Any event requires a budget, especially if you want to attract sponsorship and other sources of funding (government or commercial) for your event. It will guide and inform your event and allow organisers the ability to work together efficiently. The first step is to detail all your expected expenses as well as any expected income.
Expenses may include:
- Administration overhead costs such as: salaries, office use and office equipment, postage, stationary
- Publicity such as media (press and radio) 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
Income may come from:
- Grants or sponsorship
- Donations, individual contributions
- Fundraising (eg. raffles, trivia nights/games nights, auctions etc.)
- Ticket sales, food, alcohol or merchandise (t-shirts, badges, DVDs, posters etc.)
- Fees collected from stall holders
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 longer term commitment for recurring events?
Practical funding sources include: