Launching a new event such as a conference or trade show can have daunting risks and potential rewards. There are at least three approaches to manage them.
- Sponsored: Line up a well-known sponsor to underwrite a major share of the costs and to assist with marketing as well as program development. This support will assure a strong start and minimize your financial risks. If cancellation becomes necessary, the sponsor and your organization share the investment loss.
- Anchored: Another approach is to develop your business plan, initially invest a capped amount of money and other resources for marketing and program development, quietly confirm a few big-name anchor exhibitors and/or recognized speakers – and then aggressively announce the event. Realistically evaluate reaction in the marketplace; then decide whether to proceed or quietly cancel.
- Self-Supported: Alternatively, develop your plans, do your market research, commit your own funding, arrange adequate staffing and contractors, line up sponsoring associations/professional societies as well as media partners, announce the new event with fanfare, and go for it.
With the launch of any program, recognize the magnitude of time and money involved – and fully prepare for it. Develop a written business plan, get your funding allocated, confirm key speakers/exhibitors/sponsors/contractors as applicable, prepare a timeline of benchmarks and deadlines, put someone in charge, book a venue, avoid the schedule of competing events and holidays, and make it happen. Yes, the risks are all yours, but if you start early enough and work hard, you will have every opportunity for success.
