I’ve been researching the following - hiring a string quartet would cost around £800 for a 2hr set, hiring a local ~300 seat venue would cost around £750. If tickets were sold for a flat rate of £20, this would make the total amount in sales ~£6000, and after the above costs were deducted this would leave ~£4450 for a single event. I currently possess a local instagram page with ~10,000 followers that live within my city so this would help with advertising, though I would still allocate money into other methods of marketing to ensure maximum reach to sell tickets.
On paper, arranging such an event doesn’t seem too difficult to do - is there something glaring I’m missing or is this potentially ‘easy’ money?
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I wouldnt call this “easy”, anyone can make money doing almost anything if you do the work. This would be promoting an event, renting space, insurance liability, backups if a performer or performance part falls through. Its still risk and work. But you should try it! Im in a big city and these events exist and are marketed as candle light concerts, where they do just what you said and just have like 2,000 candles everywhere. So its profitable if done right!
Don’t forget event insurance.
excellent point, but even that would only cost ~£200 odd for £2m cover per event - still doesn’t eat massively into the margins
If it’s that easy why doesn’t the quarter or venue simply do it themselves?
It’s likely there’s a bunch of stuff you’re not accounting for since you have never done it.
Why not start calling people and keeping a document with everything you learn during the process, do the legwork.
What music would they be playing? Would your followers want to listen to it, just because you promoted it? More importantly, who’s licensing the music/arrangements for public performance? Is that included in the 800 or do you need to pay that in addition to your other expenses? Does the 750 for the venue include ushers, ticket takers, etc. or do you have to pay for those out of pocket?