You just might need a sponsor?
Since I posted the idea of events for small business owners, I've been asked how to fund these events when budgets are tight.
When finances are tight we have to use our creative resources to put on events and grow our business. A few ways to do so are by sponsorships & ticket sales — or a combination of the two. 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 advanced tickets to make sure there is enough interest in your idea to fund it.
When finances are tight we have to use our creative resources to put on events and grow our business. A few ways to do so are by sponsorships & ticket sales — or a combination of the two. 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 advanced tickets to make sure there is enough interest in your idea to fund it.
Create an expense budget – and save money by hosting your event at your favorite eatery. If you're like me and have favorite places to eat that don't get a lot of walk through traffic or aren't very busy on particular days, you may have just narrowed down an event space that is willing to allow you to network there for free or at a reduced fee. Starting out hosting events can be pricey if you're trying to do it on your budget alone. Remember, food & drinks tend to eat up the majority of your budget so working with the restaurant manager to offer food and drink specials is key.
Cut costs and stay on budget through “in-kind” sponsor donations. . While seeking sponsors for your event, 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 an option to raise money and awareness for your events. If you're thinking of running an event series, you might want to consider using crowd funding. By publishing your events on these platforms, attendees will need to pledge for tickets or purchase sponsorship packages for the event to take place. If you don't reach the maximum amount of funding for an entire event series, you may raise enough to host 1 or 2 events.
