I feel that many people do Non-profit event budgets wrong. They start with what they will spend and at the end – figure out how much money they made. I believe you should start with the amount money you want to raise – and then see how much to spend and budget.
Example 1: If your non-profit wants to make $1,000 and you plan to have 50 people – your guests must spend $20 over what it costs you to host them. (1000/50=20) So, if it costs you $20 to have them at the event – you need to sell tickets at $40 a person.
Example 2: If your non-profit wants to make $100,000 and you plan to have 750 people – your guests must spend $134 dollars over what it costs you to host them. (100,000/750=134) Assume a nice dinner is $100 a person including the food and table rentals, you would need your guests to spend $234 for you to hit your goal.
Working backwards can ensure that you at least meet your financial goals and then figure out how to exceed them. But always keep in mind the cost per person and then adding how much you need to make from each of them on average.
Tips for keeping event costs down
- Promoting a Sports Team or School – use their trophies as centerpieces. They are free and provide talking points and even table names.
- Good food, lots of drinks, and music are your basics.
- Find a theme and go all the way. Cheesy is easier to do than elegant.
- Dollar stores have glass vases and candles.
- Rent the vases your flowers come in.
- Use white linens – people rarely care if they have been eating off of the iridescent golden camel linens.
- Supporting kids? Have the group you are supporting make the centerpieces. Some paint, craft paper and glue can go a long way.
- Supporting the arts? Do banquet tables instead of rounds and place white butcher paper over the white linens. Give people items to color with.
- Supporting kids in the arts? Buy the wine early and let them paint on the bottles. You end up with table decorations that will be used.