You really must budget sensibly for the event. There may well be financial outgoings, and you need to make sure you can cover all of these and emerge from the event either breaking even or making a small profit for the club, society or organisation.
You need to work out what your expenses are likely to be. For example:
- hiring a hall for the event;
- buying any equipment needed for the event to take place;
- ensuring that a good first aid kit is available;
- travelling expenses for the judges and administrators;
- any food or drink you wish to provide for the attendees;
- any prizes you wish to offer.
You must therefore work out what income you can generate from the event to cover these costs. Some of these suggestions are not always appropriate, but sometimes they might be helpful:
- attendance fee for competitors;
- attendance fee for spectators;
- sale of goods at the event;
- running a "tuckshop" at the event;
- seeking donations or sponsorship from participants, friends and family, or local businesses;
- running a raffle (you will need to comply with gambling regulations).
Whatever you do, you need to ensure that the event's costs will be covered. It is not good practice to make a loss running an event. If there are not enough people likely to attend to cover the event's proposed cost, then you need to consider what you are trying to do with the event and that perhaps it is too ambitious. It might be worth making the event less spectacular and reducing your costs, or you might need to schedule it for a better time of year, or there might simply be other reasons why it is not breaking even.