How to Create a Budget for a Live Event | TickPick

Thinking of putting on a show? Showcasing that venue you love? Getting your awesome band in front of more eyes? Got some people with jokes, will travel?

That all sounds great, but how much will it cost you, and how will you pay for it? 

TickPick’s Organizer Platform can help you sell tickets to your spectacles. But in this blog, we’re going to uncover the secrets of how to create a budget for an event. 

Let’s get into it.

Photo by Daniel Nouri.

How to Create an Effective Budget for an Event

We’ve been in the event ticketing business for a while now. And with that experience comes knowledge – the knowledge of how to create a budget for an event and sell out a venue. Sounds good, right? But how?

Define Your Objectives

It helps to, first of all, know why you want to host this event, besides making a lot of money. Clearly outline the goals and objectives of your event.

It helps to ensure you set SMART goals. So make sure your event goals are: Specific, Measurable, Achievable, Relevant, and Time-bound.

Next, you need to identify your target audience to tailor the budget accordingly. Who do you want to attend your event, and how are you going to reach them? 

To do this, you need to know who your tribe is, where they hang out, what they do, and (crucially) don’t get down with. 

What to Include in Your Event Planning Budget

Now that you know why you’re hosting your event and who it’s for, let’s examine some potential spend vs. revenue opportunities. 

Event Costs	Details	Event Revenue Projections	Details
Venue costs	Rental fees, deposits, and additional charges. You need to know how to negotiate the best price for your venue.	Ticket sales	Potential revenue from ticket sales
Catering	Budget for food, beverages, and service fees	Sponsorship & partnerships	Income from sponsors and partners
Entertainment and speakers	Costs for performers, speakers, and related expenses	Merchandise & concessions	Revenue from merchandise sales or concessions
Marketing & promotion	Funds for advertising, social media, promotional materials	VIP packages	Additional revenue from selling premium packages
Staffing & volunteers	Wages, stipends, or appreciation gifts	Workshops & seminars	Fees from conducting specialized workshops or seminars
Tech and AV equipment	Sound systems, lighting, and other technical needs	Raffles & auctions	Income from raffles, silent, or live auctions
Decorations & signage	Event decor, signage, and branding materials	Donations & fundraising	Revenue from direct donations or fundraising activities

Managing Your Event Budget

Knowing what you’re going to spend in relation to what you stand to make is the backbone of creating a budget for an event. But there is more to the financial story of putting on an awesome show than that. 

That’s why it’s super important to stay on top of your budget. We’ve found that the best way to do that is through these three mediums: 

1. Budgeting tools
2. Monitoring spend 
3. Cost-saving where possible (without losing out on greatness)
4. Generate a buzz for free