If you missed it, here’s Part 1.

FYI - The planned budget really goes hand in hand with Part 1 (financing), and you’ll likely end up doing both concurrently.

Your concert budget will likely include the following items: Security ($ - hundreds to low thousands), Set Up/Break Down ($ - hundreds to low thousands), Sound/Stage/Lights ($ - low to mid thousands), Food ($ - hundreds), and of course Talent and Middle Agent (discussed in Part 3).

The first thing you need to do here is determine the goal of your event; this goal will drive your projected costs above.  Is the goal of the concert:

• Add a “that’s cool” effect to something you are already doing anyway ?
• Outreach to a specific target group on campus (attendance likely less than 1,000) ?
• Make a big splash on campus and bring out all types of different people (attendance 1,000+) ?

While you won’t be targeting a specific artist at this point, based on your goal, you can figure out the price range you will need to spend to achieve that goal.  Here’s an example, using hip-hop acts:

• Add a “that’s cool” effect to something you are already doing anyway - Local up and coming artist < ~$2,500.
• Outreach to a specific target or niche group on campus (attendance likely less than 1,000) - Bruno Mars, J.Cole, Ying Yang Twins ~$10k - $25k
• Make a big splash on campus and bring out all types of different people (attendance 1,000+) - B.O.B., Pitbull ~$40k - 60k

Note 1: Orgs with bigger budgets can obviously afford to spend more, thus increasing the likelyhood that the goal will be achieved. I assumed this was for the orgs new to the game, trying to piece together a budget.

Note 2: Notice how much more expensive it is to “make a big splash”; if that is truly your goal, be prepared to pay for it!

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Upcoming: Middle Agents, Selecting An Artist, Promotion.