Consider the school calendar first and foremost. Choose a time of the year that is not overloaded with other extracurricular activities, such as sporting events.
Most successful events take place during the school week and during school hours
Attendance from the public will likely be lower on evenings or weekends
Choose a location that is easy for the public to access. For example, make parking easy to find and free.
Hosting the event at the school is probably the lowest-cost option
If the event is not held at school, make sure it is in a place well known to community members so the public can access it easily
Another thing to consider - make up of attendees. Do you want to influence/inspire community members, educators, parents, other students? This would then drive the location and time of day. The majority of communities have their events onsite at schools utilizing the gymnasiums or auditoriums. Only a couple have used community event centers.
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