You’ve got the perfect idea for a concert. You’ve locked down the perfect location, contacted an awesome performer, and have plenty of local buzz. How much is it going to cost? There’s a tremendous amount of details that go into planning a concert. One of the most difficult steps is to create an accurate budget. Here’s a list of some of the most important items to plan when making the ultimate concert budget.
Talent
It’s not a concert without a band. Whether you’re booking a world-famous rock band or giving a local jazz band their chance to shine, it’s crucial that you find the best talent and plan the entire concert around them. You may not want an open bar for an orchestral ensemble, and you definitely don’t want hors d’oeuvres being served in a mosh pit. Every other decision is based around the talent you find.
There are generally two options for reimbursing the talent. First, you can provide a flat payment. This is the most straightforward way to ensure they are properly compensated, and it gives you a number to budget around. Another popular payment option is a percentage of the total ticket sales. This provides you with some insurance in the event of a low turnout and gives the talent motivation to help promote the concert. Either way, be sure to negotiate with the talent carefully. All fees are negotiable, but don’t pay your talent so little that they won’t want to come back for your next concert. You can expect to pay between $2,500 and $7,500 for wedding bands, and anywhere upwards of $400,000 for major headlining artists.
Venue
From a 30,000-seat stadium to a 30-seat practice room, choosing the right venue is the second most important decision, and potentially the most expensive. The first thing to remember is that all fees are negotiable. It never hurts to ask for a lower rate, particularly if you have a great band booked and you think it’ll be a big draw. Discuss the fees carefully. Many venues want to ensure you sell enough tickets to make the event worthwhile. It’s always good to contact the media and let the venue know it’ll be great advertising for them. Once your date is picked and booked, ask about what will be provided by the venue. Typically, you’ll need to provide all the crew, equipment, and anything else you need to make it a memorable experience. You can expect to pay between $6,000 and $20,000 depending on the venue you are looking to get.
Workers
Whether you’re looking for local talent or an experienced concert tour crew, these are the people that make the magic happen. From load-in to load-out, every detail is covered by knowledgeable and hardworking talent. Don’t forget about door attendants, security, ticket agents, bartenders, and any food service workers you may need. While these hard-working crew members typically earn very little compared to the talent, don’t skimp on wages. There’s nothing worse for a concert than unhappy workers. They will be paid typically by the hour and can range from minimum wage to upwards of $100 per hour depending on the worker and experience.
Food and Beverages
Depending on the concert, food and beverages can be a huge draw for fans and a great way to make profits. There are lots of estimates that go into making a bar truly profitable. If drink costs, pouring percentages, and stock turnover are out of your league, consider hiring an experienced bar manager and chef to ensure both of these complicated areas go off without a hitch. Either way, serving food or drinks can be a large upfront investment, but it has the potential of earning you almost as much as the tickets themselves.
Permits and Fees
In the chaos of contacting venues, booking talent, and managing crews, don’t forget about permits and fees. These hidden expenses can not only add up to be a significant part of your budget, but your concert could also never get off the ground without the right permits. Your venue will be the best contact to make sure everything is covered. Don’t forget to ask about alcohol permits before you hire a bar manager and start buying alcohol.
Find Affordable Equipment Rentals with The Wright Group
Once you’ve hired talent, booked a venue, organized a crew, and secured all your permits, you’re ready for the fun part. Lighting rentals, sound equipment rentals, and more are all available from The Wright Group. Discover the best sound equipment for rent, as well as many other event services. Many venues don’t have the equipment you need to have your concert stand out. Stage lighting and audio equipment for rent can really pull a concert together and give it a professional look and feel. You can also book amazing locations with The Wright Group for festivals, concerts, and more.
Creating a budget for a concert is an important part of ensuring a successful, profitable event. From negotiating venue prices to finding the best lighting equipment, every detail should be accounted for in a complete budget. Contact us today to get all the information you need to plan the perfect budget. We’ll help you get ready for your concert, no matter the size. Our affordable lighting and sound rentals can help bring your concert together with professional, budget-friendly style.