Developing an accurate budget will often determine whether your event will be feasible.  Event budget templates can be downloaded from the free templates page, for you to use for your next event, and includes some of the costs you can expect to incur.

 

When done correctly, creating sales and merchandise opportunities can provide crucial funds to the running of the event.

Where possible arrange a return policy with suppliers as you don’t want to be stuck with excess stock at the end of the event and beware that if you’re putting date-specific information on merchandise that any remaining stock may have to be discarded at the end of the event or discounted at the event.

Remember that some products (food and alcohol etc.) require approvals and licenses to sell (see Licenses and Permits).

Depending on the type of event you are planning to run, a ticket charge is acceptable and is a good way to kick-start your revenue. All revenue generated contributes towards the running of the event.

As well as the benefits of raising funds, ticketing and registrations give you a good indication of the anticipated attendance numbers based on pre-sold tickets or pre-registrations, but it can also prove valuable for collating event research and developing a database of attendees for future event marketing purposes.

This will often form a large percentage of your event income however it’s important that you take a planned and targeted approach to sponsorship as many businesses in the community are regularly approached for sponsorship, and your ability to maintain sponsors in subsequent years will often depend on how well matched your sponsor is to your event.

 

Where possible try to engage in some training with regards to generating sponsorship, there are lots of online courses available, and you will also find that your local Council, Chambers of Commerce and community will hold workshops on generating sponsorship revenue.

It’s important that you start your sponsorship drive early to show that you’re organised enough to deliver the sponsorship successfully. It’s important that you’re able to paint a clear picture of what the event is about and what it will involve (this is where your Event Management Plan comes in handy) and remember to maintain correspondence with sponsors both up to, during and following the event.

While cash sponsorship is attractive, don’t underestimate the value of in-kind contributions. Many businesses may not have the ability to offer a cash contribution to support your event, however they may be able to offer products or services that will provide significant savings to your event budget. Service providers can help offset costs of items you would normally have to hire in exchange for marketing promotion and exposure at your event.

Government Grants can be a good way to raise funds for your event, particularly in the initial stages of the event development. However, you should keep in mind that grants are generally only a one-off or over a small number of years so you should try to put these funds towards making your event more financially viable in the future, and avoid an ongoing reliance on Grants. It’s important that you liaise with the government bodies and keep abreast of current Grants through relevant publications and websites. Some relevant Government Grants include: