A fundraising event is a great way to gain income for your organization, especially if it’s a non-profit organization. These types of events not only raise money but also bring people who have the same beliefs, principles, and values to your cause. Planning a fundraising event, however, is no walk in the park. These types of events need some proper planning in order to execute them successfully. Planning big events like this always involves tracking and preparing the budget for the event. You need to know how much money will you be spending on throwing the event to avoid spending too much money on expenses. To know how to efficiently plan your fundraising event budget, this article can guide you on making one and provide you a sample fundraising budget template for you to refer to. Now, let’s start budgeting!
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How to Create A Budget Plan for a Fundraising Event
Estimate Your Revenue
When you estimate the revenue you will obtain from the fundraising event can help you establish your financial goals. This will help get you a sense of progress in the event and how much money you will earn from the event. Knowing this can also help keep your expectations realistic and even help identify and alleviate any shortcomings that might potentially happen. To ensure your event can generate income, identify these important categories to help you out:
- ticket sales (individual, or table or group)
- Sponsorships for events (from a brand or organization or company)
- Individual or group sponsors, donors, or benefactors
- Sales from food and beverages
- Sales from your products and/or services
- Advertising sales
- Contests sales ( for example, the event-goers pay for raffle tickets to win prizes)
- Type of your fundraising event (Is your event going to host a gala? or a marathon?)
Estimate Your Expenses
The first step to determine your budget for the fundraising event is to estimate your expenses. Knowing how much you will spend can help you in your planning to make sure you stay within your budget and not overspend. Make sure to monitor your expenses often as some unexpected instances might happen that could affect your budget. The following categories you need to shell out some money are:
- Location of your event (If applicable you should also take note of the space rental, permits, tents, cleanup costs, and security
- Admin and staff expenses
- Food and beverage
- Miscellaneous expenses (such as the cost of manufacturing your products or service charge of the services you are offering)
- Travel (if your event is held outside your headquarters)
- Advertising and promotion
- Insurance (Don’t forego this category. There might be an unfortunate situation that might come up and it’s important to have an insurance to help cover the extra liability and expenses.)
Is it possible to run an event without a budget?
Yes, it is totally possible to hold an event with almost no expenses at all. All you need to have are great negotiation skills, patience, and determination to pull this off. What you can do is tap the right people you need for your event and negotiate and exchange favors and services with them.
How do you attract crowds to your fundraising event?
To attract crowds to your event and make more revenue, you need to have impressive advertising. You can communicate your cause and the benefits the event can do to the cause through social media, email campaigns, radio or TV campaigns, or even invite prominent people to the event.
What fundraisers make the most money?
The types of fundraising events that gain the most revenue are community/fun events, that encourage a lot of people to do something cool and fun to support your cause. Examples are fun runs, walk-a-thons, bike-a-thons, dance-a-thons, competitions, and auctions, etc.
Other types of events include heartstrings events that attract people who are invested more in your cause. The people invited to these events expect the fundraisers to ask them for support and to donate to the cause. Some examples of this type of event include open houses, cocktail parties, galas, etc.
No matter what type of fundraising event you decide you want to happen, make sure it highlights the cause of your organization. This is not only to gain some revenue but to also help support your cause. This is also your opportunity to let your and your colleagues’ or volunteers’ planning skills shine, so make your fundraising event memorable and fun, while staying on your budget. To know more on how to make budgets for events, click on the link provided to guide you on being efficient. It also includes downloadable sample templates for you to use.
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