Budgeting a Bachelor Auction

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Picking a Venue for a Bachelor Auction....5

Budgeting a bachelor auction can be difficult and time consuming, learn how to organize a charity function to raise money in this free video.

Part of the Video Series: How to Organize a Bachelor Auction
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Video Transcript

We are up to key number three, which is really setting your goals, your budget, your date and the time. Let's go over those briefly. First you need to set some goals. This might be goals for attendance, how many people can you fit in a venue or a club that you have in mind. Next might be goals for the money you want to raise. Remember that we have to talk about both gross revenue raised and after you pay all of your bills. Hopefully you get a lot of the things donated such as the use of the venue, the food and maybe even the out call which entertains your guest. However, if you don't you have to factor that in to what your net revenue would be. So set some goals. This also means you need to budget, you need to make a list of what expenses you are expecting and all the ways you can raise money both before and during your event. Maybe you can hold a special drawing for a chance to win and sell those tickets before or at your event. Perhaps there are other ways that you can raise money during the night of your bachelor auction. So set some goals. Now, next you might want to give your bachelors a goal. Perhaps that is how many people that they invite and attend on their behalf or it might be finding a sponsor at 500 or $1,000 who will give that money to your event and present that bachelor. Perhaps ABC Company is proud to present Joe Smith, that gives them some promotion and it gives Joe Smith a good backing in the auction. Finally as part of the planning, you need to look at a date and a time. Traditional date nights work very well a Thursday, a Friday or a Saturday especially if it's around happy hour when people will be able to go out right after work. Typically the time would go from around happy hour, maybe 5, 5:30, 6:00 until 9:30 or 10, that's a great time when people can either choose to go home or choose to stay out, spend some more time in your venue and getting to know more of the attendees. Keep those things in mind when you are planning your budget goals, date and time.


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