All events require a budget. Budgets can help to guide an event organiser as what may or may not be possible to produce based on the finances available. Will sponsorship or additional funding be required to execute the planned event? The first step is to detail all your expected expenses and any expected income.
Expenses may include:
- Administration overhead costs such as: salaries, office use and office equipment, postage, stationary
- Publicity such as media (press, radio, digital) advertising, printing, promotional materials, distribution of -promotional material (if applicable) artwork, promotional programs/projects
- Venue hire and equipment hire (tables & chairs, staging, toilets, stalls, marquees, transport, sound & lighting)
- Insurance, permits and licences
- Services such as security, traffic management and cleaning and waste management.
Income may come from:
- Grants or sponsorship
- Donations, individual contributions
- Fundraising (e.g. raffles, trivia nights/games nights, auctions etc.)
- Ticket sales, food, alcohol or merchandise (t-shirts, badges, DVDs, posters etc.)
- Fees collected from stallholders
Sponsorship can be cash, in kind contribution or any other kind of assistance for your event that provides a positive commercial return for the sponsor. It is a partnership where both parties can gain financial and promotional benefits. When developing a sponsorship plan, consider:
- All possible benefits for the sponsor e.g. branding on the event website, signage, main stage or merchandise
- Who is your target group of sponsors - local business, international organisations or national groups?
- What kind of sponsorship do you want - cash, goods and services, in kind contributions etc.
- Is it a one-off sponsorship or could you negotiate a long-term commitment for recurring events?
In addition to Sponsorship, funding sources include:
Next: Approvals and Notifications