Before the Bidding Comes the Planning Things to keep in mind wh

Best Practice #2: Budget Appropriately

The power of an auction is raising thousands or even millions of dollars in a few hours by gathering the right people, the right items and the right passion in one room. But there are costs involved: venue, food and beverages, credit card processing, and services to optimize the event, entertainment, etc. While many things can be donated, there still will be hard costs involved -- plan on covering these costs with ticket sales and corporate sponsorships. Set a budget ahead of time so you can accurately determine how much you will need to raise through auction revenue to reach your goal.