18 Oct Budgeting for Slow Times in Experiential Marketing
Whether you are executing events on tour or in your local area, keeping your income steady during slow periods can be challenging. As I explained in You Do What? EXP opportunities can be seasonal and inconsistent. As you gain experience, you will get more and more bookings. However, it is up to you to ensure that you have adequately prepared yourself for slower periods in the Experiential Marketing industry.
Let’s look at some of the principles you can incorporate when work is scarce.
Just because you have booked enough work or have signed on to be a part of a tour doesn’t mean you should spend all the money you make. It’s important that you save and invest your money. Stocks, a house, real estate, starting a business, or a retirement account are avenues you can take to increase your wealth. While you may still be deciding if this industry is a wise career move for you, setting some financial goals will be a benefit to you regardless of which career path you choose.
Apply and Work When You Are At Home
This tip is for tour professionals. Working events as a brand ambassador, team lead, or manager while you are at home will ensure that you have funds coming in consistently. It also helps you stay current on what opportunities or jobs are available in your own market. You never know when you will have to serve as a brand ambassador so always stay humble no matter the position.
Create a Budget
Find ways to save money and separate your wants from your needs. Needs are things that you can’t live without such as food, housing, proper clothing, and transportation. Wants are things that are not essential but things that we deem important.
Refer to my breakdown of industry seasons and be sure that you have properly budgeted and saved for the slow periods. This will ensure that you stay ahead on your bills and can put aside funds for a “just in case” instance because they will come up.
If you have worked to build a credible reputation for yourself in the Experiential Marketing industry, then opportunities will always be available to you, often times without you even soliciting companies for them. However, it is important to not get complacent and think that this will always be the case and use that as an excuse to make poor spending choices.
Contracts change, clients change, and tour opportunities change in the blink of an eye. No job or opportunity is a guarantee until you have signed a contract and even then, it is still subject to change. With that being said, you have to make sure that you are adequately preparing yourself and setting yourself up to achieve your financial goals. Whether it be financial security, opening a business, investing in real estate, or to be debt free, the goals you set can be achieved.
Have fun, but have limits!
*Check out my financial rules chapter in You Do What where I break down this subject in greater detail and provide more tips for financial success.