How Much Does It Cost To Start A Boat Racing Tournament? (In 2024)

Pat Walls

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Updated: January 18th, 2023

Looking to start a boat racing tournament?

But curious about:

how much it costs to start a boat racing tournament?
what are the typical boat racing tournament startup costs?
or the actual cost of starting boat racing tournaments?

Well, we have the data to prove it, supported by real boat racing tournaments and how much they actually cost to start.

Let's go over it.

Learn more about starting a boat racing tournament:

Where to start?

-> Pros and cons of a boat racing tournament

Need inspiration?

-> Marketing ideas for a boat racing tournament

Other resources

Retail Business Expenses

If you plan to have a brick & mortar location for your boat racing tournament, you must weigh the costs of your rent, as it may be the most expensive part of running your business.

Rent costs for your boat racing tournament very much depends on your location. This cost will vary by both region and specific areas of town: a lease in the heart of Manhattan could cost over $80,000/month in rent. Meanwhile, a storefront lease in Florida or Tennessee could cost less than $1,000/month.

Cost	Required?	Min Cost	Max Cost
Utilities (storefront business)	Optional	$0	$1,000
Building improvements and remodeling	Optional	$0	$950
Storefront Property Rent ➜	Optional	$1,250	$3,500
POS System	Optional	$0	$1,200

Business Formation Fees

There are a few key costs associated with forming your business entity, such as setting up an LLC and getting trademarks, copyrights, and patents sorted.

Cost	Required?	Min Cost	Max Cost
Set up business: LLC & Corporations	Required	$50	$500
Small Business Insurance	Recommended	$500	$2,000
Permit and License Fees	Optional	$50	$700
Lawyer Fees	Optional	$0	$1,500

Software Expenses

Your boat racing tournament needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost	Required?	Min Cost	Max Cost
CRM Software ➜	Recommended	$12	$300
Accounting & Invoicing Software	Recommended	$0	$50
Email marketing tool	Recommended	$0	$100
Internal Communication Tool	Recommended	$0	$20
IT Support ➜	Optional	$150	$2,000
Payroll Software	Optional	$0	$200
Social Media Management Tools	Optional	$0	$50

Employee & Freelancer Expenses

Cost	Required?	Min Cost	Max Cost
Payroll Costs & Fees ➜	Optional	$150	$250
Employee Hiring Expenses	Optional	$1	$2

Website Costs

Every business should have a website, and it's worth spending a bit of money to set it up right.

Cost	Required?	Min Cost	Max Cost
Domain Name ➜	Required	$12	$200
Website Hosting Costs ➜	Required	$0	$300
Website Builder ➜	Recommended	$10	$500
Business Email Hosting Service ➜	Recommended	$1	$15
Web Designer ➜	Optional	$200	$6,000

Vehicle Expenses

Cost	Required?	Min Cost	Max Cost
Mode of Transporation	Optional	$0	$10,000

Advertising & Marketing Costs

Cost	Required?	Min Cost	Max Cost
Business Cards ➜	Optional	$0	$50
Business Signage ➜	Optional	$75	$2,486
Direct Campaigns, Printing and Mailing	Optional	$0	$300
Press	Optional	$0	$500
Google Ads	Optional	$0	$300
Facebook & Instagram Ads	Optional	$0	$350

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your boat racing tournament grows.

Cost	Required?	Min Cost	Max Cost
WiFi & Internet ➜	Optional	$0	$100

Specific Industry Expenses

Cost	Required?	Min Cost	Max Cost
Handyman Tools	Optional	$0	$500