What is the definition of a successful event? Is it: How much money did it raise? or Did everyone have a great time? or Were there a lot of people in attendance? or Did it get a lot of publicity?
Depending on your budget, my guess would be that the answer is "How much money did it raise?" Or, in better terms, "did we meet our budget?"
At the end of the day it's all about money, isn't it? Money is what supports our programs, research and services and pays the bills each day. If you don't meet budget for your events, most likely programs and services will have to be cut, salaries will have to stay level or staff will have to be let go.
Along the way to raising money partnerships can be forged, new volunteers can be found and a wonderful time can be had by all but let's not forget what keeps us running each day - money.
So, if you are looking to START AN EVENT let's ask some questions:
- What event should I do? Why?
- Where is the audience for this event coming from?
- Can I find a chairperson?
- How much do I want/need to raise?
- What is my budget?
- Do I have the staff to handle this event?
- Can I find the volunteers to support this event?
- When is the best time to hold this event? When do I need the income? When are the other events happening and how am I spreading out the work/timeline?
If you are looking to CONTINUE AN EVENT here are the questions you should be asking yourself:
- Is this event increasing in income each year?
- Am I retaining the participants/sponsors from previous years or having to look for new ones each year?
- Are there new components that can be added to increase participation, revenue and excitement?
- Are previous participants being secured for other areas of the organization?
- Does the event still hold excitement for the staff and volunteers?
Here are some things you need to Start & Continue an Event:
- Time
- An Idea
- Event Overview
- Strategic Plan
- Budget - Last year's vs. this year's
Where did money come from? (What parts of the budget - ticket sales, sponsorship, auctions, etc.?)
- Timeline
- Honoree/Chairperson - What do they bring to the table?
- A committee
- Volunteer/Staff partnership
- Appropriate staff to oversee and implement event
- Job Descriptions - Corporation Chairperson/Honoree; Volunteer Committee positions
- Capitalization - up front money to cover event expenses such as materials, postage, travel, printing
These are all questions you should be asking and finding the answers to before you start a new event or consider continuing one. When looking for a new income source through a special event you need to consider all of the above questions before making the decision on whether or not to start a new event or enhance one already in existence.
We sometimes think we have done all we can with an event we have been doing for years but yet it isn't showing any growth or potential for growth. Why is that? What "shot in the arm" can we give this event to increase revenue, increase enthusiasm and participation from our community and to make it a signature or highly recognizable event for our organization? Here are some logistical questions to ask yourself:
- Should I be holding it on a different night?
- Is the venue appealing?
- Do I have a strong committee?
- Do I have the staff to properly run this event?
- Do I have the proper amount of lead time to make this event successful? (Less than 6 months is putting the event in jeopardy.)
Here are, what I believe to be, the most important questions to ask regarding the revenue of the event:
- Do I have a corporate leader who can open doors to the corporate community that I can't break into?
- Do I have a strong Committee Chairperson and committee members to support the income needs such as Sponsorship, Ad Journal, Silent and/or Live Auction?
- Are last year's sponsors returning, and if not, WHY NOT?
- Can this event grow in revenue each year?
Answering the questions above is the first step toward determining what to do next. A well-run event (new or old) needs a plan of action that will outline the results you want and need for your organization.
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