Introduction
The Connecticut Motorsports Business Association (CMBA) is a non-profit trade association for motorsports businesses in Connecticut. The CMBA is a non-profit trade association that promotes motorsports in Connecticut. They also protect motorsports businesses’ rights and assist businesses to increase their sales and profits.
Organization
CMBA was originally founded as Connecticut Motorcycle Dealers Association in 1974. In 1992, the Association expanded to allow accessory shops full membership. The Connecticut Motorsports Business Association was created in 1995. Its name was changed because of the many motorsports products that our members sell and maintain, including personal watercraft and skimobiles.
The board of directors and officers from CMBA work closely with the executive Director to form our management team. Additionally, we have a professional lobbyist to keep us updated on legislative activities and help us achieve our goals. The work will eventually be divided between committees. In some cases, the executive director might need to increase the staff of the Association management team.
Services
The CMBA offers a range of services for motorsport businesses, including the coordination and scheduling of a variety activities and events. These include monthly dinner meetings for information sharing, a spring motorcycle show, the winter conference and seminars, an annual Awards Banquet, and an annual Connecticut SuperRide.
We also offer direct services to motorsport companies that include professional lobbyists to represent our members before government agencies, communication in the form a monthly newsletter, regular monthly meetings, as well as special bulletins and group benefits like coordinating our members’ dealings with distributors and insurance companies for rates and discounts.
Amongst the services that will be offered in the future is a group-insured medical plan for all CMBA members, a purchasing plan for all CMBA members, bringing CMBA members onto Internet to sell and distribute products, a permanent rider training facility, and the development a Connecticut Motorsport Park.
Market
According to research, the motorcycle sector has been growing steadily for seven years. This covers all types and makes of motorcycles. Today’s retail sales generate more than 3.5 times as much money than 1983. Powersports research showed that 56% of motorsports customer turn to their local dealer for their routine service work. If they have the right tools, this creates tremendous opportunities for small businesses. Most potential members are small businesses with limited marketing and training budgets. We can help them improve their earnings and increase the value of their investments with sales and management training and well as marketing information and marketing aids.
Connecticut is home to more than 100 motorsports businesses. Additionally, potential associate members exist outside of Connecticut. These include manufacturers, distributors and insurance companies.
Since CMBA’s goal is to bring together all interested parties in the motorsport industry, the company plans to have a broad target market with management focusing on franchised dealers, independent accessory and repair outlets, insurance companies, distributors/manufacturers, and other interested parties.
Considerations for Financial Planning
The growth of membership is our main strategy. A large membership base is a source of revenue and positions CMBA as an industry representative in Connecticut.
Cash flow is the only way to finance growth. We recognize that this means we will have to grow more slowly than we might like but that no assessment of members or borrowing is necessary.
Our funding on membership and other services is expected to increase from more than $195,000 the first year to more than $263,000 the third. The next three years will see a steady increase in net surplus. Cash flow should remain strong. Any surplus will be used for marketing and legislative activities. We also plan to keep it in reserve for contingencies.
1.1 Objectives
- For Year 1, there were fifty members and 60 for Year 2.
- A net annual income exceeding $60,000 will support full-time staff members and their expenses.
1.2 Mission
The Connecticut Motorsports Business Association serves as a trade organisation for motorsports business in Connecticut. The CMBA works to promote and improve Connecticut’s motorsports businesses. It is a recognized and respected representative and proponent of the motorsports industry.
Success: 1.3 Keys
- Connecticut’s motorsports trade association is more than 25-years old.
- One of the few state motorsports organisations with a paid executive director/association manager firm.
- Connecticut is small and makes it convenient for members to visit the state.