how do you make money from an event

^{5 Ways to Make Extra Money From Your Event}

1. Sell sponsorships Selling sponsorships is the most popular method event organisers rely on to generate additional income from their events. Sponsorship deals are also the most mis-executed. ...
2. Facilitate commerce between parties Business events bring people together who have at least some expectation of doing business with each other. ...
3. Put ads on your event website Because so much of your event promotion happens online, events can generate considerable online traffic. ...
4. Sell premium attendee experiences Most organisers who create “premium” or “VIP” options for attendees do so by bundling and discounting. ...
5. Sell merchandise

Full Answer

How do you make money off a venue?

6 Creative Ways to Generate Revenue for Your Event VenueVendor Fairs. Just about any venue can accommodate a vendor fair. ... Workshops. ... Business Retreats & Meeting Space. ... Musical Performances. ... Gaming Tournaments. ... Gift Shops or Boutique Rental Space. ... Diversifying is Always a Plus.

How do event marketers make money?

Virtual Event Monetization: 9 Ways to Make Money Hosting Online...Sell Premium Tickets. ... Provide Sponsorship Opportunities. ... Sell Digital Lead Capture to Event Exhibitors and Sponsors. ... Sell Ad Spaces on Virtual Event Website. ... Sell Merchandise and Event Swag. ... Order Bumps and Upsells. ... Networking Opportunities.More items...•

How do social events make money?

Ten Ways to Raise Extra Money During Your Special EventAdd a Raffle. ... Set Up Sales Booths. ... Offer a Signature Drink. ... Hold a Dessert Auction. ... Have a Balloon Pop. ... Double Up on Big-Ticket Auction Items. ... Hold a "Last Person Standing" Contest. ... Arrange for a Challenge Gift.More items...

How do I host an event with no money?

How can you organize an event with little to no budget?Determine the type of event.Write a well-developed plan.Consider sponsorships.Advertise on social media.Request for donations.Look for volunteers or interns.

Does hosting events make money?

Hosting a profitable event takes forethought and yes, hard work. And it can take years. But it also takes years to build your network and cultivate your audience. Adding regular events into your business model will reap major rewards as your business grows.

How do host parties make money?

Follow these 9 steps to throw a good party for your guests while also generating profit.Know your audience. ... Plan your event. ... Hire the right talent. ... Price tickets accordingly. ... Get the word out. ... Generate revenue, even before the day of the event. ... Avoid double-booked VIP tables. ... Be a good host.More items...•

Are parties profitable?

Throwing a party can be very profitable. For-profit parties happen all across the country, from the smallest towns to the largest metropolitan areas. These parties often target college-aged adults, but others allow in anyone of legal age with the funds to grant them access to the event.

How do you attract crowds to your event?

8 Tips to Draw Bigger Crowds at Your Next EventTarget the Audience You Want. Keep your target audience in mind when promoting your event. ... Reach Them Where They Are. ... Communicate the Benefit. ... Plan an Action Campaign. ... Encourage Early Birds. ... Use Social Media. ... Create FOMO. ... Leverage Influencers.

How do you market a small event?

If you're not sure how to market an event, here's a list of 50 event marketing tips. You don't need a big advertising budget or celebrity endorsements to make this work....Post-event emailLink to a survey. ... Link to post-event blog posts. ... Invite registrants to follow you on the social networks.More items...

How do you create interest in an event?

Event Promotion IdeasOffer early bird registration.Place a sign outside your business.Produce a creative landing page.Participate in content marketing.Have event-specific branding.Use email marketing to reach your audience.Post pre-event behind-the-scenes posts.Retargeting ads on social media.More items...•

How profitable is event planning business?

According to Goldblatt's research, profits in this industry continue to rise. Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent. His most recent studies, however, show profit margins can be as much as 40 percent.

What type of event planners make the most money?

Easily, one of the most popular (and profitable) types of event planning careers is corporate event planning. In this role, you'll be responsible for organizing and executing events for businesses and organizations.

Can event planning be a side hustle?

What you can do is use your event planning career as a second income. This is ideal for anyone looking for a slower transition into the industry or a rewarding side hustle.

Are event managers rich?

Earning Potential in Event Management Domain On the other hand, the event management sector does not offer the new entrants any less. On average, new joiners may easily earn around INR 3.5 to 3.7 lakh per annum and may go as high as 62.5 lakh per annum with experience and expertise.

How to make money from celebrity speaking?

The math behind profiting is pretty simple: Take the celebrity’s speaking fee and book a venue with enough seat inventory to exceed the cost of hosting the event. For example, if your total costs are $10,000 and you sold 750 tickets at $25 each ($18,750), then you would earn a profit of $8,750. An additional benefit is you don't need much more than a stage, chairs, and concessions. This keeps planning time to a minimum.

What happens when you offer a prize along with the opportunity for hobbyists to compete against each other?

What happens when you offer a prize along with the opportunity for hobbyists to compete against each other? Assuming you choose the right platform and region, you should have no problem attracting hundreds of candidates willing to pay a fee to participate. From poker tournaments to video games , every city has a market for gamers looking for an outlet to play outside of their home. For many, playing on a stage is a lifelong dream. Managing costs for these events can get complicated because you will need a support staff, but if you already have ties with fans or understand the intricacies of such events, then the profit potential is there, waiting to be scaled.

Do you need to be a trainer to make money?

You will find dozens of companies online that design and promote training seminars for business certification, study programs, and personal development. Even better is that you don’t actually need to be a trainer to make money off the events. All you have to do is identify a need, hire a good trainer, and plan the event.

Is playing on stage a dream?

For many, playing on a stage is a lifelong dream. Managing costs for these events can get complicated because you will need a support staff, but if you already have ties with fans or understand the intricacies of such events, then the profit potential is there, waiting to be scaled.

Types of Events to Host

The best part of hosting events is that almost anyone can do it. Another advantage is that the cost of hosting a small event is minor compared to starting a business. And the cost of hosting a virtual event is even lower than in-person.

How to Make Money Hosting Events

Everyone knows that making a profit means bringing in more money than is going out. Although the concept seems simple, it is harder than it sounds.

Ending thoughts on how to make money hosting events

Hosting a profitable event is about offering valuable elements that attendees are willing to pay for. The first step in doing so is to understand what your target customers want.

Make Money From an Event

According to datausa, there are nearly 140,000 event planners in the US alone.

Written By

Found and creator of Event Planning Blueprint and the Boost Your Event Business course - found under the Course tab at the top of this page.

How to increase revenue for an event?

This is a shortlist of five powerful ways you can increase your revenue for any event without relying heavily on registration fees: 1. Sell Sponsorships. This is a great way not only to generate extra revenue for your event.

How to get VIPs at a hotel?

For hotel events, negotiate a small reception at the front desk for VIPs. You can usually get it for free if you know how to negotiate with the sales manager.

Where to sell ad space?

Sell ad space inside the event program/schedule booklet. But really, don’t limit yourself to this. Sell ad space in anything printed that goes out to the masses.

Can you create an ecommerce store for an annual conference?

This is a great option for recurring events and events that are organized by organizations, like annual association conferences. You can create a permanent e-commerce store with branded merchandise that association members can buy for the event or just to show support for the organization. There is no inventory to carry, so you got zero risk and plenty of profits to make.

Can you monetize free stuff?

Anything free can be monetized. Don’t be afraid to do it . People love VIP status, no matter what comes with it .

How to make your event profitable?

One of the best ways to make your event profitable is to secure sponsors. Finding paid sponsorships is a great way to cover your costs, enhance guest experience, and align yourself with like minded brands. Create a sponsorship packet that lists the different levels of sponsorships, the cost, and the benefits they’ll receive.

How long does it take to host an event?

Hosting a profitable event takes forethought and yes, hard work. And it can take years. But it also takes years to build your network and cultivate your audience. Adding regular events into your business model will reap major rewards as your business grows.

What does an event ticket cover?

Your event ticket needs to cover your costs AND make money. Before hosting the event, layout how much money you expect to spend. Make sure to consider any surprise expenses that can come up in the planning process, because there will most likely be something.

Why do we need paid sponsorships?

Finding paid sponsorships is a great way to cover your costs, enhance guest experience, and align yourself with like minded brands.

Do you thank sponsors before or after an event?

And remember, if you do get sponsors at your event, please, please, please make sure to thank them before, during, and after the event . Give your peeps a BIG shoutout! They help create the success of the event, and you’d be surprised how often people forget to thank their sponsors!

Can you charge a high ticket price?

But if you want your event to be the best of the best and really make bank, don’t be scared on charging a high ticket price. People will pay whatever you set your price at, if they find it of value to them. Just make sure their experience matches the caliber you set in the price.

Behind the Scenes: What You Need to be an Event Planner

The most important person in every event is the event planner. As the brains of a very complicated show, the event planner needs to be a literal mastermind. Let’s take a look at a few essential skills event planners should have:

How Much Can You Earn?

The average event planner in the US can earn about $45,000 annually, with the lowest being $29,000 annually and the crème de la crème going as high as $74,000, according to a survey by Payscale. Location seems to be the biggest factor for differences in pay scale, followed by career length.

What Education Do You Need?

A Bachelor’s Degree in Hospitality, Communications, Public Relations or any other related field are the commonly mentioned requirements. However, this is one of those fields where it’s possible for performance and portfolio to outweigh certification.

How Can I Find New Clients?

There are a number of ways to build your client base as an event planner.

How to Plan an Event

Every event is different, but here are a few “universal” guidelines on how to be an event planner:

How to Work with Customers

A good event manager gives customers what they want. A great event planner will be able to advise a customer on the best way to run an event without losing sight of their needs and goals. It’s important to know what the client’s end goal is, and to know what can and cannot be delivered.

How to Manage Clients

Managing clients in any industry can be tricky, but knowing as much as possible about the client’s objective and vision will help you to work better. Also, be realistic about your abilities – it’s always better to underpromise and overdeliver. Discover other tips on how to plan your event by reading further.

Charging Fees

To begin with, the primary source of their income comes from their contracts with large corporations and private parties. They charge a fee for their services to organize these parties, and they make a tremendous amount of money from each contract.

Revenue Streams

The second method of how event management companies make money is through their revenue streams. Each of these contracts comes with an option to buy space from them and develop a theme park or amusement park.

Being Hired by Huge Companies

In addition, another way these companies make money is through their event planner status. Many of them are members of a corporation that represents many other companies, so when one of these companies is hired to organize an event, they get a percentage of the entire bill. These are paid regularly per event.

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