Question

Create a list that outlines at least five of the expenses and 3-5 forms of revenue...

Create a list that outlines at least five of the expenses and 3-5 forms of revenue you anticipate for the sporting event you are planning. Be sure to include a brief summary of the event followed by the list of specific expenses and revenue forms. Research each expense and revenue form and estimated the dollars you will spend on expenses along with the amount of revenue you predict you can generate for each form of revenue.

Homework Answers

Answer #1

Let us assume that we are organizing a Inter-State Football Tournament.

* Football tournament is one of the most popular tournament in a country's sports culture and with the FIFA World cup on the horizon, any such tournament will surely be a popular event in the region. This tournament will be aimed to promote a sense of team spirit and will provide people will a platform to socialize and break regional barriers. Top schools from the various parts of the country will struggle be achieve the UNO position and thus, demonstrate its dominance over others. On the other front, this tournament will also provide an opportunity to the national selectors to identify the budding talent from the region. With such an importance laid out for the tournament, we could also be assured to enjoy a healthy number of corporate partnerships in organizing the event.

* We can expect following overheads of expenses for organizing the event-

1)Expenses on the Tournament Sites - We shall be required to arrange accommodation for the players, support staffs and officials. If each room cost us $10 and we have 320 people requiring these accommodations, the expense on rooms shall be $3200. We would also be required to provide gym and sports equipments to the team and if we could rent the entire equipment sets for $1000, it would be a cost effective proposition. So the Total Expenses under this header is - $4200

2) Expenses on Toiletries & Refreshments - We shall be required to provide teams with food and refreshment during the entire period of the tournament. Assuming a daily a expense of $20 on each participant and the tournament to extend over a period of 5 days. We can expect an expense of $32000 on food and refreshments. Over an above, we shall provide the players with a toiletry kit of $50 before the start of the event, so we can expect an expense of $16000 in this provision. The total expense under this overhead will be - $48000

3) Expenses on Decoration - Assuming that we could outsource the entire decoration task to an external agency at $20000, the expenses for the decoration for the opening & closing ceremony and throughout the tournaments will be taken care of.

4)Expenses on Publicity - We would be required to print various pamphlets and flexes to publicize the event and share crucial information about the tournament. Let us assume that we shall require a sum of $1000 for this purpose.

5) Expenses on Prizes and Miscellaneous - We would be required to purchase trophies, medals, mementos, etc for the participants. In addition to this, we would also be required to spend in transportation and purchase of stationery item. Let us assume that the prizes would cost us $500 and the transport, etc would cost us $500, so the the total expense under this overhead is $1000.

* We can expect following Revenue streams from for the event-

1) Revenue from Tickets- Let us charge $1 for each tickets with a crowd expectation of 5000 for the 20 matches. The revenue expected from ticket sale is $100000

2) Revenue from Ad space- We can sell the Ad space in our flexes, pamphlets and tournament venue to companies for their promotions. Let us assume that we can expect a revenue of $30000 from these spaces.

3) Revenue from Exhibitors and Vendors - We can also provide stall space to shops, eateries and consumer goods companies for exhibiting and selling their products. Assuming $1000 revenue from each shop the period of the tournament. So 10 shops will provide us with a revenue of $10000.

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