Owners of a live venue must always work diligently to increase their profitability and revenue to succeed over a long period. Smart operations management practices, well-planned marketing initiatives, and affordable hospital insurance programs can help them accelerate their cash flow.
Here are six ways your clients hosting live music and other special events can build up their revenue.
Entertainment establishments must be able to assure performers that a venue is physically safe and has excellent security. Performers will not book a venue if they have concerns about operations management, potential liability scenarios, or the possibility of negative publicity. Hospitality insurance programs can help a live venue demonstrate that they are exercising good oversight.
Live music venues program insurance coverage elections may also help win the confidence of potential stakeholders or creditors. With the proper protections, venues will be better able to garner the resources they need to fund development.
Expanding food and beverage offers is a fantastic way to drive up sales revenue from concerts and special events. A broad selection of offerings for patrons may prompt more sales. Also, venues must price beverages strategically. Exorbitant prices could curb their total sales volume.
Marketing on social media is a cost-effective way for live venues to get on more concertgoers' radars. They should cultivate a strong presence on multiple platforms by partnering with performers and influencers.
If establishments have a shortage of onsite or nearby parking for their patrons, it can hurt attendance. It may be advantageous for venues to enter into contracts with parking facilities in close proximity and valet service companies to offer customers convenient parking options.
When considering how live music venues can make more money, it is essential to weigh the potential upside of tiered ticketing. Creating a premium seating area or offering backstage access to events could give venues a way to generate more income from a single event without going over capacity.
The operational impact of significant property damage or liability claims can make it impossible for a live venue to carry out its day-to-day activities and host events. Customizable hospitality insurance programs equip venues to withstand the repercussions of losses or lawsuits that could deprive them of the revenue that they need to stay cash positive.
By taking a better risk management approach, entertainment industry businesses can pursue growth confidently. The safeguards they rely on can help them avert cash flow issues which could jeopardize their ability to generate revenue and increase net profits.
At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom tailored solutions to meet any venue's specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.
At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time.
