“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
Money (continued)
“Monies Needed Before the Event”
The following are some of the areas I
think need to be researched and considered. Depending on the type of festival or
event you are planning, more cost areas will likely need to be researched.
Hopefully the following will get you started. Most of the big expenses will
need contracts and deposits. Make sure you know who you are dealing with before
signing binding contracts and handing out large deposit cheques.
Facilities: If you need to rent a hall
or grounds, you will probably need to give the owners a deposit. The amount
will depend on the facility and the relationship you have with the owner. You will
also have to sign a rental agreement where you will have to guarantee full
payment. Also, if you cancel your event for some reason, there will likely be a
“penalty clause” where you will be responsible for some additional payment or
you will forfeit some or all of your deposit.
Tents: If you are holding an
outdoor event, you may want to have a tent or tents or some kind of weather
protection. If you decide rent tents, you will need to make a deposit. Plus,
the tent company will most likely want a guarantee payment no matter what
happens!
Electricity: If you are going to have
vendors or performers at your event, you will have to provide electricity. If
it’s an indoor facility, the building may or may not provide free electricity.
If they don’t, you will make a deposit plus you may have to hire an
electrician. This can be quite expensive unless you have someone on your
committee who can do the work themselves. (To be continued)
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