Being a Sponsor as a Small Business – What You Need to Know

Date posted: January 16, 2013

By Lance Trebesch, TicketPrinting.com

As a small business owner, you need to have goals in order to keep your company growing. The same is true for any sponsorship you take on – you need to set a goal and continue to cultivate that relationship to see it grow. Lance Trebesch, CEO of TicketPrinting.com reveals what you need to know to be an effective sponsor.

Understand the sponsorship         
You’ve got to start by understanding the sponsorship itself. This is where coming up with a solid plan for your goals for the sponsorship comes into play. In order to make a successful push in your business plan with a sponsorship, the relationship has to be correct.

When deciding whether or not you want to take on a sponsorship, you’ve got to know your target demographic and the demographic that the sponsorship seller brings in. Taking an opportunity with a company or event that doesn’t fit your demographic or business plan won’t work for anyone. So, it’s how you go about choosing the sponsorship that becomes most important.

Set up a framework
Two of the most important aspects of the relationship between the sponsorship seller and the sponsor are understanding and setting up guidelines that need to be followed for the sponsorship to work. For the small business owner, it’s important to set up a contract with the sponsorship seller so that your goals, and the sponsorship seller’s  goals, are clearly defined. Setting up a legally binding contract will ensure that movement is made that is mutually beneficial to both parties.

Make it work
In order to get the full benefits from a sponsorship, you’ve got to invest in it. This isn’t necessarily a monetary investment; rather, it is an investment of resources and time to pay attention to and cultivate the relationship between the sponsorship and the consumer. At this stage, the most important thing you can do is continue to evolve the ‘how’ and the ‘why’ of your sponsorship’s interactions with your target demographic.

Following these guidelines when taking opportunities with sponsorships will be a great way to grow your business, but it takes time. While some believe sponsorships to be a quick cure-all, this is not true. But if you take these things into consideration, the payoff will be tremendous for your business.

Lance Trebesch is the CEO of TicketPrinting.com & Ticket River which offers a variety of event products and ticketing services. After nineteen years of Silicon Valley experience, Lance found the key to happiness is helping customers worldwide beautify and monetize their events with brilliant print products and event services. Listening to his customers and learning about how they plan their events – ranging from concerts to fundraisers has helped him gain insight and expertise on how to host a successful event that he is always eager to share.

 

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