Venture name:
Funk ‘N Waffles Open Mic
Chapters:
Syracuse
Date and time:
Of Planning & Preparation:
Early fall semester / early spring semester
Of Sale(s):
Late fall semester (Thanksgiving) / late spring semester (Easter)
Description:
Syracuse: “The Funk N’Waffles Open Mic is an event Venture in which musicians/comedians/poets from around campus and the city perform to support our Chapter’s ongoing sustainable development projects. Our Chapter had to first put a down payment on the space for our preferred day for the venture. We then located various acts willing to perform for our open-mic, created a set list for performance times, and advertised to our campus and the rest of the community. On the night of the open-mic we collected a onetime entrance fee to the event at the door ($5). Beyond collecting entrance fees our responsibilities during the Venture included responding to the needs of the restaurant, the sound technicians, and the musicians while also promoting Nourish International’s mission by talking to audience members about our projects.”
Marketing:
Syracuse: “Marketing for this Venture included fliers put around campus, messages to students on the quad written in chalk, a social media campaign, and word of mouth from performers and members in the Chapter to their friends. Fliers were created and printed by a Chapter member. No market research was conducted however it might be important to look into, especially when scheduling the day and time of the open-mic.”
Revenue and Expenses:
Syracuse: “About $205.27 was spent on the down payment, chalk, and fliers. All costs were reimbursed. Our Chapter plans to look into less expensive venues to hold the open-mic as well as utilize the free flier printing from our school to cut down on expenses.
$503.74 in revenue was generated from this Venture.”
Profits and Other Benefits of Venture
Syracuse: “$460.00 was collected in cash at the door. $43.74 was collected in credit card donations. A $150 deposit was put down to reserve the space. In addition $4.85 was spent on chalk and $45.57 was spent on fliers. The total profit generated was $303.32.
This Venture generated a significant profit and was worthwhile in time and money spent. Greater profit can be generated by reducing the marketing costs associated with this event. Between acts we were able to speak about our Chapter including upcoming events, our summer Project, and to bring awareness to the overall mission of Nourish International.”
Challenges:
Syracuse: “Our problems associated with this Venture are primarily the cost associated with the down payment needed to reserve the restaurant and create the marketing materials. By limiting these costs, we can be more profitable in the future. Another challenge was confirming acts for the show as they may drop out at a moment’s notice.
These challenges were overcome by looking into ways to limit marketing costs during planning. The problem of performers dropping out was limited by asking previously reliable performers back and confirming them well before the date of the open-mic.”
Tips:
Syracuse: “With this event, because it is held in the evening, scheduling should ensure that it is not too early that potential audience members are still in class, but not too late that the event interferes with other evening plans. Make sure that you set up at the entrance of the restaurant so that no one can get in without paying. Get a “square” device to allow for credit transactions in case some attendees don’t have cash on them.”
Would you recommend to other chapters?
Syracuse: “This Venture can be done by any size chapter with very few materials. All you need is a willing restaurant partner or space, dedicated performers, and a marketing campaign!”
Contact info:
Syracuse: Christian, Ventures Director – cdunkenh@syr.edu
Nourish Staff: JD – jd@nourish.org
