This article will go in depth explaining how to create a budget for your VenuePilot event
Creating a budget sheet will help your organization keep a close eye on your income and expenses for a particular show. Budgets can be created as a template to use for many events, or customized for a specific event.
Budgets and expenses can be added to either a hold or a confirmed event, but the event's ticketing income is based on actual ticket sales.
Profit Based off Gross Box Office Revenue (GBOR) - This number is your expected profits from ticket revenue from an event. The amount assumes all tickets are sold out, and subtracts the event's expenses.
Break-Even Tickets (Based off of GBOR)- This number is how many tickets you would need to sell to cover the event's expenses. Please note: if the event has multiple ticket types, the calculation will divide the Gross Box Office Revenue and divide it by a weighted average of the ticket price.
Net Profit (All Revenue Streams)- This number combines the event's revenue from all streams (ticketing, rental fees, concessions, merchandise, etc) and subtracts all of the event's expenses.
Income Total - combines ticketing sales, rental fees, merchandise due amount, concession revenue and any custom sales line items. If you click on the arrow by 'Income Total', a more detailed breakdown of your event's revenues will appear.
Ticket Sales - Ticket Sales will combine revenues from all ticket types. If you would like to see a breakdown of your ticket types, click on the arrow next to 'Ticket Sales'.
Space Rental Fee- The amount of revenue from rental agreement.
Promoter Profit- The amount of revenue due to the promoter. This figure is a percentage of the total expenses of the show.
Merchandise Sales- The amount of revenue from any merchandise split agreement
Other Sales- The amount of revenue from streams outside of what is specified above. You can add a 'Other Sales' line item by clicking on the plus sign button
Concessions Net- This amount is calculated by subtracting your event's concession costs from your concession sales. You can add projected and actual sales, as well as concession costs split up by beer + wine, liquor and food. You can also add custom line items by clicking the pink plus button on the right side of the drop down.
Expenses Total- This amount will be the combination of all listed costs for the event. These costs could be, but are not limited to hospitality costs, marketing costs, labor cost, tech costs, misc. costs and variable costs. You can add line items under each heading by clicking the pink plus button
If you have any further questions about creating a budget, please reach out to Client Support at clientsupport@venuepilot.co