How To Raise Funds To Finance your Events ( Part1)

How To Raise Funds To Finance your Events ( Part1)

How to raise finance for your event

One of the most important tasks, and difficult, is to manage the financing side of the organization of an event. It is not possible to hold an event without financing.

First of all there are a few questions we should ask ourselves:

 

What do I want to organize?

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 organize, it is a priority to define the type of event.

 

What do I want to organize?

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, etc. On the other hand, a scientific event will most probably be only financed by the participants’ fees and the Association or Networks behind the organization.

 

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.

 

PURPOSE OF THE EVENT

What do I want to organize?

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 organization, but also the time required to obtain funding.

What character will the event have?

To be borne in mind:

  • 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.

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

Qualifications

  • 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.

 

POTENTIAL PARTICIPANTS

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 THE 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 itemized 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……..

 

Pleasant Jay is an event management company that has been providing professional services for many years in Nigeria, Africa along with rest of the world for many years. Pedigree matters when it comes to getting professional help for the successful event you envision. We have a track-record of providing superb events planning services as per clients’ custom needs and requirements, always within their financial limit. We are a reputable company that achieves great feat in managing various events for small, medium size or big events.

 

Don’t give room for hazards. Go for standards..

Contact us for your next event:

 

 

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