Getting your event funded is a great way to get rid of the financial burden and also to observe a direct response to your idea. You get to see first-hand what resonates with people and what doesn’t.
That being said, getting your event funded is not just a click of a button. You’ll have to give some thought to how much money you’ll need to cover your costs. And estimate how much you think people will be willing to pay. Just like anything else, they’ll want to get what they pay for.
If you want to be sure you won’t pay anything out of pocket, the best idea is to set a minimum funding goal. This is a specific dollar amount, that will need to be reached for your event to take place. If not, the event is canceled. This helps you reduce some of your risk as the event host.
So how can you ensure that your event reaches its minimum funding AND that your guests go home happy? We’ve got some tips and tricks that will help you reach your funding goals with enough time to comfortably organize your event.
Make your event visible for everyone. Allow anyone to join.
The very first step is opening your event up to anyone and everyone who loves your idea. If your minimum funding goal is relatively high, that’s no problem, you just need to make sure enough people join and contribute.
To reach more people, be sure to select ‘show card’ when determining the visibility of your event card. That way your contacts can share your event and get their friends to go too.
Make a good estimate of your costs per guest.
Start by estimating how many guests you have. Of course, you cannot have more than the space allows. You don’t want a fire hazard on your hands. So consider the space capacity as your max, but it’s probably safer to assume you will have fewer people than the maximum. Use a conservative estimate – it’s better to be pleasantly surprised and have a little buffer than have to pay anything out of pocket.
Then total up your fixed costs like the event space, a T-Rex costume and a fire breathing entertainer ($100). Divide your total fixed costs by how many guests you’ll have, for example 10 guests means 10 dollars in fixed costs per guest.
Now just add the variable costs that you can tie directly to each guest. For example, each guests will drink an average of 4 gin and tonics and eat one hamburger with a portion of fries ($15).
If you estimate 10 guests then each guest will cost about $25 ($10 fixed costs + $15 variable costs). You can use that number to calculate the price of a package or to set a minimum contribution amount.
Set a minimum funding goal that isn’t too low and isn’t too high.
This is about hitting the right spot. You want enough money to cover your costs, but you also don’t want to set the bar too high. Especially you should keep in mind that if you do not reach your funding minimum, your event will be canceled. Nobody wants that.
So, if you are particularly risk averse, make sure the funding minimum covers at least your total fixed costs plus a low estimate of how many people will come and their variable costs. Keep in mind how many people you need for this event to be successful. If you only have 5 people in an 100 person event space, that might not be such a great event.
Set a funding period that gives you enough time to collect money.
You are able to set a funding period of up to 6 days. We recommend going right up to the max, which means you will need to plan your event at least 1 week in advance. However we recommend starting your funding period at least 2 weeks before the event. That way once your event reaches its funding minimum, you will still have enough time to make preparations for the event.
Generate some buzz for your event
If people don’t know about your event, they won’t be able to join and contribute. So it’s important to get the word out and start getting people excited as soon as possible. Use images and remember, people can only join and contribute once the funding period has started.
Generating buzz could mean things like flyers and posters, but it probably means a social media campaign. Campaign sounds big and complicated but all we really mean is posting your event details on Instagram, Twitter and Facebook with interesting images and teaser text.
Get people excited about what you have planned without over promising. And ask your friends and contacts for likes and shares. When the start of the funding period gets closer, let your contacts know when they can start joining and contributing to your event.
Now give funding a shot and then let us know how it goes in the comment section. We would love to hear your insights and feedback.