How to raise funds to finance your events (Part 2)

The purpose: This is what it is to be achieved with the celebration of the event. The benefits are,

according to the nature of the event, diverse:

• Economic
• Participation
• Social
• Political
• Qualification
• Public Image
• Tourist
• Scientific
• Media Coverage

Regarding funding, the major goal of every event, apart from those described above, is to accomplish the initial estimate of income and expenditure so that the final result achieves the most of the original plan.

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Potential participation

To whom is the event addressed?

It is fundamental to know the type of participants attending the event so as to tailor it as much as possible to satisfy their expectations and make as dynamic as possible in order to catch the necessary attention.

 

Participant profile:

• Experts
• Professionals
• Students
• Children
• Youngsters
• Adults
• Seniors
• Technicians
• Public in general

 

The Budget

Once the type of event has been established, we need to know if it is possible to carry it out and to do that we need to make a budget with the income and the expenses.

 

Requirements of event

A draft budget will be drawn and modifications will be made along the organization of the event.

This takes a long time beforehand and is basically theoretical.

Halfway though the organization, a second budget will be made. It will be closer to reality, with updated rates, although the number of participants will be still unknown, as well as the final sources of financing.

Eventually a final budget will be made. It will be real and operational and a logical consequence of the second.

We should highlight here the importance of the fact that unexpected costs will be appearing along the organization of the event. These are extraordinary expenses that arise throughout the development of the event and that may take up to 20% of the total costs.

 

Feasibility study

An itemised budget should include the technical requirements, suppliers and necessary services for the development of the event.

According to the funds expected for the events, decisions should be made about the logistical, organizational, staff and formal requirements, as well as the size of the venue to be held, time of the year and length of the event.

Every aspect of the event should be included in this study. It is necessary to know whether it is possible to organize and hold it, bearing in mind the minimum goals and the percentage of these goals over the total costs, so as to know whether the final benefits would be obtained.

A strategy to obtain funds will be designed so that the event can be successful. This strategy should attract private or public sponsors, as well as participants We need to check that there is a demand that will accept our project. We also need to know how to achieve the necessary funds and whether the event will have any sort of profit margin.

 

To be continued…