- Budget CreationHow to budget trip costs, balancing costs and revenue; tips for reducing overall costs
- Funding ProcessTips for how to obtain the funding you need to make the trip affordable for participants
- Funding ApplicationsTrip leaders can apply for a range of funding subsidies from Israel & Co.
- ResourcesTools, examples and templates to help you build a budget
Creating and carefully managing a substantial budget is essential part of leading a trip. Create a budget early in the planning process, as soon as you have a rough idea of your itinerary and ballpark quotes from tour providers.
To create a budget, you need a balance sheet of expenses and funding. Your goal is to break even, with funding just covering expenses (revenue=expenses). Any funding proposal should include a program overview and a full budget.
3 questions to answer to get started
- What will the entire trip cost? Costs for pre-trip activities, marketing, post-trip activities plus airfare, and ground costs for the average trip of about 50 participants range between $125K-$175K.
- How much can your participants afford to pay? It’s important that participants contribute towards the cost of the trip so they have skin in the game. Be realistic and look to benchmarks from other campus trips. At a minimum, graduate students cover their own airfare; older students and MBA students often can afford a greater share of the ground costs. However, cost should never be a barrier, and scholarship dollars should be included in the budget to help participants who need it.
- How much funding do you need to raise? Subtract the amount that you think participants can afford from the entire per person cost to determine how much you need to raise.