Worth starting or not?

theolderpreneur

I am a first time poster although have read these forums for some time and would appreciate other peoples perspective now on my own ideas.

Having reached the ripe old age of 50, I now find myself wanting to do something worthwhile with my life. I am not in a financcially secure position so anything I do will have to bring me in a little bit of money. As an artist I have a fairly creative mind and on a regular basis come up with fundraising ideas, a number of which I have taken to various charities.

However I am now wondering whether to start a events company (I have run a couple of businesses before) but concentrating on fundraising. Having had a torrid time over the last year with debts, depression and a feeling of 'is it worth it?' I debate with myself as to whether this would work or not.

So I would be interested in hearing what opinions others may have.

paddyrg

Do you have experience in event production? Having ideas for them, and putting them on is not the same thing. Would you be a promoter, or require a backer? Sometimes charities will advance cash to an event management company, however I've seen that end in tears when the charity loses money. If you're a promoter and shouldering the risk, you need cajones - the typical promoter margin is 7-12% which isn't that big a payoff when you're laying your house on the line for a £100k event!

This means you'll need to think about capitalisation - with an already insecure financial position that is a tough ask.

Now, if you want to put events on, you might find it easier if you can partner with an existing promoter who has cash and who wants to do some new, fresh charity events, or see if a charity will take a punt and back an event you do for them?

colino

In all honesty, if you have to canvass other peoples opinion about the likelihood of success of a new venture - don't do it. With your experience I'm sure you have already picked any holes, and thought of the solutions, in your proposition, so the tenacity to see it through is down to you. Best of luck.

Brassedoff

Got two friends who are promoters. One is loaded, has a nice Roller, the other is broke and sail close to the wind.

Unless you know what you are doing, you need to be prepared to lose everything!

It is a young persons game

paddyrg

Brassedoff wrote: »

Unless you know what you are doing, you need to be prepared to lose everything!

It is a young persons game

I'd say it isn't necessarily a young persons game, there are a lot of older guys kicking round the industry at senior levels, the Hochhausers are still promoting ballet in their 80's, Messers Goldsmith and Gubbay are not in their first flush of youth...

HOWEVER it is very very risky, you can know what you're doing and still get bankrupted by a stroke of bad luck. Harvey was hardly an amateur having promoted the biggest and best including Live Aid, filed for bankruptcy in '99. He did get back on the horse, though, found new backers I guess!

Even things that were stable markets everyone was rushing into 5 years ago like festivals are down down down this year. I've heard 40-50% mentioned, though whether that's from peak or last year I'm unsure. That said, get the right niche and you're on it.

Your creative ideas might be just the thing, perhaps you can spot an market. I'm working on an idea with another guy, got a niche festival concept which has got some good interest but it's the wrong time for backers, and another overseas market that is undercatered, bored and wealthy... although the biggest problem is getting a suitable venue, surprisingly, thanks to local licencing laws!

There are gaps, just don't rush into anything betting the house on any one series of events. I know festival promoters who did just that. One has had to come out of retirement and remortgage, the other lost his house. Still owe me money, in fact!

Brassedoff

paddyrg wrote: »

I'd say it isn't necessarily a young persons game, there are a lot of older guys kicking round the industry at senior levels, the Hochhausers are still promoting ballet in their 80's, Messers Goldsmith and Gubbay are not in their first flush of youth...

HOWEVER it is very very risky, you can know what you're doing and still get bankrupted by a stroke of bad luck. Harvey was hardly an amateur having promoted the biggest and best including Live Aid, filed for bankruptcy in '99. He did get back on the horse, though, found new backers I guess!

Even things that were stable markets everyone was rushing into 5 years ago like festivals are down down down this year. I've heard 40-50% mentioned, though whether that's from peak or last year I'm unsure. That said, get the right niche and you're on it.

Your creative ideas might be just the thing, perhaps you can spot an market. I'm working on an idea with another guy, got a niche festival concept which has got some good interest but it's the wrong time for backers, and another overseas market that is undercatered, bored and wealthy... although the biggest problem is getting a suitable venue, surprisingly, thanks to local licencing laws!

There are gaps, just don't rush into anything betting the house on any one series of events. I know festival promoters who did just that. One has had to come out of retirement and remortgage, the other lost his house. Still owe me money, in fact!

Yeah, I should clarify. I mean when you start out its a young mans game, by the time you've done your knowledge, have a decent book of contacts and got a name, most 50 year olds will be 70.

I think it's gone from one or two Festivals to every Tom, !!!!!! & Harry doing them now. I've lost the amount of XYZfest I have seen this year.

The lads I know, one lost his shirt big time doing a six week stint of comedy in Birmingham's Alexander Theatre. The other oes Proms in the park and has a great living. Only the weather hits his gigs.

theolderpreneur

Thanks all for taking the time to post a reply. You are probably right about the age thing. I just get a bit frustrated when I offer some pretty unique ideas to different charities and they really aren't interested, makes you wonder!

paddyrg

theolderpreneur wrote: »

Thanks all for taking the time to post a reply. You are probably right about the age thing. I just get a bit frustrated when I offer some pretty unique ideas to different charities and they really aren't interested, makes you wonder!

I'd worry less about the age thing and more about the cash and risk. If your unique ideas are moneyspinners, no problem. If the charities don't want to risk money trying them, then it's up to how good you think the ideas are, and how saleable they are.