Last Updated on Mar 12, 2020 by James W
Do you enjoy organization, entertainment and networking with other people? If you do, making money from putting on events could be for you. An event could be one of all kinds of things, from nightclub promotions to children’s parties. If you think you have a gift for entertaining others and a creative side, you should consider running events yourself. You might start with a series of one-off events and eventually develop your own regular day or night. Something that starts off as a concert one evening could develop into a weekend-long festival in no time!
Cover Charges
The main way you’ll bring money in with your event is by selling tickets or charging a cover to get in. When you work out your ticket price, make sure you take into account all of your expenses. Ideally, selling tickets will at least cover your main expenses, even if it doesn’t start making your a profit. You’ll need to think about the cost of the venue and your advertising. You might need extras such as a portable toilet for concerts outside and anything you’re providing as part of the cover charge. You can sell VIP tickets to a limited number of people to bring in some more cash. Give VIP ticket holders special privileges, like getting in early or a free drink on arrival.
Sponsorship
To help keep your costs down, look for local businesses to sponsor your event. In return for advertising, they will help to pay for the main costs of your event. Try to offer specific things to encourage businesses to sponsor you. You can promise them a logo on your tickets, a banner in the venue or their name on event merchandise.
Food and Drink
You might be providing food and drink as part of the cost of the ticket, but if you’re not then you can bring in more money selling it. Even if you provide some food and drink, you can always charge for extras. You might do a deal with some local food sellers where you get a cut of their profits in return you giving them space to sell at your event. You could also list them as event partners so they get extra advertising.
Merchandise
People love having something they can take away from the event. So selling merchandise is the perfect opportunity to make some more money. You can sell products specifically related to the event, such as t-shirts, and your event partners and associates can sell their products. Make sure that the merchandise you sell relates to the event and event-goers, and isn’t just something that’s tacked on.
Games, Auctions and Competitions
When you think about the activities and entertainment you’re going to put on, consider how you can make money from them. You can have games, from traditional fairground games to video games tournaments. Raffles are popular too, as well as auctions. Holding a silent auction can bring in lots of money and is a novel way of auctioning items.
Remember always to think about your overheads, so you don’t risk making a loss on your event.
