If you've never competed in a road race, and stories of technical courses and dangerous crashes discourage you, time trials are road races that are very safe. One rider goes off at a time, typically 30 seconds apart and drafting is not allowed. You are racing the clock, not other riders. Most areas offer a TT race series held monthly on the same course, so it's a perfect way to test yourself regularly and see if your training plan is working for you. Of course, the conditions (wind, rain, heat, etc.) will be different on each race day but that's half the fun! While you are not required to race a time trial specific bike, having one will definitely give you an aerodynamic advantage over racing on your road bike, as will an aero helmet. The more aero you can get, the faster you'll go. Hey it's just another reason to buy another bike! And there's no such thing as owning too many bikes.
Last weekend at Swamp Classic in Gainesville I was able to put myself to the test on a hilly 7 mile TT riding my new Stradalli Phantom II Carbon Fiber Time Trial bike. I suffered enough to give me the 3rd fastest time for the women's P/1/2. I am loving this bike. With an integrated fork, stem, and handlebar this bike definitely feels FAST!
Check out the video below of my first test ride on the new bike. If you're in the market for a fast TT bike and don't want to break the bank, the Stradalli Phantom II Carbon Fiber Time Trial bike is one of the most aero frames available with hidden, integrated, brakes and comes complete with Dura Ace Di2 9070, full carbon clinchers, integrated handlebar, and TRP hidden integrated brakes for under $6000!!