It’s a word people don’t like to utter. Well in business it’s a necessity to not only talk about it but to implement it. You may not be able to create projections or financial reports (that’s why we have CPAs and Accountants) but you as a small business owner or entrepreneur should create your own budget.
When you plan to travel the country on your own platform such as a national tour, a budget is the first thing you need to put on paper. You are probably wondering how to create a budget for a national tour especially if this will be your first one. Well you have to decide a few things first to help you know how much money you will need.
3 Reasons A Budget Really Does Matter:
- It determines the level of luxury you will provide. The experience and atmosphere you want to provide for your attendees is a major budget factor. If you want your attendees to feel their investment in you was well worth it due to the aesthetics around them, then you need to budget for nicer venues. On the other hand, you can also provide a feeling of luxury without the expense of an expensive venue rental. There are many other ways such as gift bags, a done for you template, etc.
- It prioritizes what matters most to your tour. You may want your content to be on display or a new program you created. When you know what the focus of your tour is, you’ll be able to prioritize where you will spend your money. Ultimately you will spend money to enhance the focus of your tour.
- It determines if you’ll make a profit or not. Once you know the level of luxury and what you’ll display, you have to know how to price the tickets. Unless you have a sponsor who will fund the entire tour, you will sell tickets. As an entrepreneur you want to make a profit or why bother hosting a tour, right? Knowing where you are spending money and how much you expect to bring in helps to solidify the budget you are creating.
Creating a budget is not only essential but beneficial to the planning of your national tour. Sit down and know what you’re going to spend and where you plan to spend it. You don’t want to be halfway through your tour and you run out of money. Having a budget in place prevents that from happening.