For creating a racing team, my team did the following:

First you need to create a proposal. This will be used to mail to or drop off to potential businesses and companies you would like to have as sponsors. In it are things like:

-brief description of bicycle racing,
-things your team can do for this sponsor by wearing their logo,
-advertizing advantages for the sponsor,
-objectives for the team,
-sponsorship opportunities (i.e. title sponsor, co-title sponsor, presenting sponsor, equipment sponsor),
-last year's placings,
-your upcoming race schedule,
-team's budget,
-team roster

Hope this can help get started Good luck...