Budget: How to Pay For Your Event
Develop a “financing plan” for your event, and estimate the numbers. Know how you are going to pay for the event. Most events are funded by sponsorships, ticket sales, internal marketing budgets — or a combination of all three. When you create your budget for the event, you’ll need to estimate how much money you can realistically raise from each area. Before you book your venue or sign any contracts, it’s a good idea to start signing sponsors first, or selling advance tickets to make sure there is enough interest in your idea to fund it.
Create an expense budget - and save money through “in-kind” sponsor donations. Events tend to cost more than the average small business owner thinks — primarily in regards to the venue and food and beverage. Remember to price out all the permits and licenses you will need as well. (This is where an event planner can help you avoid headaches.) Make a comprehensive list of all the expenses and then highlight areas where you think sponsors can play a role to offer something “in kind.” The more you work with other brands and partners to host your events, the more you can save.
Consider crowdfunding as a new option to raise money for an event. If this is your first time running events, use crowdfunding platforms to ease the risk. By publishing your events on these platforms attendees will need to pledge for tickets for the event to take place. If the minimum number of attendees required is not met the event does not take place.
Marketing: Getting People to Attend
You’ll need a DETAILED marketing plan. Create a marketing plan for the event. The more organized you are, the more professional your event will be.
Be tireless in your efforts or your event will fail. If you don’t want to be at your event alone … then market, market, market, market … and market some more.