It doesn’t matter whether it’s sports, music, or another form of entertainment. Running a company in the field of live events can be an extremely satisfying business model. Not only does it allow you to make money from an industry and passion that you love. But it also gives you the chance to put a smile on the faces of other people too.
However, money should still be at the heart of your endeavors. Here are five quick hacks to help you maximize those profits. Enjoy!
Gain An Online Presence
Promoting your events is one of the hardest challenges of all. While targeting the local area with flyers and other materials is great, it can be rather costly. Unfortunately, this will inevitably eat into your profits. If possible, you should opt for online methods.
This guide on increasing online visibility will help your posts reach a far larger audience. Meanwhile, social media also makes it easier for people to share an event of interest to friends and family.
Sell Extra Items
Ticket sales will probably become your main source of income, and the bulk of those are likely to be pre-bookings. However, that doesn’t mean you should overlook the importance of merchandise, food and drink and other items.
Of course, you can outsource these items. But taking the DIY option will increase the profits. A mobile credit card reader will allow you to accept those payments. Aside from increasing profits, it can enhance customer enjoyment. If that doesn’t lead to repeat business, nothing will.
Build A Better Team
Running an event requires a great time. But it’s not all about the technical aptitude. The bulk of your employees will be actively interacting with clients. Therefore, people skills are vital.
As well as those relationships with the clients, you need to encourage great atmospheres between the team. Organizing team outings and offering group perks can work wonders. A better feeling amongst the team should extend to the customers too. And ultimately, the whole point of an events business is to make them happy.
Know Your Venues
The main attraction will be whatever act you have chosen. However, the suitability of your venue can have a telling influence. There are many things to consider when hiring a venue, but going the extra mile here could make the event 10x better.
Let’s face it; the laughs will be hard to hear if your comedy show only has 50 guests in a 5,000-seater venue. Likewise, you need a place that offers the right décor and design to enhance your music, sports or entertainment events. Otherwise, it could just alienate the audience.
Trade Favours
The events management industry is difficult enough without severing potentially valuable ties. Quite frankly, the links you build with other people and companies could be vital. Not least because trading favours can cut your overheads drastically.
Every freebie or favour you call in will essentially increase your profit margins. Running a tight ship isn’t easy in the modern arena, and this is one of the best ways to do it. Apart from anything else, doing things this way can cut down on your admin too. Perfect.
