8 Methods for Obtaining Event Funding
Unfortunately, coming up with a great event concept is the easy part. You’ll need money to make your idea a reality, and frequently a lot of it!
But don’t be put off by this; there are various methods to fund new events. We’ve listed eight alternative ways to finance your event concept, ranging from standard financing techniques like bank loans to the new like crowdfunding — choose one or mix and match to get the money you need.
Estimate the expenses of your event and how much you can realistically collect from each financing source before you begin.
1. Obtaining a bank loan or loan from a lender
Banks aren’t as willing to lend as they once were, and they’re unlikely to lend against an event, but a loan from greendayonline.com online is an alternative if you want to get money.
You may also borrow against an existing asset, such as your home, but you should think twice before committing unless you are pretty convinced that your event will be a success.
2. The use of crowdsourcing
The introduction of crowdfunding sites such as Kickstarter has made gauging public interest in new events much more straightforward, enabling organizers to test concepts before investing money.
You just inform potential attendees about your exciting new event, establish a fundraising goal, and ask them to pledge to purchase a ticket if the event takes place. If there isn’t enough interest and you don’t accomplish your destination, the money you contributed will be released.
As a result, it is a risk-free ‘investment’ for both the participants and the organizer, who does not have to put their money on the line. However, although the procedure is straightforward, getting ticket buyers is not always that straightforward.
You’ll need to contact everyone you know to spread the word about your campaign, start a social media offensive, and devote a lot of time and money to marketing.
3. Angel Investors
Angel investors are individuals or groups of rich and seeking investment possibilities. Angels and other such websites may help you connect with suitable investors via personal introductions or pitching events (for a fee, of course).
After receiving counseling from a ” lead investor, they claim to have 13,000 angel investors and a 90% success rate after receiving counseling from a “lead investor.” You must, however, have some trading experience and be searching for at least £50,000.
Approaching current connections who know and trust you and highly focused individual investors or specialty investment groups are other ways to locate an investor. If you want to start a conference on cleantech breakthroughs, approach an investor with a track record in energy rather than someone who typically invests in real estate.
4. Internal marketing budget/savings
You were also the choice where you “put your money where your mouth is”! Examine your financial resources to determine how much money you or your firm can contribute to the budget.
Exposing oneself to some risk might show your dedication and attract other investors, sponsors, and partners to join you.
5. Ticket sales in advance
You may start selling tickets far before your event date using an event-ticketing site like Eventbrite. This allows you to test the waters as to the viability of your event concept, but it also provides you with some operating funds.
If you’re hosting an event using Eventbrite Money Processing, you’re eligible to apply for Advance Payment to collect payment before the event.
You may get a percentage of your advance ticket sales twice a month, providing you with the critical financial flow to get your business off the ground.
Corporate sponsorship is a highly successful method to support crucial aspects of your event, and most events use it. On the other hand, Sponsors frequently join after your event has begun to take shape.
Sponsors will want to know how many people will attend your event, when and where it will be held, what will be on the program, and how you intend to publicize it.
Before pursuing sponsors, you’ll almost certainly need to secure some core financing – or have people signed up for your event. When you do, double-check that your sponsorship packages are complete and that you understand precisely what advantages you can give sponsors.
7. Exhibition space for sale
You may pre-sell exhibition booths and receive deposits from exhibitors in the same manner you can sell tickets in advance of your event.
You may sell space for hundreds of pounds per square meter, so getting exhibitors on board early can help you generate a large amount of money. However, recruiting exhibitors will be difficult as a new exhibition with no track record.
Working with your current relationships to get your first few exhibitors and enticing early bird pricing is a great way to start. You may then leverage their devotion to persuade others of your event’s legitimacy.
Finally, don’t overlook the benefit of in-kind contributions. What can you or your business give businesses in exchange for the products and services you require?
For instance, a magazine hosting a reader gathering may give a catering firm free print advertising in return for supplying food and beverage.
Alternatively, you may provide partners the option to participate in the event itself. You might work out a deal with the venue to get a discount if you let them deliver a presentation.
You may save additional money by collaborating with other companies and partners to organize your events.
There are many ways to skin a cat, as the adage goes. You may gauge interest in your event using a mix of the finance mentioned earlier, enabling you to book your venue or sign contracts with confidence before going on to lure larger fish.