Organizing events is one of the most popular career options today, and making money through it is one of the ways that so many people use to make a living with. There are many type of events that are being organized on any given week from weddings to conference to seminars, workshops and what not.
However, organizing events is a resource heavy opportunity. Just like you make money, you spend as well. There are lots of heads that you need to account for and spend as well. Especially in current scenario with a rather tight economic condition, making money with events is a major challenge.
Every smart organizer needs to explore ways to make some extra money through these events and add to their profits. Otherwise, balancing expenses could become a major hassle, and you might end up spending more money than you earned. So the point is how to make money organizing events in a way that can help you garner profit?
Well here is a quick lowdown on some of the innovative ways you could use to make money at events. Well, this is apart from the usual ticket sales or seat sales that you would anyway undertake to recover costs to a large extent. The idea is to take advantage of all available means.
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Options to Make Money Organizing Events
If you have been organizing events long enough, you would know that more than mere tickets, the real opportunity of making money with events lies with capitalizing on the various sponsorships. Needless to mention, this is often considered the number one method to generate additional funds.
However, this is also that avenue that many event organizers completely miscalculate and are unable to monetize as well as they should be. Well, you must understand that most times, sponsors are investing money in a specific event with the certain expectation of returns on their actual capital. While it is absolutely true that you cannot completely gauge the actual extent of returns till the event is over, try being as proactive in terms of sharing information as possible.
This will give your sponsors a lot better idea of the type of returns that they can expect going forward and how much return they can hope to garner. I am sure you would have understood that this also helps you understand how to make money organizing events.
When sponsors understand the relative gains, they can hope for in doing business with you, they will be more than ready in sponsoring events that you are organizing. Once they are confident about the way you conduct business, the extent of returns they can expect and have all possible details about the profile and prospects, making money with events become that much simpler. You must understand that all the details you are providing help the sponsor to better gauge their relative expectation. As a result, they are more likely to accept an offer from you when you are organizing the event. Better still, if they are convinced about the bankability prospects, they are also more likely to return with better offers going forward.
One of the basics of how to make money organizing events is about making your sponsors understand how they will make money through your event. This kind of clear cut strategy and future planning will convince them about their return prospect and a clear vision of how to cut a profitable deal.
For example, your sponsor has decided to put up a banner at the main entrance of the event you are organizing. You expect about 20,000-30,000 people to see it. This is information that you can share on the basis of the response that you generate or the ticket sales or even on pure analysis of past experiences. You can easily share this with the sponsor.
Also, be very careful about the terms of operation, this will no doubt help you generate a significantly larger positive response. For example, I have attended an event, where the sponsor did not even know if the brand will be showcased through the event. Moreover, despite committing huge cash, they did not get the kind of exposure that they wanted to during the event. Well, these are a big no if you want to make money organizing events. Give your sponsors clear cut targets:
- The number of people you can reach through email subscriptions
- The eyeballs you can generate physically during the events
- The various alternatives how they can guarantee maximum exposure of the sponsored brand
- The kind of response that previous brands have generated and the ballpark return on investment that they realized while participating in your events.
All of these steps would not only help sponsors understand how much money they can make but also help you make money organizing events in a lot more effective manner.
1. Play the Role of Facilitator to Make Money with Events
Organizing events is an often about liaising between two willing players to capitalize on a given opportunity. As an organizer, you will have a complete and updated list of all the guests who are coming to your event. So it is up to you how you can help them leverage the opportunity and make money in the bargain.
You need to play an active role in bringing together all willing players and help them capitalize the opportunity of sharing the same platform. When you are looking at how to make money organizing events, this is one of the easiest and most long-standings. When sponsors and other key players realize the kind of money they can make from the events that you are organizing, they will also be a lot more willing to participate in them. The implications of that are pretty simple to gauge.
Your customers, potential sponsors and future clients and all other key players would appreciate your thoughtfulness and help you make money at a lot more faster pace. You saved them the effort of going and looking up for potential partners they could do business with by organizing events that bring them together. It is needless to mention that they would try to compensate it in monetary terms more adequately than you thought.
Additionally, it is a pretty simple work for you as an event organizer. You just have to pass on the details of who’s coming and who’s not to the other players and as a result, capitalize big time on the opportunity you create for others. In this context, it is a good idea to undertake deep research about every attendee who is slated to participate. In this way, you can follow up a lot better with them even for pre-event or post-event get together between individual players. This no doubt will help you make money organizing events a lot more easily than you thought.
2. Monetize the Event Website
See your ultimate idea is to explore how to make money organizing events effectively. In this context, you must explore every possible opportunity. One of the biggest minefields of resources is undeniably the event website. Almost anyone with the slightest benefit from the event is sure to visit it. Moreover, you would have a whole host of attendants’ participants and key players who would keep visiting the event website.
