No Get-Rich-Quick Scheme
Though race marketing/management company Elite Racing pulls in more than $35 million in revenue from the six racing events it produces each year, founder Tim Murphy cautions entrepreneurs that marathons are no way to get rich quick. Marathons are labor-intensive events with razor-thin margins, and they typically require a significant investment before they start to turn a profit. The first Rock 'N' Roll Marathon in San Diego lost about $1.1 million, he says. And without a title sponsor or funds from the cash-strapped city of San Diego, this year's event wasn't profitable, either.
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