A budget will help you work out your financial exposure and where best to spend your money. Most Fringe artists will find that their expenditure greatly exceeds their income from ticket and other sales, so you will need to decide exactly how much you are willing to put into your event. Remember: breaking even or making a profit may not be essential for you if your goals are to get exposure or to increase your networks.
Where to start
Consider every conceivable area of expenditure. You should also plan a contingency of at least 10% of your total budget to cover unforeseen expenses. There’ll be a difference between what you want to spend and what you can spend – it’s important to look at both extremes carefully and then work through line by line to bring the amount you want to spend closer to the amount that you can.
One person should supervise all expenditure and everyone who is spending money should be aware of and responsible for budget limitations. Your budget is a working document – make sure to keep it up to date and you’ll always know where you are financially.
Ticket sales and income projections
Figures show an average of 40% of show houses are pre-sold through FringeTIX. Keep in mind that some shows will sell out their entire season while others struggle to get any tickets pre-sold. Have a look at the marketing section for tips.
You can download a basic Budget template to get you started.
Setting Your Ticket Price
If you know how much money you need to make to break even, and you know how many tickets you have for sale in your venue, you can work out how much your tickets realistically need to be.
The average price a customer pays for a Fringe ticket is between $20 – $25, however, it is important to remain competitive in your pricing, we encourage you to look through the 2014 Adelaide Fringe guide for inspiration.