6 Ways for Your Client’s Live Venue to Increase Revenue
Posted on: January 18, 2023 by RMS Hospitality Group

Owners of a live venue must always work diligently to increase their profitability and revenue to succeed over a long period. Smart operations management practices, well-planned marketing initiatives, and affordable hospital insurance programs can help them accelerate their cash flow.
How Your Client’s Live Venue Can Prosper
Here are six ways your clients hosting live music and other special events can build up their revenue.
Choose Hospitality Insurance Programs That Reflect Strong Managerial Oversight
Entertainment establishments must be able to assure performers that a venue is physically safe and has excellent security. Performers will not book a venue if they have concerns about operations management, potential liability scenarios, or the possibility of negative publicity. Hospitality insurance programs can help a live venue demonstrate that they are exercising good oversight.
Live music venues program insurance coverage elections may also help win the confidence of potential stakeholders or creditors. With the proper protections, venues will be better able to garner the resources they need to fund development.
Increase Food and Beverage Sales
Expanding food and beverage offers is a fantastic way to drive up sales revenue from concerts and special events. A broad selection of offerings for patrons may prompt more sales. Also, venues must price beverages strategically. Exorbitant prices could curb their total sales volume.
Market on Social Media for the Live Venue
Marketing on social media is a cost-effective way for live venues to get on more concertgoers’ radars. They should cultivate a strong presence on multiple platforms by partnering with performers and influencers.
Work With a Parking Service Provider for the Live Venue
If establishments have a shortage of onsite or nearby parking for their patrons, it can hurt attendance. It may be advantageous for venues to enter into contracts with parking facilities in close proximity and valet service companies to offer customers convenient parking options.
Offer Special Seating and Exclusive Passes
When considering how live music venues can make more money, it is essential to weigh the potential upside of tiered ticketing. Creating a premium seating area or offering backstage access to events could give venues a way to generate more income from a single event without going over capacity.
Use Hospitality Insurance Programs To Proactively Protect Revenue
The operational impact of significant property damage or liability claims can make it impossible for a live venue to carry out its day-to-day activities and host events. Customizable hospitality insurance programs equip venues to withstand the repercussions of losses or lawsuits that could deprive them of the revenue that they need to stay cash positive.
By taking a better risk management approach, entertainment industry businesses can pursue growth confidently. The safeguards they rely on can help them avert cash flow issues which could jeopardize their ability to generate revenue and increase net profits.
About RMS Hospitality Group
At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom tailored solutions to meet any venue’s specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.
Posted in: Live Music Venue Live Venue
Archives
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
Categories
- Adult Nightclub
- Assault & Battery Insurance
- blog
- Comedy Club Insurance
- Completed Operations
- Excess Liability
- Franchise Select
- Franchising
- General Liability Insurance
- Hospitality
- Hospitality Insurance
- Insurance
- Jazz Club
- Jazz Club Insurance
- Liquor Liability
- Live Music Venue
- Live Venue
- Lounge Program Insurance
- Lounges
- Music Venue Insurance
- Nightclub
- Nightclub Insurance
- Nightclub Program Insurance
- Press Release
- Pub Insurance
- Restaurant
- Restaurant Insurance
- Restaurants
- Sports Bar Insurance
- Sports Bar Program Insurance
- Sports Bars
- Tavern
- Tavern Insurance
- Uncategorized
- workers compensation
- workers' compensation insurance