We tend to talk about monitoring costs as an effective way of keeping your event on a shoestring budget. Costs are somewhat more in our control. However, it is also very important to focus on income. Here are a few questions to help you increase your revenue:
Identify your current revenue sources. Are you missing anything? Have you considered?
Fundraising – do you have a membership base that would be keep to help support your event?
Sponsorship – can be both cash and in kind
Income from tickets:
Are you charging the right amount? Can you increase it slightly? This really depends on demand for your event and the capacity of your venue. You might want to try modelling a few scenarios
Are you making use of discounts such as early bird discounts, group discounts, speaker discounts etc? They might be reducing the price of the ticket but brining more people through the door
Model your potential income: This might not help you bring in extra cash however it will help you work out your cash flow and how much cash you actually have to spend on costs. You can build various scenarios around potential income.
The Event Management eBook takes you through potential fundraising and sponsorship strategies and benefits. Plus it includes suggestions on how to build and model your income and expenses.
