As an
initiator into the event planning business you may not feel the importance of having
a business plan for your event but the fact is every promoter needs to have a
business plan in order to be successful in organizing an event/show. Its ok you
are interested to choose this line as a marker for your life but here
professionalism matters most just than your hobby, as it involves money.
Everything in the world which involves money should be planned accordingly. For
organizing an event you need a lot of money. If you are to be financed by
capitalists, commercial banks, angel investors then you should definitely
prepare an event business plan. If you have enough within yourself to finance
for your event then also business plan is essential to have a formulated goal
to enhance the chances of success. Additionally it's also good to keep an
updated record of your progress as a business person and also about monetary dealings
i.e. how much money comes in and out from your pocket throughout the whole
process; making out a strategic plan for the easiness of investors, sponsors,
artist, is essential. So that everyone can know what's your plan. At the end
their role also play vital role in the level of success you will gain out of
your event.
First of all
an executive summary related to the event should be prepared. The summary
should contain a brief description of the following things.
1. What kind
of event you are planning to organize?
2. What’s
your target segment?
3. How will
your event standout among others?
Now tend your
focus to financial things. What will be the possibility of growth of income i.e.
Potential profits, sales (ticket +beverage +organizing expenses)? Additionally
you should also write down the exact amount of capital necessary for your
event. Also mention in details how those funds will be utilized in terms of
money. Now give detailed information about who you are as an event planner or
promoter. If you have your team then you should mention all your members.
Briefly describe your history or achievements as a promoter as it will give the
positive vibe to the fund providers. Also write down who are or will be
responsible for organizing the current event. Write only accurate points which
will be better and clearer to them. Let them know what you can do.
Now, you can
explain the details of your event fully. Start with a short title then follow
it with a understandable description. Mention things like present scenario and
what can be the expectations in the future? Do you have any thought of
organizing same kind of event if this event gets clicked? What are things you
are going to do to make your event standout? Show your creativity here. This is
crucial to seek attention of investors. Make them known about your vision. Make
them aware how you are going to be successful. Mention your type of
advertisements, sponsors you want, lighting and other facilities you
need.....show them your trustworthiness as a promoter to make them feel
dependable on you. This page will give the investor a clear idea about your aim
as a promoter to think about a definite response.
Mention how
your event can generate profit? What are your strategies to attract a high
level of audience? Explain how you will fix your ticket prices and how tickets
will sell... whether through middleman, or online or through real vendor at the
venue. Remember ticket price plays a vital role. Fix ticket price after summing
up all the costs. Otherwise price of tickets will be overvalued or undervalued
and the investor can notify this. And you will lose your chance. Correct ticket
price is essential and it greatly plays a vital role in your income generation.
The word
promotion in event organization means your way of communication with the
audience. This is the crucial step you need to be pretty good at it. It
involves the following things.
A: You should
have the capability to think creatively about your messages and making it
through taglines. Also make sure to mention your sponsored company's name,
product..etc as decided.
B: Also use social sites to spread the
awareness about your event as much as possible. Social media is essential in
the present scenario for effective promotion and also helpful to choose the
target audience i.e. Types of people belong to your event.
C: Every
business comes with risks and event business is no separation. Risks in these
areas like marketing techniques, staffing of team members, finance management,
organization of temporary facilities to be provided at the event. Every event
promoter has to deal with these types of problems in advance before actual
event, for the sake of yearning trust in investors if you are looking to
stretch out funds from them.
D: The whole concentration
of your event will be on live performance i.e. the stage must have a suitable
lighting and sound equipment system. You should handover all the stage
requirements to a specialized music production company. Just mention them what
exactly you want, where you want which things...if any other technical..then
also tell them. You may find difficulty if you try to deal with it on your own.
(Assuming you don't have a backup team). Planning an outdoor festival is never
easy. You have to arrange artists, vendors, venue clearance certification from
the respective authority, marketing of the event. Promotion for ticket sales.
Have sufficient days in your hand if you want to have a complete satisfaction
about your organization...it’s better to have a team while dealing with these
things.
E: Book for
the space you need for your event in advance. Think about the size of your
stage (including backstage areas) catering services, portable bathroom
facilities..also camping arrangement. So decide for the space by taking the
above concerns on your mind. When comes to finance management be careful,. Don't
spend too much on trying to attract big artists..and you will be left with less
fund for your remaining requirement. No investor will prefer it. They want a
balanced performance. Search for your local talent...aspiring ones if you have
some known audience. Your main job is to satisfy the festivalgoers. Yes they
want music but they need other facilities too. In the real world there are a
lot of djs and producers in every locality of the world. so it should not be a
problem for you to make a choice among them.
Lastly, in any festival most of the times
there are two types of people: Your influencers, and artist influencers. Both types
of fansites will make up a huge part in bringing up the audience. So not only
target your areas but also make effort to attract the artist fansites for your
business.
No comments:
Post a Comment