Instructions
You now need to do the important part of your Festival Bid. Is it a viable business i.e. will it make you money?
All groups must produce for the council bid a document outlining how you have raised and spent your budget. It must also show how much you expect to raise if the festival goes ahead. All expenses and sources of income must be accounted for.
You must also check that your Total Income amount is the same as, or more than your total expenditure. If it is not, you must go back and change some of your decisions to save money.
As part of this financial document, you must decide on a ticket price. This price is an important part of your marketing. If the price is set too high customers will see it as too expensive. If the price is set too low you may not cover all of your costs.
Your ticket price must be a fair representation of what you are offering to ensure customers leave the festival feeling they have received value for money.
You now need to do the important part of your Festival Bid. Is it a viable business i.e. will it make you money?
All groups must produce for the council bid a document outlining how you have raised and spent your budget. It must also show how much you expect to raise if the festival goes ahead. All expenses and sources of income must be accounted for.
You must also check that your Total Income amount is the same as, or more than your total expenditure. If it is not, you must go back and change some of your decisions to save money.
As part of this financial document, you must decide on a ticket price. This price is an important part of your marketing. If the price is set too high customers will see it as too expensive. If the price is set too low you may not cover all of your costs.
- You must first of all look at your overall costs.
- How much would a ticket have to cost to cover all of your expenses?
- How much profit is acceptable?
Your ticket price must be a fair representation of what you are offering to ensure customers leave the festival feeling they have received value for money.