Making Your Budget Work For You

Sep 25 2012 Published by under Promotion

Lady Gaga

Sometimes it’s easy to let your budget run away and soon the costs start mounting up, and before you know it, you’ll have to reach a 200% capacity to see any sort of return.

So how do you keep your budget and costs down, whilst still putting on a great show?

On many occasions I’ve had to put my hand in my own pocket because the income that I predicted to make, never came.

When I was having to go to the cash point or ATM at 1am because I didn’t have enough cash put aside for the acts to pay, I knew it was time to make a change

Thats when I decided to make a budget for all of my events.

A budget enables me to allocate certain costs to aspects of the event or promotion, and works on the basis that I know I won’t overspend in areas, but if I do, I can move the budget around.

Like I think I say in all my blog posts, everyone is different and you will have to find your own method of what works best for you.

Perhaps me showing you how I developed my budget, that will then in turn give you some ideas and a template for you to start your own.

The first thing we should work out when creating our budget is what are we looking to get out of the event or promotion.

Do we want to get a nice return in terms of money? Is it more about marketing and promoting?

In this example we’ll pretend that it’s all about making a nice return.

We have the venue in mind and we know how much they charge for hire. First cost right there.

We find out the capacity of the venue and the average they charge their admission at other shows.

From this you can work out your maximum return available, and then this gives you a nice big figure..

Of course, it wouldn’t be worth your while to just break even, so you then must determine how much you’d like to make from the event.

Minus that and you have your wonderful, finger licking budget.

So thats a simple method to total your budget, but to divide it up is most likely to be the bit that catches you, and will take you and your experience to work out.

The way my budget is divided does depend on a number of factors, such as my knowledge of the area, the areas knowledge of my promotions, the acts I have in mind for the venue, and how much I want to spend before it starts getting ridiculous… Plus a whole lot of other things.

Saying that, it usually works out, on a average, two thirds talent, one quarter marketing and the remainder as contingency.

These sectors can then be filtered down more and more, until you run out of cash and have spread yourself too thinly.

Do this and before you know, because you have a structure, you’re promotions will develop a consistency that gives the impression of a professionally run outfit.

It’s not where you start, but where you finish… So make sure you learn from your previous promotions, and put everything that you have gained into making the next event even more of a success.

5 responses so far

How To Keep Yourself Organised

Sep 21 2012 Published by under Promotion

DSCN8036

Sometimes it’s hard to keep track of where you are in certain events.

This could be because you are booking more than one show at a time, because you have a show coming up that perhaps takes priority over another, or for any other number of reasons.

Either way, it’s time to start getting things organised.

You follow the same pattern and you keep missing things out, or forgetting them completely.

You don’t allow yourself enough time to create a buzz for a particular event, because you have been concentrating on a more prominent one, and once you’re finished with that one it’s too late because you haven’t given your fans enough notice.

To stop this from happening, or worse still continuing to happen, you should create a process.

This will enable you to know what you need to do, when you need to do it, and whether or not you should have done something which may have slipped your mind previously.

Everyones process is going to have to be different, because we all specialise in our own way.

What you need to determine is what you think takes priority, what you do best, and anything you feel you must do to make the event a success.

My process is a 20 week process that allows me to deal with things with a decent enough timescale to be able to change things up.

Of course, I am always adding to and modifying the process to keep it fresh, and this enables me to know what works and what doesn’t.

Once you have your basic draft of the process you will follow, you can either implement it straight away, or you’ll start it at the beginning of your next gig.

Either way, like I said, you’ll always be adding to it, and working out what’s right or wrong.

The key thing to remember is to stick to it, and it really is that simple.

My process is a very simple step by step process that has me having to do no more than 4 things a week.

A quick example of my process would be 11 weeks before a show I have to Finalise Copy and I have to Finalise Graphics followed the next week I have to Send Graphics to Printers, Send Tickets to Talent and Send Out Press Release.

I always found myself missing little things that made a big difference, and now with the process in place, I can see what needs to be done and the optimum time for it to be done.

No matter how unorganised you may think you are, you can always start today to working on a way to make the big things, seem a little more simple.

2 responses so far