Budget Update (57 Days to Go)

It took me about a week to finally get around to updating the budget and budget projections. Since we are still trying to run this show under $3,000 it is important that I keep it updated and on track.

This is about what we've spent so far:
$1500 Rent at The Complex
$200 Fringe Fees
$110 Quarter-Page advert
$150 Rent at Fringe Central for our FREE showcase
$10 Website domain name
$25 Business cards
$100 Misc. Meeting expenses
(TOTAL $2,095)

We are committed to:
$200 Valet/Front Person for both weekends
$100 Banner for exterior and Post Cards
(TOTAL $2,395)

According to these rough calculations we have about $600 left to spend. That number doesn't include the potential $200 back from our deposit at The Complex. I know for sure I want to put another $100 or so into marketing, which is our second largest expense after rent now. Costumes, gels, and rehearsal space are definitely on the "short list" of things we need to put money into. As of right now though it looks like we may come under budget.

Budget Meeting (81 days to go)

Since we have 81 days to go and a read-thru tomorrow, it was time for a budget meeting. At present we've spent or have committed around $1,850. This includes the $1500 for the space, $200 for festival fees, and $150 mostly in marketing and miscellaneous expenses. With a little over a thousand to spend, topics like costuming budgets and buying rehearsal time had to be discussed and resolved. After a productive meeting this is what our (just under) $3,000 production is going to look like:

$1500 (Space Rental)
$200 (Fringe Fees)
$150 (Spent misc and marketing)
$200 (Rehearsal Space - 10 hours)
$150 (Cast Party)
$20 (Gel for the lights)
$200 (Marketing: adverts and lobby cards)
$250 (Costumes)
----------------------------------
$2,670

Although we haven't budgeted the whole $3,000 we also know that if we budget at around $2500 we will end up spending closer to $3,000. Which is what we have done. Something always comes up and maybe we'll find an awesome Pope costume that we can't pass up. Never know what's going to happen, and that always is exciting.

Money Updates

So now that we've locked down a space for our production at The Complex, I can disclose some of the details. Space rental was the majority of our expense. Currently this is what our outgoing cash flow looks like:

$1,500 : space for 8 nights, rehersal hours, insurance and $200 deposit
$200: Hollywood Fringe Fees
$200: Fees for valet/box office at theater

Right now we're looking at $1,900 and around $2,000 once I factor in some of the food, parking, and meetings we've had. Not too bad. With another $1,000 to spend, we should be fine. This last $1,000 will be marketing and costumes.

Our space is the Flight Theatre which was 49 seats. We should be able to break even at 60% capacity with ticket prices at $15. Details to follow.

Marketing Strategy

A $500 marketing budget isn't really much. Especially when you consider that $200 of that is going to the Hollywood Fringe as a marketing fee so that the play gets put into the program, etc. So with about $300 left this is how I'm going to approach it.

This is what we're doing currently:
- Facebook Page [Link]
- 140 Days of Valentino, on Twitter [Link]
- Existing Website [Link]
- Fringe Project Page [Link]
- Not Another Guide LA Fringe Guide [Link]
- Word of Mouth

Mostly what we currently have started is an online thing. Which is working fine for now since we are in the preliminary stages of doing this thing. All the things above are free, and there are some other sites we are thinking of connecting on so that we can reach out to a larger LA Theater audience.

This is what's coming up:
- $10 - we decided to pick up a new domain for the play. Luckily in my spare time I do web design so we're just paying for the fees. Really anyone with some computer savvy can put up a site now a days.
- $100 - Postcards: These are cheap and effective and we can pass them out at the fringe and put them in local theaters up until then. Online printing options have 1,000 cards for as cheap as $60, but I'm getting quotes from local shops too.
- $100 - Cast T-Shirts: Once the show is over many productions do shirts, we're going to do them ahead of time so that our cast can wear them and pimp them. We have a cast of 14 and hopefully this will be enough financially.
- $90 - Press Kits: Whatever is left over will go into press kit resources. I'm sorta crafty and hopefully we can do this on the cheap


Conclusions...
The website redesign will be ready for the first (fingers crossed) and all the other design stuff will follow. I'm hoping to do this all for under $500. I will keep you posted.

"The" Budget

This is how I'm hoping the money will end up breaking down:

$500 Marketing
$500 Costumes
$1500 Rental Space
$500 Misc: Food/Rehersal

The advantage of doing this for the Fringe is that the spaces will be discounted. We're hoping to do 4-8 performances over a two weekend run.

I actually came up with a real marketing plan yesterday. But I will post it later.