conduct CHIP timing as well as Traditional timing. That add-on is another $4,000.00.

The Entrepreneur Program is designed for those new to the industry and looking to start up their own business. If you’re already in the industry or understand the process of starting your own business, you may opt out of the program and purchase equipment only. 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.

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So all this sounds great, how does 5Kevents make money?

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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 members 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 — 5% to 10%, in most cases — of the race entry fee.

 

We charge participants a $2.00 transaction fee plus 3.5%  to offset the merchant card fee charged by our credit card processing company.  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 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 (Training program is optional) $0.00 $0.00
Real estate (Home based model, no brick and motar needed) $0.00 $0.00
Real Estate Security Deposit $0.00 $0.00
Equipment Package (Traditional vs RFID) $4,750.00 $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) $4750.00 $8,464.50
Approximate Total (if starting new) $4,750.00 $13,650.00
OTHER FEES
Type of Fee Amount
Royalty $0.00
Ad Fund $0.00
Software, website, email & maintenance fees $65 per month or then current fee
Training Fee Hotel, food and airfare.
Transfer/Training Fee None

Why Should You Start a Home-Based Business?

 
Basically, a home-based business gives people a chance to create a successful company, without the high costs of a traditional brick and mortar business.
 
Here is a list of the top 5 benefits of a home based business:
 

1. Less Risk

 
What if I don’t get any customers? What if I chose the wrong place (to establish my office at)? What if I don’t earn enough to pay the bills? These are just some of the pressing concerns people who want to start a business have. A home-based business reduces those risks by minimizing costs and allowing quicker exits.
 

2. Greater Opportunities

 
Opportunities are endless for home-based business owners. How and why?

  • You can work on a passion you might have (e.g., running, event planning).
  • You can learn more specialized knowledge in different niches through books and the internet.
  • You can effortlessly test product ideas and marketing strategies at minimal costs.
  • You can offer your products and services to a bigger community through social media (e.g., Facebook, Pinterest, YouTube, etc.) and your own network of family and friends.

 

3. Control

 
You are your own boss. You can choose what kind of projects to take on, who to work with, and how much you get paid for a certain number of product or length of service. You can expand or downsize your company when needed without affecting other people, and you’re the only one you need to answer to when discussing problems, crafting ideas, and testing campaigns. 
 

4. Flexibility

 
Aside from getting control, a great benefit of home-based business is the flexibility it offers. Not only can you choose when to work but you can also decide where to work. You don’t need to confine yourself in an office cubicle; you can be on a cruise, by the beach, or in a plane and still be able to work on the projects you took.
 

5. Cost Savings

 
There are a ton of cost-savings that you can get from running a home-based business that we probably can’t list them all here. Nonetheless, here are a few of them:

  •  Utility bills (electricity, water, phone using cloud based phone systems)
  •  Office space
  •  Gas and/or fare
  •  Production equipment and materials
  •  Tax
  • Clothing

 

Starting a business can be tough, but with a home-based business, the process becomes simpler, the risks fewer, and the expenses lower. 
 
So if you’re planning to have a business but want to start small, then you should definitely consider starting a home-based business with 5Kevents