Let’s face it, free events only sound good to those attending the event. In reality, it’s the hosts who are taking a huge hit in planning costs, venue and event day fees. If you are picking up the tab for every free event you host, consider these two tips that will not only help you make money but keep you from reaching inside your wallet.
Get Sponsors & Donors:
The best way to "secure your bag" for your next event is to offer the opportunities for donations and sponsorships.
A donor CAN be an identified or anonymous person or entity who gives cash, tangible goods, or services to a fund or charity. Designations can then be made for specific needs towards an event. For example, Disney celebrates ‘Black Panther’s success by donating $1 million to kids in STEM. Non-profit organizations typically benefit greatly from donations i.e the American Red Cross, Girl Scouts of USA, March of Dime etc.
A sponsor IS an identified person or entity who contributes to an event to increase brand recognition and community involvement. Occasionally, sponsorship opportunities can vary in price tiers. For instance, Pepsi Co. sponsored the 2018 Super Bowl performance — Pepsi Super Bowl LII Halftime Show.
Typically, your local town/city’s , Thanksgiving and New Years Day parades are sponsored by large companies, i.e New York City’s Macy’s Thanksgiving Day Parade, Philadelphia’s New Year’s Day Mummers Parade and Chicago’s McDonald's Thanksgiving Parade.
Want to know how to attract donors and sponsors?
Volunteers offer awareness and provide free labor for an event. They can share and promote your invite to their social networks-, thus increasing your event audience. You can acquire volunteers by reaching out to schools, universities, organizations and businesses in your community.
So, before you decide to break the bank for your next event, look for sponsors to contribute to your overhead costs, donors to contribute to the organization or cause and volunteers to help execute a successful event.
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