How to Plan a Sports Event Budget

“If you’ve been asked to help manage a tennis or golf tournament, 5K run or other sporting event, creating an accurate budget is critical to your success. Dividing your planning into smaller segments will help you plan your spending step by step. Consider all of the needs of participants, spectators, officials, sponsors and organizers in order to hit a home run with your event instead of striking out.

Meet with the event organizers to learn all of their goals for the event. Ask if the event has a set budget or if you need to operate based on revenues, such as registration fees, donations and sponsorships. Ask if the organization has a fundraising or profit goal. Some events, such as corporate golf tournaments, are considered an expense, especially if they are held in conjunction with a conference.

Contact your local municipality to learn the laws governing sporting events, such as how much insurance you’ll need to carry and if you’ll need permits, toilets, police or medical staff.”

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