In addition to being a full-service music booking agency, TSE takes pride in being a corporate entertainment booking agency along with the many other live entertainment events it books.
We all want the live music scene back as quickly and safely as possible. But with social distancing now the new normal it’s uncertain what that will look like for the foreseeable future. Live music venues will need to deal with measures such as temperature checks at doors, and city-imposed reduced capacity numbers nationwide, etc. until the novel coronavirus is no longer a threat.
This corporate entertainment booking agency has a suggestion for live music venues pondering how they will survive with all the new precautions and rules they’ll have to abide by. So how can live music venues still operate and potentially even prosper in the weeks, months, and possibly year ahead? Consider private parties and corporate events! Here’s an overview of the types of different types of event venues. Which one are you?
Why Hosting Private Parties and Corporate Events is Good for Your Venue
In our experience as a corporate entertainment booking agency, we see it all the time – private parties and corporate clients pay more! Firstly, unlike regular live show attendees, they pay a hefty price for renting your venue space. Secondly, they typically have a larger budget for entertainment. This not only helps you as a live music venue owner, but it also helps the entertainers. Many artists are struggling for the duration of the current pandemic as well.
Renting out your live music venue for private parties and corporate events allows you to adhere to any restrictions on occupancy. It will help with getting decent revenue and hosting great live entertainment.
Don’t think your live music venue will work as a space for private and corporate events? Private event spaces can range from restaurants to large warehouses, and everything in between. Early guidelines limit the number to 50 people which should grow in the weeks ahead. If your venue has enough space and can host live entertainment, all that’s left is shifting your focus.
Going from Just a Live Music Venue to a Private Party and Corporate Entertainment Space
The first step in preparing to rent your music venue out for private parties and corporate events is to decide on your rental price. The price points you can set will vary on what all your venue has to offer. If your music venue also serves food and a dining experience, you will have more options with different packages you can offer.
If you have never rented out your live music venue for corporate clients before, there are a ton of resources online to help you gauge price points. Another great resource will be other industry professionals you may already know such as private venue owners, corporate event planners, and even corporate professionals that have experience with corporate events.
You most likely won’t be able to find exact rental pricing for venues like yours online, but rental prices can range anywhere between $100 to $2,000 and more an hour.
Setting Up for Success: Our View as a Corporate Entertainment Booking Agency
Once you have a pricing plan in place and a solid idea of how your venue can serve private functions, your next step will be to merge this new side of your venue into your business model.
Don’t think of the change as going from a live music venue to a private event space. You’re still the proud owner of a local live music venue. All the magic that comes with that isn’t going anywhere. There are several music venues that operate on both sides of the industry and do it very successfully.
You need designated personnel on your team ready to handle your venue rentals and everything that comes with it. Promotions and planning will make all the difference in whether or not your venue succeeds or fails in its new venture. However, this does not mean you have to hire new staff or a high-level event coordinator. Chances are you already have the perfect staff member on your team for the job! Consider approaching your most valued employee and discussing the possible new position with him or her. This will be a chance for them to gain new experience and, most importantly, job security during these turbulent times.
Getting Clients for Venue Rentals
When you are ready, actively marketing your music venue as a private party and corporate event rental space will be paramount to getting rental clients. Understandably, this part can seem daunting, but it does not have to be. As an entertainment booking agency that books numerous acts year-round for corporate entertainment, this is one area we can speak to. After all, just like you, we had to start somewhere!
Some great places to start are:
- Listing your venue on event venue directories. There are several directories out there and can easily be found by performing a simple google search. Consider these online tools for finding venues.
- Connect with local corporate event planners. Event planners can provide information on what venue directories they use, as well as give you business through the clients they work with.
- Get involved with your local Chamber of Commerce. You can easily find and connect with potential corporate clients by getting involved with your local chamber of commerce and connecting with local business owners.
- Send out a news release. News releases are great for getting the word out locally and regionally.
- Update your Google local listings and SEO strategy. Local business listings in Google are important as potential customers search to find a venue for their private event.
One way to get your rental business off the ground is to offer your venue space for free to local non-profits and charitable organizations. This can have a great impact on getting the word out in your community. This type of marketing is called cause-marketing and is a notable way to start your reputation off in the space!
And lastly, but not least, you will want to incorporate this new side of your business throughout all your current marketing efforts.
Keep Resources Handy
If you haven’t noticed one recurring theme throughout all of this is that you will most likely be dealing with different types of point-of-contacts when renting out your venue. The easiest of which will be your corporate event planners. An event planner’s job is to coordinate all aspects of the event, including the event space, so these professionals will become your best friend and should make your job easy.
Another point-of-contact will be the buyer directly. In these cases, you may need relationships with local resources to accommodate their needs. They include party rental companies, catering companies, florists, security companies, etc. Of course, a corporate entertainment booking company is a great asset. They can help with booking entertainment that may be wanted that is outside the scope of what acts your live music venue typically books.
Be A Good Host
Now that you’ve made your plan, set your pricing, and have started renting your live music venue out for private parties and corporate events, it’s time to make a good impression. Make the process of renting your venue easy from beginning to end. Make sure you have designated staff that is there to help before the event, during, and after the rental experience. This will keep individuals and event planners coming back again and again.
As service providers to the live music industry, TSE Entertainment wants to see everyone in our industry continue to endure and succeed during these strange times. As always, we are here for any of your private party or corporate entertainment booking needs!