The question is if your website could make money, capitalize on these opportunities, it would help you make money faster and lot more adequately from the same event. Well, all you need to do is speak to the willing players and put their ads on your event website.
Given the extent of event promotion that happens through these online channels and the website specifically, these can generate quite strong revenues from well-placed ads, providing you are careful about the quality of selection.
When I mention well chosen ads, I mean to think about the event you are organizing, the profile of the guests who are attending and then make a choice. The ads should be attention grabbing, so they get clicked the maximum number of times, and at the same time, they are able to generate the response that you have been looking for. In this way, you earn a lot more money from organizing events.
In this context, you can also tie-up with specific sponsors for only online exposure and branding. You must understand how you can treat the main event and the online promotion as separate properties to make money from them in a lot more constructive manner.
Selecting ads from Google AdSense depending on the profile of the primary visitors to the website is also another alternative to making money organizing event. This is a fairly simple alternative, but it can be rather effective, especially if you have analyzed the profile of the visitors to the website. In the list of some easy to execute options for how to make money organizing events, this one takes a poll position.
3. Create Specialized Packages
Selling tickets, especially the higher priced ones can be a tough call sometimes while organizing events. Perhaps this is the time when you must take the cues and sell your events more like an experience. Have you ever seen the ads of many big hotel chains selling packages to marquee exotic locations? The stress is always on the experience and not the moolah they are spending.
The question now is how to make money organizing events using this policy. Let me explain you with a simple example. Let’s say you have a 3-day conference. The challenge is how you can make it into a great experience. Create some VIP or premium packages. You could perhaps bundle together entry passes for all 3 days and give a discount on overall pricing. You might even throw in a free lunch or dinner pass.
Well, you could argue that this might no doubt increase the number of footfalls to your event, but the question is if this can translate into gains in terms of the money you make. Well for the additional lunch or dinner that you throw in, try organizing some additional activities to coincide with these engagements. Often you would notice that guests are more than happy paying a few dollars for these additional events in return for the special package that you have offered them.
However, you need to be careful about the cost of the entire event. You need to be careful in terms of balancing the relative cost and expense parameters. So while you have to generate additional funds and make money organizing event, it is absolutely important that you are able to make sure that you can turn it into a profitable venture. For example, if you have some really experienced or influential guest for your event, it makes sense to capitalize on the opportunity and add some additional one on one session for a price after the general address. While you do not have to spend anything extra, you can easily earn extra money.
4. Look at Monetizing Event Related Merchandise
When you are considering how to make money organizing events, the idea is to explore ways to make money from existing resources. So in this context, one of the most popular and easily adapted alternatives is selling event related merchandise.
It is just common understanding that people always like to return from events with a truckload of stationary stuff. Be it pens, writing pads or brochures, pamphlets, these giveaways form a very important part of the event experience.
But the fact is most times these are those type of stuff that is easily trashed after a certain period and all the hopes of your sponsors promoting a brand disappear in thin air.
One simple alternative, in this case, would be creating merchandise that can be preserved for a longer time. Moreover, this can give a lot more meaningful exposure to the brand.
The participants to the event will have a lot better idea about the range of products that the sponsor makes and how it can facilitate a better and simpler way of living for you. You can even include some basic discounts and special offers to make the deal more attractive for you. The result- participants to the event would buy these merchandise with a lot more enthusiasm, and they help you make money apart from the usual revenue options from the same event.
You could also use the tickets as a means to sell this merchandise. For example, if participants decide to buy X category of ticket, they might get I merchandise at 50% discount offer. However, as an astute business person, you would have to make sure that you cover the cost in the ticket. Most times, these discount rates are very attractive, and participants invariably opt for these alternatives.
5. Teach Event Management Lessons
Organizing event is no child’s play, but let’s face it; most events are seasonal. While during the peak season, you might have 2-3 events a day, there are lean periods when you might not have any in 3 days either. The question is how you make money during these times. Well, our answer would be organizing events!
Well, did I surprise you with that answer? Well, what I mean is you now have a decade of experience organizing events; it is now time to monetize it effectively. You can liaison with local academic institutions and conduct special sessions or classes to share your experiences with eager students. This is sure to yield revenue for you in a constructive and long-standing manner.
You can also conduct short-term workshops for aspirants looking to create careers organizing events and make money in the process. You could also talk to key institutions or relevant business houses to also facilitate a certification. This will no doubt add a relatively strong layer of credibility and make your training sessions a lot more attractive for the event management enthusiasts.
You could even look at taking up online courses on the same subject. The advantage of these is that the course modules can be created at a time that is convenient for you and you can upload these with relative ease. You can even create a subscription based model so that it becomes a rather long-term and continuous process to make money organizing event.
