How to Maximize Profit at Your Charity Golf Tournament
Let’s talk about ways to increase funds at your next event.
With the amount of planning and organizing that goes into hosting any kind of charity golf event, you’re likely considering ways to ensure that you’re getting the most profit possible. Whether it be for your own charitable organization or another that you’re planning to donate to, making enough money to cover the tournament cost and turn a profit is an important consideration.
When visualizing profit maximization of your event as a whole, it is important that you first consider expenses. The key is to be mindful of keeping expenses as low as possible without sacrificing quality of the event (in other words, being cheap). Your attendees are expecting a certain value when they pay to attend your event, and you should anticipate their expectations and meet them, while remaining mindful of the cost to you.
Examples of expenses that you’ll likely need to consider at your event include:
- The location(s) of your event (i.e. the course and/or reception area)
- Food and beverage accommodations
- Gifts, Prizes, and Insurance
- Sponsor signage and promotional materials
- Website Hosting & Advertisements
- Photographer(s), Special Events (i.e. an Air Cannon)
- Printing, Postage, & Fees
Though this list is not exhaustive, it is a good place to start in getting an idea of the expenses you’ll encounter during the event planning process.
After calculating the expenses of organizing your golf event, you’ll have a great framework for profit you stand to gain. Of the various ways you can make a profit for your cause, one of the biggest considerations is making sure you’re making enough money on registrations.
When deciding the prices of your registration packages, you’ll need to take into account your expenses, and price per golfer accordingly. You want to make sure that your registration items are accessible and affordable for your attendees without losing money. While your sponsors will––in most cases––be your main source of revenue if you choose to offer sponsorships, they’re looking to showcase in a full event. Though standard golfer registrations may not make you the most money, having enough of them will attract those big sponsors.
So, you’ve filled your event roster with golfers and sponsors, but you’re still looking to turn more of a profit. What else can you do to raise more money?
1) Auction Items
Auctioning items at your event is a great way to bring in more revenue, even after the golfing is over. With BirdEase, a complete online auction system is included with the software. You’re able to set starting bids and bid increments to ensure that you’re on the right track with the items you’re auctioning.
While you can purchase items to auction, another great option is to receive auctionable items by means of donation to the event, if you’re able to garner them.
50/50 Cash Raffles and Raffles for Prizes are great options to bring in additional revenue for your cause. Similarly to a silent auction, prize raffles are a great way to bring in profit, as you may receive donations in the form of prizes that can be raffled. You can also purchase your own items to raffle, but you’ll need to be mindful that you don’t want to risk taking a monetary loss in the process.
If you’re looking for a low-risk option, a 50/50 raffle is a great way to get your golfers excited and willing to donate for the chance to win a cash prize in the end.
With either raffle option, you’ll want to ensure that you have the ability to properly staff the contest. You’ll need attendants or volunteers to take and keep track of raffle entries and draw a winner, and you’ll need a plan in place to alert the winner and award them with their prize/winnings.
With registration add-ons, you’ll be able to offer special items at an additional cost. Some examples of add-ons for your golf tournament include:
- Opportunity to Tee off from a Forward Tee
- Meal/Banquet Tickets
With game-enhancing add-ons like mulligans, grenades, and special tee opportunities, your registrants will enjoy the fun options at their disposal. If you offer these add-ons at reasonable rates, you’ll be able to entice your registrants to add a little extra to the registration they already planned on purchasing.
By offering add-ons like breakfast, lunch, or dinner tickets, not only will you entice pre-existing registrants, but you’ll be able to draw in a new kind of attendee. With options that don’t include golf, you’ll make an experience available to partners, friends, and family that may not want to participate in the actual tournament.
Another fantastic opportunity to bring in more revenue to your tournament is by playing into the competitive nature of your golfers. Aside from the tournament itself, having contests active at your event will encourage golfer participation and engagement. Some great examples of competitions within your tournament include:
- Longest Drive
- Closest to the Pin
- Air Cannon Hole-in-One
By offering buy-ins to these kinds of contests and awarding your winners a cash prize and/or a keepsake to commemorate their winnings (like a small trophy), your golfers will be incentivized to participate.
Even if you don’t require a buy-in to the contest at your event, and offer it as a free game to your golfers, there are still ways to turn a profit. For example, if you choose to showcase a Hole-in-One contest at your event as an opportunity included with the price of registration, you can make a Hole-in-One Sponsorship available. By doing this, a sponsor will be able to purchase signage and recognition on the designated Hole-in-One contest hole.
BirdEase has partnered with On The Green Tournament Shop to make prize packages for these contests easily accessible to you. All you have to do is decide what contest and prize package will best suit your event and your registrants.
After calculating your expenses, you’ll find that there are numerous ways to turn a profit at your next tournament. From standard registrations and sponsorships to contests and auctions, there are a variety of methods to suit the needs of your specific event.