Never give up on those plans you made to run an event. Always plan in advance, be prepared for the major hurdles like costs. Seek sponsorship from Government, I know City of Melbourne offers a range of sponsorship and funding programs for all sorts of events.
Finding a major sponsor can be difficult, reach out to your network and find that golden contact, it might make the difference for your event. Big or small your event needs funding.
Make a marketing strategy, with a timeline, use Gantt charts if you can, I find them to be amazingly useful. Easily found in Microsoft Office 2013 or do an online search for one. Use your time wisely, manage your time, plan to plan.
Managing people can also be one of the major hurdles. If you aren't a people person yourself, you might want to consider adding a human resources team member to look after all things HR. People make an event happen, getting reliable people with the right skills is defiantly a major part of running an event.
Learn from your experiences, make records and note what was done well and what needs improvement. Offer the opportunity for others to provide feedback. If your event is successful consider giving back to the community by supporting a charity.