The online courses can also enhance the reach of your courses to a much larger audience, and keeping it online would ensure that you will be able to maintain costs at a level that will make it extremely affordable for anyone interested.
6. Undertake Talks
While you are organizing events, you are never too far away from the limelight. You bring together several luminaries under the spotlight and constantly interact with them. But did you know that you could also take on the stage and even make money in the bargain?
Well in the list of how to make money organizing events, this can be both an interesting and highly profitable proposition for you. You must understand for every one person who is organizing events, there are many others who are aspiring to do the same and make money in the process.
So don’t think too much, simply go ahead and bask in the glory when the spotlight is on you. There are many people who would want to capitalize on your experience and willingly pay money to hear you. So while on the one hand, you make money organizing events, you can also earn by talking about organizing events. You share your real life experiences to further the knowledge base of many willing listeners and even profit from it in a significantly striking manner.
You can undertake promotional campaigns for these chat sessions the same way you would be doing promotional for actual events.
7. Blog About Organizing Event
Well, I am sure all of you have come across blogging as an alternative to make money online. Did you know that this could be one of the ways to make money organizing events? There are many aspects of organizing events that are not mentioned in any textbook. You will only learn about it on the job. So why not share the experience with many others willing to learn and make money in the process? You can create a subscription based revenue model for your blog and then look at earning money from every additional viewer of your blog.
You can also start placing relevant clickable ads on your blog and make money from them. If you are resourceful, you can also place ads about all the upcoming events that you might be organizing and make money from those initiatives as well.
If you have a significantly large fan following, you can also speak to the potential sponsors to put out a few banners on your blog and generate an additional response from that. In this way, you will be able to cross-promote and make money additionally from the same venture.
Moreover, you can use these blogs to propagate your work on social networking platforms as well. In this way, you will be able to spread the message about your work to a lot more number of people and then even attract potential clients through the blogs that you write.
So apart from organizing the event and earning from there, you could also leverage the same experience to attract additional clients for future events and make money in the bargain.
Additionally, writing about your experience can also help you identify potential growth areas that you could capitalize on growing forward.
8. Create Occasions
If you are a master of organizing events, you would know lean periods are great opportunities for creating new occasions. They are all about being resourceful, proactive and extremely nimble-footed in terms of how you go about it. If you are willing to make money and are clear about identifying opportunities, committed to delivering great events, creating an occasion now and then is never a big task for you. In fact, you can even use the opportunity to give a platform to several new players and small time operators who might not have the resource to participate in major events.
For example, let’s say you hire the local stadium and organize a baking festival or crafts fair. You can keep the entry fee for the participants reasonably lower and the tickets for the attendees lower than a movie ticket. Then you can surely make sure that a significant number of them would give the weekend movie a miss. They will be more than happy to come and sample the yummy goodies at the baking festival or explore the treasures that they might come across in the crafts fair. In short, you capitalize on the opportunity and make money.
9. Ways to Make Savings to Make Money Organizing Events
For so long in our list of how to make money organizing events, we provided you a list of options that you could explore to churn out additional income. But do you realize that you could make money by undertaking some money saving deals and make organizing events rather profitable opportunities?
The question is when I mention savings, how could you possibly undertake these exercises. After all, this isn’t just about budgeting and controlling expenses as you would have done with your monthly budget. There are many other aspects of it as well.
– Optimize the Cost of Venue:
Let’s say that you hire X location for organizing an event for Y cost. Find out how much discount you can get if you choose to use the same location for the next 7 days for all the 10 events that you have lined up. Invariably, most people give a basic discount for a bundled-up deal. So when you hire the same venue for a stretched period, you save and therefore make money with your savings.
Moreover, the associated cost of moving infrastructure like light and sound resources from one location to another also involve significant cost. You also end up making savings on that count too. Your cost of traveling and shuttling between multiple locations also comes down significantly and helps you clock big gain or make money organizing events in a single location for a stretched out period.
– Undertake Cross Promotion:
When you are undertaking multiple events, you can also look at cross-promoting events. You can use the platform provided by one event to promote another since all of them are being held at the same place. Even for customers, it is a win all deal as their events are being promoted to a larger number of audience and therefore getting far better publicity. For you, this is one of the ways to make money organizing event. This is because the cross promotion significantly helps you to cut down your promotional expenses per client.
– Leverage Existing Audience Base:
If you are organizing events for long, you would know the merits of deepening your connect with the existing audience base. While you need to undertake promotions to attract new audience, you also have to make an effort in nurturing the existing audience base and make money organizing events.
Therefore if you are wondering how to make money organizing events, there is no straightforward answer to it. It is most times a unique mix of opportunities and your resourcefulness that helps you make money. The only thing that you must remember when you are organizing events is that you must always be alert to an available opportunity and then go ahead and make the most of it for maximum profit.