by Vernetta R. Freeney | Featured Contributor
Budget according to the dictionary means an estimate of income and expenditures during a set period of time. In business, it’s a vital organ we must nurture.
It’s also a word people don’t like to utter publicly. You may not be able to create projections or financial reports (that’s why we have CPAs and Accountants) but you as a small business owner or entrepreneur should be able to create your own budget. Especially when planning a tour, this is a step you cannot skip.
When you plan to travel the country on your own platform, a budget is the first thing you need to write down. Even if you are not sure how to create a budget for a national tour especially if this will be your first one, start with what you think you will pay for and what you think you will use as revenue streams.
3 Reasons A Tour Budget Does Matter:
- It determines the level of luxury your tour will have. The experience and atmosphere you want to provide is a major consideration for your budget. If you want your attendees to feel their investment was well worth it, then you need to budget for nicer venues. On the other hand, you can also provide a feeling of luxury without the expense of an expensive venue rental. There are many other ways to make your attendees feel their investment was worth it.
- It prioritizes what matters most. When you know what the focus of your tour is, you’ll be able to prioritize where you will spend your money. Ultimately you will spend money to enhance the focus of your tour.
- It determines if you’ll make a profit or not. Once you know the level of luxury and what you’ll focus on, you have to know what streams of revenue you’ll create from the tour. Unless you have a sponsor who will fund the entire tour, you need to know how you’ll make a profit. As an entrepreneur you want to make a profit or why bother hosting a tour, right? Knowing where you are spending money and how much you expect to bring in helps to solidify the budget you are creating.
Creating a budget is not only essential but beneficial to the success of your national tour. You don’t want to be halfway through your tour and run out of money. No one wants or probably can afford a lost like that. Having a budget in place prevents situations like that from happening.
Vernetta R. Freeney- Tour Creator Extraordinaire
Vernetta R. Freeney is an award-winning blogger and Editor in Chief/Blogpreneur of VernettaRFreeney.com. I am also the creator of the award winning Fusion Tour and speaker on how to build a signature National Tour and building your platform via your blog.
My life now is about combining all of my passions (travelling, connecting women and giving back) into one big gift to the world. And that’s what I plan to do.
Fun Facts: I’m a chocolate lover, TV scripted drama watcher, film fanatic and the biggest Dallas Mavericks fan.
You can connect with me on Vernetta R. Freeney.