Guidelines for Event Planning 2.0: Budget: How to Pay For Your Event
In this blog we tell you about how to set up a budget to finance your own event.
Develop a “financing plan” for your event and estimate the numbers. It is important to know how you’re going to pay for the event you’re throwing. Most events are funded by sponsorships, ticket sales, internal marketing budgets or a combination of these three. When creating a budget for your event, you should estimate how much money you can raise from each area. Make sure you sign sponsors or sell tickets before booking your venue or signing other contracts 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. Hiring a venue and the costs of food and beverage tend to be higher than the average business owner thinks. Keep in mind that all the permits and licenses you need will also cost money (this is actually why you’d better hire an event planner). Set up a comprehensive list of expenses and highlight the areas you think are interesting for sponsors to donate something. The more you work with other brands and partners to host your events, the more you can save. Make it interesting for these sponsors to invest in your event.
Consider crowdfunding. If this is your first time running events, use crowdfunding platforms to increase 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.