5 tips to make your summer festival a financial success.

Summer festivals provide the perfect environment for music, food, dancing, and everything else that goes into the perfect warm weather event. However, running one of these extravaganzas is anything but easy or relaxing. Follow the five suggestions below to pave the way for a profitable time that you and your fans will want to repeat year after year.

1. Diversify revenue streams.

• Why should you work hard to make your money from a wide selection of sources? For one thing, doing so can lead to almost 20% more money in your cash drawer after the bands have packed up, the fans have gone home and you bring out the books for a final reckoning.
• Although one of your main money-makers will be from ticket sales, this is just the beginning of the potential monetary stream in which you should immerse yourself. Remember, people are there for an overall experience. The more you facilitate their joy and give them memories they will treasure and share, the greater your festival’s success.
• What are we talking about when we mention other options? Begin by requiring anyone who is selling goods or services at your event to pay a fee. This is standard in the industry as long as your rates are fair. Additionally, you should plan ahead for festival-specific merchandise that will enable people to wear, share, and spread your brand far and wide long after summer has passed. Another revenue source is VIP exclusives, privileges that are only given to special fans who have paid a premier price. Finally, don’t hesitate to charge for the food and drinks that everyone will be hungry and thirsty for throughout the event.
• When you make income generation a priority, don’t neglect the fact that customers want choices in every aspect of their experience, including how they pay. If you accept only cash or a small selection of card types, people who prefer to only, for instance, use an iPhone equipped with a digital wallet will simply walk away without buying anything. Well before the show, talk to your merchant account provider about configuring your systems for maximum payment diversification.
• This diversity also applies to the devices you use to take payments. Equip your staff with tablets or smartphones with mobile readers that they can carry throughout the venue. Of course, you and your vendors can keep fixed terminals and tablets at your booths as well.

2. Create a budget.

• It might sound like a no-brainer, but making and sticking to a budget is one of the most important gifts you can give to your summer festival. Believe it or not, over half of the entrepreneurs surveyed seem to have lost sight of this fact.
• Without a clear budget, you don’t have an accurate road map for your show and will almost inevitably surpass your spending limits. Investors will also become wary and will be less likely to fund any of your future endeavors.
• Think of your budget as your business plan in action. In very real financial terms, it helps you to understand what you want to achieve as well as how much money you have in order to make that happen.
• Amid all the work and excitement that go into creating and implementing your summer festival, it’s easy to forget about the brass tacks. With a centralized budget that is available to your staff and stakeholders, you will be able to always know exactly what you will need to spend for the most important components of your show, including permits, venue and equipment rental, staffing, and marketing campaign/advertising costs.
• This is where your merchant account provider enters into the picture. Payanywhere, for instance, can provide you with all of the point of sale-related tools you need to run a successful event. Know exactly who is working and when as well as their productivity levels with employment management tools. Augment these scheduling and training abilities with inventory management capabilities that streamline your purchases, automate invoices, and let you know when you are running low on crucial items, and your staff and customers will never be without what they need before, during, and even after your festival.

3. Smart ticket pricing.

• Costs continue to rise in every facet of the music industry. For that reason, fans will most likely never pay as low as the $94.83 average cost of a concert ticket in 2019.
• Because consumers cover a very wide span of the socioeconomic spectrum, you will garner the most success if you find a way to appeal to fans on all levels, from the bleacher seats to the backstage guest passes. With that in mind, you can tailor your price structure accordingly and will satisfy more people as a result.
• There are numerous ways to provide tiered pricing. Consider rewarding superfans who buy their tickets early with a discount, or think of ways to engage people with the financial means to demand a luxury experience. Restricted meet-and-greets and autographed paraphernalia are just two ways to give additional benefits.
• In addition to offering a range of ticket prices based on benefits, you should also do some research in advance. Find out who your target audience is, including their average annual income. Look at similar festivals that appeal to this core audience to see how much the promoters charged as well as how successful the event turned out to be. Then fashion yours around what worked well for your competitors, avoiding what did not.
• Thanks to Payanywhere’s inventory features, you never need to wonder how low your ticket quantities are getting because you can track everything in real time. Additionally, this processing company allows you to offer a full range of payment choices to accommodate your customers’ preferences.

4. Streamline logistics.

• Don’t make the mistake of thinking your event can come together with some slapdash planning. A successful endeavor requires forethought, research, trial and error, and collaboration.
• However, when your inventory and employee management systems are working in sync with your budget and goals, your logistics can fall into place with ease. With a modern point of sale solution and a quality merchant account provider on your side, you can have all the tools and support you need.
• Your merchandise represents a significant expense at the outset. However, it can also bring big profits if managed appropriately. Stack the deck in your favor by understanding the pricing of your major items, and negotiate to get quality goods at an affordable cost.
• When your supply chain runs smoothly from origin to endpoint, you can be reasonably sure that you will get what you need when you expect it. For optimal results, do your best to source from more than one company, and keep your ear to the ground about conditions in the part of the world where your goods are manufactured. Additionally, maintain open lines of communication with your suppliers so that you remain in the loop about any potential delays. This may give you enough time to find another seller.
• The inventory and invoicing functions provided by Payanywhere can be invaluable as you launch and maintain this transparent communication with suppliers.

5. Track your sales.

• When you have an accurate idea of the status of your inventory with just a few clicks, you are in the driver’s seat of your festival. The inventory tools featured in Payanywhere’s point of sale software allow you to supervise your stock levels and learn what is flying off the shelves and what is not. The software can even alert you when it’s time to re-order, ensuring that your customers will never be without what they need during this or other events.
• Payanywhere’s merchant portal allows for maximum flexibility not only in the types of payments you can accept but also when it comes to accommodating multiple credit card terminals and mobile readers.

Worried that you will lose track of the data with so many terminals? Thanks to Payanywhere’s Payments Hub, all of your information will be seamlessly sent to a central point of origin. Once you are able to separate sales according to the different devices scattered throughout your festival, you can quickly determine the overall success of your sales as well as learn granular details about each device.

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