To have any real success you're going to have to compile a proposal. This should be a well presented folder containing a number of things. The first page should be brief and to the point explaining what you want from the company and what they will get in return; e.g. exposure before thousands of spectators for a full year's racing and related coverage in magazines, newspapers, websites, etc.
The truth of the matter is that with everyone's hectic lives, sometimes they may never read past the first page, so it's important that it spells out the basic message as an introduction to what else is contained in the folder.
The second page should be a basic outline of what (for example) Drag Racing is, how it operates in simplified terms, the large public support it enjoys and the fact that it is THE growing form of motor sport.
Obviously, if you were approaching someone already involved with Drag Racing you could forget this aspect of the folder. Next would come, preferably, two photographs of your car or bike, with one an action shot and the other a shot of you and your car. A few trophies sitting on the hood wouldn't hurt. I'm sure you have a 100 pictures of you and your car lying around, but this might be a good time to have some professional shots taken. A professional photographer will know how to bring out the good features in your car, and maybe bring less attention to others.
Now comes the detailed explanation of just what the sponsor is going to get for his money. Start with where their logo will be placed on your car and how big it will be. With today's technology, it shouldn't be difficult to show him a picture of your car with his logo already on it. If your crew will have uniforms (which is always a good idea), mention that the sponsor's name will be on them. List the number of meetings you will run at your local strip in the 12 months the sponsorship deal will cover and also make special mention of racing at large spectator events such as Windsor Weekend or the Stratford Spectacular. Include a generous approximation of the number of spectators seeing the sponsor's investment.
If your car or bike is suitable, you should include any Hot Rod shows, cruise nights, etc. held in your area on your agenda and stress how you will be using every opportunity to place your sponsor's name before the public and of course you would offer to work in with any promotions the sponsor might run himself, (guest appearances, etc).
The final part of your sponsorship proposal should be a profile on yourself and your history in Drag Racing, some details on your car (no need to mention what lift cam you run) and some press clippings of your car, if you have them. Don't just have a stack of odd sized clippings poked in the back of the folder -- tape them onto uniform-sized blank pages, or scan them for a more professional look.
And, of course don't forget to mention when you will contact them for a follow-up meeting, and how they can contact you sooner. (phone number and email address)
Something else to keep in mind....
Your whole proposal, except for a cover letter, could be presented to the potential sponsor as a website on a floppy disk or burned to a cd. People tend to forget that you don't need the internet to view a website, just a browser (Internet Explorer or Netscape for example) Burning a Proposal Website to cd would actually be cheaper than buying fancy stationary and attaching photos. Not to mention, that people would just think it was cool.
Now, use our worksheets (at the bottom) to start organizing your thoughts. One you've finished with the worksheets, develop that information into your proposal.
Make sure your proposal is perfect. Check your spelling and address a cover letter to a specific person. (not just "To whom it may concern") Show that you put a little effort into finding out about their company.
Your proposal is now only as good as your Follow-up. Call your contact within one week to make sure that they got your proposal, and ask them if they have any questions. At this time attempt to schedule an appointment with them to discuss your proposal in more detail.
Regardless of how this conversation ends up, make sure to thank them for their time and consideration. If sponsorship is disapproved, go back over your proposal and try to determine how you could improve on it. If sponsorship is approved, start working on your relationship right away.
Worksheets to print out.
Don't be afraid to add or subtract from these worksheets. They are just a few ideas to get you going in the right direction.
"Who Do You Want As Sponsors?"
"What Do You Want From This Sponsor?"
"Why Would A Sponsor Want To Work With You?"
"What Are The Advantages For Sponsors?"
"What Will You Do For The Sponsor?"