Last night I received a text message and email from Australia Post. I’ve now proceeded to the next stage in my application as a Christmas Casual, and I have booked a medical exam for Tuesday.
When I saw my doctor yesterday (see Weekly Work Update #4), he said I should have no problems passing the medical. Fingers crossed.
One thing I’ve forgotten to tell you is the grade I received for this semester’s Group Work assessment.
The entire group scored really well, with no one getting lower than a Credit.
My group, Budget Research, was the second highest scoring group with a Distinction minus.
Here’s out section. I wrote about income.
Researching budget influences
Understanding the macro-economic environment can inform budgeting decisions, such as setting ticket prices. Macro changes, like Federal Budgets, can affect potential target audiences.
Statistical websites offer research information regarding consumer confidence (ASIC 2014, Trading Economics 2014). Obtaining specific and recent data is important, as the economy and consumer confidence is fickle. MoneySmart.gov.au provides spending habits of different age groups. To take advantage of this researched data, you need a target audience defined by qualities such as geographic, social, economic, and age.
Seasonal changes can also inform budgeting decisions. For example, in January, suppliers are often keen to offload leftover Christmas stock, but consider what your target audience might be buying: sale items, or festival tickets? Therefore, it may be necessary to drop ticket prices or to advertise your tickets as good Christmas presents.
Another important step when deciding ticket prices is to research what similar events charge, while keeping in mind the differences between your event and theirs, such as product value.
Researching budget expenditure
After researching what impacts your target audience’s spending, you can begin budgeting for your event, which includes formulating expenditure and putting a value on all event elements, then researching income (Fell 2009, 47). You should then actively research all possible items of expenditure and income.
The first step is to anticipate expenditure by listing every cost for every aspect and divide them into categories. There are different aspects of expenditure and the budget should provide overall information about materials to acquire and labour requirements. But providing detailed information takes research. For example, you have to research each part of equipment, like what types of equipment would be used and how many pieces of equipment there should be.
The last consideration is to estimate costs for every item by seeking information through a number of ways. A key way to identify expenditure is to obtain a quote from a potential supplier. Remember, the more research and consultation you do, the more accurate your budget will be.
Researching budget income
After working out total expenditure, you will need to research how to secure income. A common funding vein is government grants. The important thing to remember is to research what each funding body is looking for. For example, the Small to Medium Organisations Program’s (s2m) key eligibility requirements are that applicants “must demonstrate that they undertake professional artistic or cultural activities as their main business” (Arts Queensland 2011). You will also need to research the funding body’s guidelines. This is important and useful, as you’ll find that they’ll generally supply tips for preparing your application.
You should also research past recipients. For example, Access Arts received over $200,000 last year from s2m (Arts Queensland 2011). The first paragraph on the front page of their website addresses s2m’s key eligibility criteria: that they undertake “arts and cultural” activities as their main business (Access Arts Inc 2014). Identify if past recipients’ values, goals, and objectives are similar to those of your event: if so, you will most likely be eligible to apply to their funder.
The most important thing to remember when applying for funding is to include your well-researched budget to demonstrate that you can manage funds well. You want your budget to make your potential funder confident that their money will not be wasted.
Access Arts Inc. 2014. “Access Arts Inc (Queensland).” Accessed August 23, 2014. http://accessarts.org.au/.
Arts Queensland. 2011. “Small to Medium Organisations Program (s2m).” Accessed August 24, 2014. http://www.arts.qld.gov.au/funding/s2m.html.
Arts Queensland. 2013. “s2m-2013-funding.” Word document. Accessed August 23, 2014. http://www.arts.qld.gov.au/funding/s2m.html.
ASIC (Australian Securities & Investments Commission). 2014. “Australian spending habits.” Accessed August 20, 2014. https://www.moneysmart.gov.au/managing-your-money/budgeting/spending/australian-spending-habits.
Fell, Kate. 2009. “Week 4- Making Ends Meet” In KTB211 Creative Industries Events & Festivals Textbook, edited by Kate Fell. 46-59. Accessed on August 15,2014. https://blackboard.qut.edu.au/bbcswebdav/pid-5474633-dt-content-rid-2962381_1/courses/KTB211_14se2/KTB211CIE%26F_Textbook_2014.pdf.
Trading Economics. 2014. “Australia Consumer Confidence.” Accessed August 20, 2014. http://www.tradingeconomics.com/australia/consumer-confidence.
Until next time