With regard to Franz ferdinand,(who i think are shit but thats a differant story) I Hired a hall from the council a few years ago for a gig with a few local bands including my own, had I funded it all myself (insurance, rent, etc) it would have cost under 200 to put the night on, after the gig, i had over 400 quid cash. It helps if you have your own Sound gear, or you can borrow it from somewhere, and you MUST have someone who knows how to operate it, the gear is useless without knowing how it works.

Flyers are probobly the best way to advertise, as well as local websites, make sure tonnes of people know about your event as they wont all come