Event Development (continued)

“The following is a continuation of my Event Development Series. Several months ago I started the series with the first section, “Initial Development”. The second section is entitled “Research and Preliminary Planning”. Now that you and your team have decided to proceed with the event, it’s time to get serious! As suggested previously, any thoughts and idea are more then welcome!”
Research and Preliminary Planning
You’ve determined that you “financially” want to proceed with your festival or event and you and your committee have completed plenty of “research”. Now it’s time to start your “Preliminary Planning”.

Preliminary Planning – Required Elements (Continued)
This could be the next step in your event development or it could be your last step! I have placed this section here because I believe that you need all the "Required Elements" in place before you make your final plans.

2. Will Local Businesses Contribute to Your Events Financial Success?
I don't know many events that are self supporting, but I don't think that there are many. I also don't know of many events that don't cost something. That being said, you will need to find outside funds from some source. Ticket sales and booth fees may cover a lot of the costs, but in most cases festivals and events need more. If this is the case, you'll need to consider the solicitation of your local businesses. The big questions is, "Will they help?". I think this question can best be answered by how you approach them. First of all you have to consider will your approach be for a donation or a sponsorship. There is a huge difference between the two. Donations are simply a request for help with no offer of return on investment. It is a straight out gift. Sponsorships, on the other hand, are based on a business transaction. For monies given (by the sponsor) goods or services are given (by the event). The goods or services given could include anything from tickets to an event to advertising recognition. Whatever is given, there should be good "value" in what is given. Don't underestimate your need for sufficient funding. Having a little more than needed is a good policy. You never know when the "rain" may fall. Sufficient funding is a key "element" when it comes to event success. (To be continued)