Let's face it. Most efforts are considered failures unless they are financially viable.
Proper identification and tracking of monies in and out for a live show are important.
If a show is set up to benefit a charity, or held at some types of venues like a church or school, a proper accounting of income and expenses may be required. Even if a venue does not require it, a proper accounting is required for tax purposes when taking the profit or loss for income tax reporting.
While a show may be able to sustain a loss (more expenses than income) for a year or two, eventually, the show will not be held if a net profit (more income than expenses) is not accomplished. So knowing where and how much monies are being spent can help in future years for determining where funds are best spent.
Another issue to consider is that as most sources of income (e.g., entry fees, raffle ticket sale proceeds, etc.) are accumulated close to the show date, many expenditures (e.g., venue deposit, insurance payments, awards) must happen months or even years in advance. A show holder needs to have sufficient "seed money" funds to cover the early expenses before the actual income to (help) offset the expenses is received.
There are a number of ways to track income and expenses. An "olde time" paper ledger, a simple electronic spreadsheet or even a full featured financial tracking form (e.g., Quicken). Whichever method is used, using it consistently and keeping up to date with funds received/spent is important.
What should be recorded? Some possible categories (green for income, red for expenses):
Often only a summary by category and income/expense is needed.
A detailed accounting for a single type of income may look something like
|Name||Date||Entry Fee||Extra Show Table||Meal|
|Anon E Moose||2/16||$40||$0||$0|
A summary may look something like:
|Show hall rental||$1500|
Is there any advice I can give on how to "set" prices, say for entry fees? Yes.
First, figure out the number of showers who can fit into a show hall, and the number realistically that will attend. Also there may be some expected/guaranteed income (i.e., sponsorship from local model horse dealer).
Next estimate as many expenses as possible, including the hall, award, judge costs. There is usually a "fixed" cost (a flat rate regardless of the number of attendees) and a "variable" cost (something that increases as more folks attend). So the hall rental may be a fixed cost, but table rental may have a fixed cost (i.e., those tables used for the show ring and other administrative needs), plus a "per shower" cost (i.e., two showers per table).
Ideally the per shower entry fee can be calculated something like:
(((fixed costs - fixed income) / number of showers) + variable costs) <+ or *> fudge factor
So if the fixed costs (hall, awards, judge honorarium) were estimated as $2000 and there was no sponsorship expected, with a $10 per table rental fee, and the room could fit 50 people, but 40 attended last year's show, you might set the entry fee as
((($2000 - $0)/50) + $5) * 10% = $49.50 or
((($2000 - $0)/40) + $5) + $5) = $60
If you expect sufficient income from sponsorships, donations, raffles and/or an auction, you might set the entry fee even lower hoping to offset the expenses not covered by show entry fees.
Genesis | Timeline | Philanthropy | Venue | Show Date | Class List | Judges | Theme | Awards | Raffle, auction | Vendors | Promotion | Hall layout up | Sponsorships | Finances | Program | Sportsmanship | Countdown | Running the Show | Aftermath
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