One and only tip you need to reach financial viability for your community event

Community events are the heartbeat of neighbourhoods, bringing people together to celebrate, connect, and foster a sense of belonging. From street festivals to charity runs and farmers' markets, these gatherings play a vital role in enriching our lives. However, behind the scenes, organisers often grapple with the daunting task of ensuring the financial viability of these events.

My most important but not always the most popular tip is; Start thinking like a business. If you only remember one thing, make sure this tip is it. Thinking like a business does not mean you need to become a ball breaker or forget about the community vibe. It means you need to plan how you will support your organisation and make sure it can continue to operate into the future so you can keep on doing those fun things like events.

Jamieson Autumn Festival

Now you are hopefully on board with my first tip, let's explore a bit further some of the challenges and solutions.

Budget Constraints: One of the most significant challenges community event organisers encounter is operating within tight budgets. With limited financial resources, it can be difficult to cover the myriad expenses associated with event planning, such as venue hire, permits, marketing, entertainment, security and safety. Balancing the desire to create a memorable experience for attendees with the need to stay within budget requires careful planning and resource allocation.

Solution: Prioritise expenses based on their impact on the attendee experience and seek creative ways to reduce costs without sacrificing quality. Consider alternative venues that offer lower rental fees or negotiate discounts with vendors and suppliers. For example, for one of the events I have been working on we initially wanted an outdoor venue with no hire fee. However, after reviewing costs for bringing in fencing, facilities, security and so on, it ended up being more economical to hire a hall where all facilities were included. Additionally, explore opportunities for sponsorship and partnerships with local businesses or community organisations to offset expenses.

Revenue Generation: Generating sufficient revenue to cover event costs and, ideally, generate a surplus for future endeavours is a perpetual concern for organisers. Ticket sales, vendor fees, sponsorships, and fundraising activities are common sources of revenue for community events. However, predicting attendance and securing financial commitments from sponsors and vendors can be unpredictable, leading to uncertainty about revenue streams.

Mansfield Hunting and Fishing Outdoor Expo 2024

Solution: Develop a comprehensive revenue generation strategy that diversifies income streams and minimizes reliance on any single source. Early promotion and ticket sales can provide a reliable gauge of attendance and cash flow. Offer sponsorship packages tailored to businesses and organisations seeking to reach your event's audience, providing them with tangible benefits and exposure in exchange for financial support. Explore creative fundraising initiatives, such as competitions, auctions or merchandise sales, to engage attendees and generate additional revenue. Try and keep it fresh, don’t use up all ideas in your first year.

Volunteer Recruitment and Retention: Community events rely heavily on the dedication and efforts of volunteers to help with setup, coordination, and day-of logistics. Recruiting and retaining volunteers can be a challenge, particularly in smaller towns with limited population. Without an adequate volunteer workforce, organisers may struggle to execute their event vision effectively.

Solution: Develop a robust volunteer recruitment and retention strategy that emphasizes the value of volunteering. Utilise social media, community newsletters, and local organisations to promote volunteer opportunities and attract diverse participants. Volunteers don’t always have to be local, some people travel to volunteer. Offering perks such as free admission, event merchandise, or recognition awards can help with this. Besides clear role descriptions, providing training and support ensures they feel confident and empowered in their roles.

Community Engagement and Support: Building community buy-in and support is essential for the success of community events. However, garnering support from residents, businesses, and local authorities can sometimes be challenging, particularly if there is a busy events calendar.

Solution: Foster open communication and collaboration with key stakeholders from the outset of event planning, soliciting feedback and input to ensure alignment. Engage with local businesses and organisations to secure buy-in and support through sponsorships, in-kind donations, or promotional partnerships. Have a targeted approach focusing on those organisations best aligned with your event. Organisations don’t necessarily need to be local either, events attract people from broad areas or sometimes organisations want to expand their reach.

These are only some potential solutions to some of the most common event challenges.  We are aware there are more obstacles organisers face and that the event world is fickle and complex, still they are so worth it.

Having worked on numerous events from community events, major fundraising events, and marketing events to the Melbourne Commonwealth Games and Qatar Asian Games, we have a good grasp on what works and what doesn’t. 

Contact us if you like to discuss your event and find out how we could assist you to thrive.