Research the sponsor you are targeting. Learn about the business field to approximate how much revenue the sponsor brings in -- you want to be reasonably sure the organization can afford what you are asking. Target local businesses first because it is unlikely that unknown racers can score major sponsors at first.
Gather the history of your racing career or racing team. Write down all important facts, such as the biographies of the racers and the team's success rate.
Make a list of every racing expense you incurred over the past season and tally the entries. This figure represents what a sponsor would cover in an ideal situation, although you will likely need more than one sponsorship to cover the total.
Write down every possible attribute you can give to a sponsor. These may include publicity on your car or trailer, promising to wear the sponsor's logo at press events and offers to attend public events as the sponsor's representative. You also may be able to offer experiences, such as hosting the company at the race track.
Take pictures of you, your team and your car. Include bosth posed shots around the car, so the sponsor gets to know your face, and shots of races. Consider positioning trophies around the car in some of the shots -- this is a subtle reminder that you are a successful racer.
Write the Proposal
Type an introductory letter, addressing it to the person in charge of the organization. Explain up front that you are seeking sponsorship for your racing team and that the organization will find the proposal attached. Thank the letter reader for his or her time and include all of your contact information.
Organize the proposal in sections. First, provide a history of you and your racing team. Work from the outlines you prepared to include all of the important details. Limit the history to no more than two typed pages. This provides a thorough overview but does not overshadow the point of the sponsorship proposal: to get funding.
Explain the expenses you incur as a race car driver in the second section. You do not need to include every cost. Instead, provide a general overview, such as "Parts alone last year cost $X."
Make your direct pitch. Ask the sponsor for a specific amount of money. Unless you are approaching a major sponsor, do not ask for your total racing costs -- potential sponsors are likely to balk and deny your proposal when faced with large sums. Use your market research data to request a feasible amount.
Write what the sponsor will get in return, working from the list you have prepared. Sell yourself, but do not offer things you cannot deliver, such as offering to feature the sponsor's logo exclusively if you are reaching out to other potential sponsors.
Use a word processing program or design software to intersperse the digital photographs you took throughout the letter. Limit the photos to no more than one or two per page for the best aesthetic.
Print out the letter and mail it or hand-deliver it to the potential sponsor.