Wednesday, March 28, 2007

Like reaching in your pocket and finding $20,000

Well, not quite. But we have uncovered a little revenue nugget at Vanderbilt that all athletic departments should actively pursue.

Facility rental for non-traditional purposes. We all receive requests for basketball games, Special Olympic events, or maybe even concerts. But unless you have a promoter on your staff, relying on those sorts of opportunities could be a daunting task.

At VU, we have discovered a market for our premium basketball donor rooms for non-traditional events. A list of the events we are pursuing/booking are below:
  • Wedding rehearsal dinner
  • Corporate sales meeting
  • March Madness viewing parties
  • Wedding receptions
  • Birthday parties
  • Sales presentations
  • Holiday parties

After we began promoting our venue for holiday parties this winter, we have had several inquiries for renting the facility. Those inquiries led to us researching how we might fit into the wedding market by meeting with a wedding planner. Low an behold, she stated that there was a shortage of spaces our size, and coupled with the unique environment around Memorial Gym we should do very well.

After some intial evaluations, we estimate we can generate at least $20k in revenue this year, withthe number escalating in years to come.

In the never-ending search for more revenue, sometime you should look around you to find your answers.

Take care.

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