Budget: How to Pay for Your Event

8. 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.

9. 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.

10. Consider crowd funding as a new option to raise money for an event.  If this is your first time running events, use crowd funding 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.

Team: Who Is Going to Help?

11. Delegate responsibilities.  No matter the size of your business, always try to delegate responsibilities. Having one person in charge of every detail typically doesn’t work out well. Whenever possible, let people take control of the areas they most enjoy. For example, let the foodie in your company handle the catering details. The more someone enjoys their responsibilities, the more likely they will carry them out with success.

12. Follow up – and follow up again.  Check in early and often. Though no one wants to be micromanaged, make sure that employees and vendors are on track with their event duties. As long as people know you expect updates from time to time, they are less likely to become frustrated when you call or email for one.

13. Sponsors are royalty – make sure they feel like it.  If you have sponsors — treat them like kings. They fund your event and enable you to do it (if that’s your business model). Be very clear before the event what they will get as sponsors.

14. Always underestimate turnout, for sponsors. If you think you can get 100 attendees, base your sponsorship pitch on a lower estimate — especially if this is your first event. It’s better to give sponsors a pleasant surprise than a disappointing one.

15. Ask people what they think, and be ready for feedback good or bad. Ask for critiques. If you’ve done half a decent job, you’ll get lots of kudos. Say thanks, but then ask for the CRITIQUE and be ready for it.

16. Have a skilled social media team cover your event.  Don’t forget a social media team. While not imperative for every event or industry, more and more events are focusing on harnessing the viral power of their audience. If your audience is tweeting, Facebooking and taking pictures on Instagram— you should be doing the same and you will need a trained team to execute.

17. Look for vendors who serve your niche and are willing to get involved. The best vendors you can work with are those who are familiar with small business culture. Look for vendors who work with small businesses frequently or who would get involved on a bigger level than their role.

We will continue with the topic again next week by God’s grace.

For more tips on Event Planning, please visit our blog www.royalsdelightblog.com. Contact us also for all your event needs and you will be greatly delighted you have done so.