Love to party? Running and hosting paid events is a great way to make money. Potential is huge for event businesses – because people do love to have fun. There are 52 weekends a year, of Friday and Saturday nights, (not to mentions days!) that you can maximise this business potential. There’s big money in events like festivals, but even small local events for niche crowds can bring in good revenue.
Read on to discover how you can make money out of running an event today.
Many events sell door tickets. But of course, it’s more lucrative to sell tickets beforehand.
Here are some quick tips:
Reserve a set number of tickets. It’s hard to predict how many people will be come to an event when you first start out. If you sell tickets in advance you’ll achieve these thV Ѓol>
- Cover the cost of the event in advance
- Reduce the risk of running a dud event
- Know exactly how many people to cater for
- Sleep better knowing your event will be successful
If you reserve a set number of tickets you’ll give the impression that there’s a ‘time limit’ on availability and people will be more willing to buy.
Tip: People always want what they can’t have.
If you manage to sell all of the tickets before the event starts, that’s awesome. You’ve done well. Get marketing on social media platforms and advertise. This takes time but if you are relentless, the work will certainly pay off in profits. And, you will need to be patient. Sell ‘the reasons’ why people should come to the event. The best scenario is that you have too many people willing to attend.
You will also need to ensure attendees are safe. For a start, think about security guards. Know the legalities of holding events. In many cases you may need guards who have special training. Use a professional security company to handle this for you.
To make the job of event management easier, also think about identification for event-goers. Using stamps or Tyvek bands for security is a great way to help managers instantly recognise people who have paid for the event. Also keep a list of those who have paid. This will make it easier to evict those gate-crashers!
Food is one of the fastest ways to make extra money at an event. You can hire food companies to cater for you. The company itself will also pay you a good fee to be at the event, so this is a double-whammy money-making idea. Others may take a percentage of what they make at the event. Just make sure the food you choose for your event is suitable and fitting to the event itself.
Hopefully, these tips will help you have a successful and lucrative event. Keep researching ways to increase the potential of your event and love the money.