Some theatre enthusiasts parlay their thespian leanings by working in the entertainment industry. Because of this, many choose to work for theatre companies that produce seasons of entertainment events for the general public.
For example, theatrical organizations might fall under two broad categories like other business concerns. The companies may operate under for-profit or non-profit status regarding taxable income. While for-profit businesses will have chief financial officers to head up monetary aspects of the company, non profits often have directors of finance who work closely with finance committees and executive directors to develop ways to improve revenue flows to the theatres. Based on their combined experience in raising funds to meet production and maintenance costs, knowledgeable theatre financial administrators understand four ways they can use to enhance the revenue streams for their non-profit theatrical companies.
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L1. Tickets for Events
A primary way that theatres can increase their revenue centers on selling more tickets for the events they produce. For example, ticket sales occur primarily via walk-up customers at a box office located at the theatre building or associated ticket establishment and through online ticketing services. Therefore, utilizing credit card processing for non profit organizations will play a prominent role in how your non-profit venture can make it easy for patrons to purchase from you. Furthermore, ticket sales often include individual show tickets and season subscriptions, which can provide your theatre with the revenue it needs to produce great entertainment.
In addition, using social media can help to bring in more ticket sales. Your nonprofit can use social media to connect with patrons. For instance, consider longer-period strategies for attracting patrons and growing connections with them. You can offer exciting information concerning theatre, a specific play, famous actors, and behind-the-scenes glimpses of what it is like to get a stage play ready for an audience. Theatre enthusiasts enjoy this information, and when they do, you can then begin to share ticket purchase options for upcoming shows by constantly interspersing the sales offerings with a more substantial number of informative posts on relevant theatrical topics. This method of providing different kinds of value gives your patrons what they want, makes your play offerings more attractive and helps increase ticket sales to your productions.
2. Individual Donations
Because the production of plays requires an outlay of funds for pre-production before ticket sales typically occur, many theatres rely on individual contributions to help them cover the pre-production budgets for their shows. To bridge that pre-production potential funding gap, you might obtain donations from wealthy patrons who wish to support your company endeavors with more significant contributions and the many theatergoers who usually give smaller gifts. The key to improving donation streams centers on making it easy for everyone to provide you with funds. Ensure you have an online system that will take donations, thus providing the convenience many donors will appreciate. Moreover, hosting galas and events for fundraising for your theatre can also generate good sources of individual contributions.
3. Selling Merchandise
People enjoy advertising their favorite brands and products, and your non-profit enterprise can benefit. You can provide t-shirts, mugs, bumper stickers, posters and many other types of merchandise with your company logo or saying on them that you can sell to those who come to see your shows or find them available for purchase online. Using or wearing an object they associate with your company helps them feel connected to you, making it more likely they will return for future engagement, which often means an increase in revenue.
4. Corporate Giving
Another revenue idea for non profits concerns corporate giving. Corporations can support their favorite charities with money and partnerships that enable the theatre to produce outstanding productions. In addition, the for-profit corporation benefits from the association with the not-for-profit organization, which can provide them with competitive advantages over other for-profit companies in the eyes of their clients, as well as potential tax benefits.
Keeping the arts vibrant through providing quality entertainment lies at the heart of non-profit theatres. Consequently, the theatre and the patrons benefit when the organization can increase its revenue streams via innovative and enticing means.