One of the most important and difficult task to do is to manage the financial side of an event. Indeed, it is not possible to hold an event without money.
First of all there are a few questions we should ask ourselves when planning an event:
- What do I want to organise?
- Why, what is the purpose?
- What is it like?
- When is it due for?
- How much is it going to cost?
Once we have the answers, we will have the guidelines for the development of the project and will be able to proceed to the financing stage of the process.
Types of event
In order to achieve the purposes of the event we are to organise, it is a priority to define the type of event.
What do I want to organise?
The event could be:
- Scientific: e.g congresses, conferences, seminars, etc.
- Cultural: e.g exhibitions, guided tours, concerts, etc.
- Corporate: e.g conventions, Incentive travel,Trade Fairs, etc.
- Institutional:Flag Day, Historic Commemorations, etc.
- Sport:e.g Competitions, Charity matches, sporting activities, etc…
- Ceremonies: e.g Weddings, banquets, etc.
Every event is different and it requires a different structure with different sources of financing.
Their goals are different and while some events produce considerable benefits, others will barely cover costs.
For example, a sport event is likely to be financed mainly through sponsorship from the sport labels, broadcasting rights, and so on . On the other hand, a scientific event will most probably be only financed by the participants’ fees and the association or networks behind the organisation.
Location of the event
What will the event be like?
Another basic question is the size of the event, i.e., the number of participants. It is important to decide whether it is going to welcome a vast audience or just a selected group and, for example, domestic or foreign participants as the final programme, administrative procedures and social activities will depend on the size and characteristics of the event.
Moreover, both income and expenses will vary according to the dimension, -local, national or international- of the event; and so will the different sources of financing.
Finally, the character of the event will also influence the possible economic support given by public or private institutions.
PUurpose of the event
What do I want to organise?
A short, descriptive report should be made including the purpose, needs and characteristics of the event to be held.
When is it due for?
Timing is crucial as it implies not only the event and its organisation, but also the time required to obtain funding.
What character will the event have?
Factors to consider include:
*General features of the event
*Participants
*Timing
*Needed Space
*Responsibilities
This information is necessary to define the exact profile of the event and to know whether the resources are enough to carry out the project.
To be continued……..
and then