The investment into event sponsorship can be very rewarding for an organization, but it can also feel risky. While sponsoring an event can be a valuable way for a business or an organization to connect with a community or interest group, for small businesses, the dollar amounts involved can be daunting. Does that mean that there’s no room for small businesses to take part? Absolutely not – here are some ways small businesses can “test the sponsorship waters” before launching into larger (higher dollar amount) sponsorships of events:
- Donation of gift cards to silent auctions
- Participate in more intimate, smaller-audience events
- Buy a table and invite business colleagues to dine out for a cause
- Sponsor a teacher or attendee scholarship so an under-served population can attend an event
- In-kind sponsorship: Providing the business’s service or product for use at the event
- Offer volunteer perks/meals/lounge areas to support the volunteers of an event
It’s always important for the business to be clear about the goals and objectives of sponsoring an event and to make sure they are SMART – specific, measurable, achievable, relevant, and time-bound. Equally important is to have a written sponsorship agreement that outlines the responsibilities of each party and the benefits the sponsor will receive.
By being clear about the objectives, and measuring the results of a small, trial-run sponsorship, even small businesses can see benefits; and eventually, hopefully realize gains that previously they only thought large organizations could achieve.
