How to LOSE Money at Your Event
- Choose the wrong fighters. If the fighters are not popular with the fans, then the event will not sell well. When choosing fighters, it is important to consider their popularity, their fighting style, and their recent results. You should also make sure that the fighters are evenly matched, so that the fight is exciting and competitive.
- Giving physical tickets to fighters. When you give tickets to fighters, you are essentially giving them free money. Instead, you should use online ticketing and give fighters an affiliate link. This way, you can track all sales and also give the fighter his commission. TKOTIX.com offers affiliate links and other ways to still give boxers their commission. Sell with TKOTIX and prevent this.
- Not promoting the event effectively. If the event is not promoted effectively, then people will not know about it and will not come. When promoting your event, you should use a variety of channels, such as social media, print advertising, and online advertising. You should also create a compelling marketing message that will make people want to attend your event.
- Overspending on production costs. The promoter should carefully budget for all of the costs associated with the event, such as venue rental, fighter purses, and marketing. It is important to be realistic about your budget and to avoid overspending on unnecessary items.
- Not having a contingency plan. Things don’t always go according to plan, so the promoter should have a contingency plan in place in case of unforeseen circumstances, such as a cancellation or a no-show. Your contingency plan should include a backup plan for the event venue, the fighters, and the marketing.
- Not managing risk. The promoter should carefully assess the risks involved in putting on the event and take steps to mitigate those risks. This includes things like securing liability insurance, hiring security guards, and having a plan for crowd control.
- Not securing a good venue. The venue is where the event will take place, so it is important to choose a venue that is large enough to accommodate the expected audience and that has the necessary facilities. When choosing a venue, you should also consider the location, the cost, and the availability of parking.
- Not signing good contracts with the fighters. The contracts should be fair to both the promoter and the fighters and should clearly outline the terms of the fight. The contracts should include things like the fight purse, the weight class, and the number of rounds.
- Not hiring experienced staff. The promoter should hire experienced staff to help with all aspects of the event, such as marketing, ticket sales, and security. Experienced staff will be able to help you avoid mistakes and ensure that the event runs smoothly.
- Not running the event smoothly. The event should start on time and run smoothly, without any major problems. This includes things like having a clear plan for the event flow, having enough staff on hand, and being prepared for any unexpected events.
By following these tips, you can help to avoid losing money at your event. So if you’re planning on hosting an event, be sure to do your research and plan carefully to avoid these pitfalls.
