Holding a fundraising event can be a great way to raise money for your business, especially if you are just starting up. It can help you pay for new equipment, invest in new stock, or go towards money to purchase or develop your company premises.

There’s a lot to think about to ensure your fundraising event is a success. With this in mind, CR Events explains the key factors to consider when planning an event to raise funds for your business.

The first important factor to consider when planning a fundraising event is to determine your key goals. This includes your event budget and how much money you hope to raise, how many people you would ideally like to attend your event to hit that target, and what you will use the money for. You might also like to use the event to create some good publicity for your business or attract some new customers.

With your key goals, it’s also important to think about your target audience and who exactly the event is aimed at. For instance, if you want to raise more money you should think about attracting people who have it, such as local wealthy business executives. Or perhaps your customers are parents, so your event will be geared more towards families in your local area.

You should also think about the key activities you will have at your event to raise funds, which fit within your budget. For instance, perhaps you could hold an auction or a raffle, or set up stalls where punters can buy things (like your old belongings or the products you sell) or play games. All these activities can be popular with punters, without you having to spend too much.

If you have the budget, are you also able to splash out on some good entertainment, like inviting a local band or DJ to perform? Perhaps you know someone with a talent, like a musician or magician, who can provide their services for you. Consider also inviting a special guest, like a local celebrity, to open your event. It’s worth remembering that more people will probably be willing to attend and donate more if you have some good entertainment on offer.

The timing and location of your event is key to its success. For instance, if you hold it in the summer, fewer people will probably attend due to be being away on holiday. If you pick a date right after Christmas, punters will probably spend less. And, if you set it on the evening of a working day mid-week, many attendees probably won’t stay long. You should also decide on a date that gives people plenty of notice before the event takes place.

When it comes to your event venue, you should think about a space that fits your budget and the number of people you’d like to attend. You should also look at venues that provide easy transport access and good parking. If your budget is tight, it’s worth considering hiring a community centre, church hall, or even finding a good location where you can set up a marquee.

It’s important to put together a team of people to manage your event during your planning. This could be anything from selling raffle tickets to serving food. If you employ anyone in your business, ask them to help you as a favour. It’s a good idea to also ask your family and friends – particularly those who are good with people or at selling. When you have a team, determine each person’s roles and make sure they know their responsibilities on the day.

Finally, it’s important to market your fundraising event, and aim to do this cost-effectively. You can send out personal emails to invite your customers or local business. Or include the event in your business newsletter, if you have one. You can also promote it on your social media channels. Rather than spending a lot of money on advertising, it’s worth putting together a short press release about your event and sending it to your local newspapers to print as a positive news story.

Doing all these things should help you plan a fundraising event that’s a success. In turn, it should give you the funds you need to meet your goals and help develop your business for the better.