Once you and your committee join to put together your gala event, the next thing you need to do is decide on your money-making strategy. There are many ways to make money at a gala event. You might pick just one or any combination of fundraising options. Ticket sales are an obvious choice, but depending on the scale of the event, they might not bring in the most money.
Instead, you can focus on selling sponsorships or corporate tables, or even holding a silent auction where, if most of the items are donated, you can have a much higher profit. And while we're talking about money, it's a good idea to set a fundraising goal, as well. It will give your team something to work toward, and it will also help provide a purpose when you're marketing the event and selling tickets.
While setting your fundraising goal, take an honest look at how much money you truly expect to bring in so you can define the budget for the event. Remember, gala events are not cheap, but if you stick to your budget, offer tickets at the right price, have a good guest list and a few fundraising strategies, you can raise a lot of money for your cause.
We'll take a deeper dive into the details of planning a gala event on the next page.