With all that in mind, let's take a look at some important challenges you'll face during the budgeting process. Whatever your plan, make sure you know how you will make money from your race and how many participants you will need at a minimum to make money or break even. Perhaps you plan to subsidize some of these costs through sponsorship. Your participants will want their money's worth, which means you'll end up spending a big chunk of their entry fee on swag, event safety, staff and the overall race experience. Make sure what's in your head goes in your plan and put down even the most obvious budget item, however small in value. Obscuring or missing items in your plan is a slippery slope that ends in disaster. Make a point of updating both as you collect more quotes and get a better handle on registrations, even if they don't always turn out the way you expected. But do try to be honest with yourself when estimating costs and revenues. You want to make your race work, so you might be tempted to make some optimistic assumptions about your budget! It's understandable. Make sure you are clear about the correct way to account for all budget items before you begin, if you want to avoid unpleasant surprises. In some cases, how you account for things like in-kind sponsorship, some expenses and your overall profit will depend on whether you organize your event under a nonprofit, charity or private company. Understand how your legal structure will affect your accounting.There are some important rules to keep in mind as you prepare to write your race budget: We are soon going to be releasing our awesome Budget Builder tool! Join our early-user test group Before you begin
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |