Another source of income for your society is to source a sponsorship. Sponsorships can be monetary for regular or one-off income or a Value in Kind sponsorship (Where you are sponsored with non-monetary resources e.g. free venues etc)
Sourcing a regular or one-off sponsorship reduces the financial impact on you. You could have sponsors for an event, for regular financial contributions, for projects or initiatives you facilitate.
Building sponsorships enhance your society’s financial sustainability, your individual stakeholder management skills and enables you to connect with people and organisations outside the university also.
The first step in any potential sponsorship agreement is building a collaborative and approachable relationship with any potential sponsors. Reach out to potential sponsors and explain who you are, what the goals of your society are and what support you’re looking for. You can present to your potential sponsor that you’re open to monetary or resources they would be willing to provide you.
For Long-term sponsorship you need to ensure that you and your sponsor have consistent delivery. For example, you could work with a potential sponor and say we will visit your venue at least once per month, for us to do this, we would like to have a Monthly payment of £25 and a 10% discount for attendees at our event. Then the more you engage with your sponsor positively, the more likely your sponsr is to increase the value/ sponsorship or trust in your events.
It’s important that you review and reflect on your sponsorship regularly and with the sponsor to ensure both parties are satisfied.
You will receive comments back or confirmation of approval and will be provided a PDF copy for all signees of the final sponsorship contract. Once approved and confirmed, your sponsorship is active and you should work to complete any of your required actions.