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Posts Tagged ‘event pricing’

Price every detail of your event so you can create a comprehensive list of event costs.

Event costs can add up quickly, eating up the revenue that your event generates. If you want to host a successful, revenue-generating event, you can look at various ways to offset the costs so that your event generates more revenue and fewer costs. Consider your event costs so you can create a successful strategy to offset those costs.

Make a List of Event Costs
First, make a list of event costs. What must you pay to host your event? Do you have to pay for catering? Are the venue costs high? Are you planning to record the event and create DVDs? Do you need special equipment for your event? Map out the logistics of your event, and price every detail of your event so you can create a comprehensive list of event costs. Don’t forget the little details, like coffee breaks, name tags, handouts and other expenses relative to your event.

Look for Ways to Offset Costs with Your Venue
One of the easiest ways to offset costs is to negotiate with your venue. If you’re hosting a residential event at a hotel, will the hotel provide the conference room for free since you’re bringing guests into the hotel? Will the venue provide some of the equipment as part of the total venue cost, such as audio equipment or presentation equipment? Does the venue provide catering, and will they cut a special deal with you for a comprehensive package? Negotiating with your venue can help you offset many of these costs somewhat or completely.

Consider Bringing on Sponsors
Sponsors can help you pay for part of your event, or can help cover your event costs entirely. Consider bringing on sponsors to finance a part of your event, or provide goods and services so you don’t need to buy them. For example, you may be able to get your local coffee house to provide refreshments for your event, or have an exhibitor at your event cover the costs of some of the handouts and materials. You can have more than one sponsor; you could even have a different exhibitor covering virtually every item at your event.

Offer Preregistration and Special Event Pricing
For the costs you can’t offset through the venue or sponsorship, offer pre-registration deals and special event pricing to generate revenue prior to the event. Doing a prelaunch to your client list with special event pricing can generate revenue prior to the event to cover any event costs you can’t defray otherwise. Then the event revenue itself is purely revenue; you don’t need to pay any costs out-of-pocket, and you don’t need to worry about paying for costs after the event. This is a great way to generate revenue prior to an event to cover costs.

In summary, with a little creativity, you can reduce or eliminate virtually all of the costs of your event. Start by making a list of event costs, and then determine what you might be able to negotiate with your venue. Your venue may be able to offset these costs by providing equipment or cutting you a deal on catering or the venue price. Sponsors can help further offset costs by covering specific aspects of the event. Finally, pre-registration or special prelaunch pricing can help you bring in cash before the event to ensure that all of the costs are covered, without you ever spending a penny on your event.

Want to learn more about how to make money with your own events? Visit our Event Money Machine Blog. You’ll learn about an amazing Telesummit being held later this month. Tickets to this event are FREE – so join our priority notification list to be the first to know when they become available.