Do you have million dollar plans on a thousand dollar event budget?
Your vision and your budget aren't always in sync. Sometimes it can seem impossible to pull off an event on the available budget.
But you might be surprised at how far you can make your budget go.
You may need to make some changes to your plans. But you can keep your event budget on track and create an event that's Instagram-worthy.
Keep reading to find out our best tips on budgeting for events.
Break Down Your Event Budget
Start with a detailed breakdown of your event budget, so you can allocate the money accurately. This keeps your budget organized throughout the planning process.
Look at past events to get an accurate estimate for each area. If it's your first time planning this type of event, research local costs with a few different local vendors.
Prioritize Spending
If you had an unlimited budget, you could go crazy in all areas. But when you're on a limited budget, you have to prioritize.
Which costs are musts? If you're throwing a culinary event, you can't cut corners on the food. But catering is an easy place to cut back for other events.
Do you need a prominent keynote speaker to sell the event? Rank that budget expense as a priority.
When deciding where to splurge and where to cut back, think about where you get your most ROI. If you spend extra on something, will it make a big impact on the event's success?
Do you really need custom cocktails to impress your guests? Or is that money better spent on creating an engaging presentation that guests will love?
Look at the Total Cost
When choosing vendors and venues, look at the total price picture. Some venues charge more, but they include more features.
A higher-priced venue might include tables and chairs, which saves money on renting those items. A gorgeous venue with a higher price tag might mean you can minimize the decorations, which saves you money.
Another issue is the effects certain vendors have on one another. Certain venues may cost more in A/V costs to accommodate the space. If you choose a venue that requires you to use their caterer, you may have to spend more on food.
Look at what you get for the total cost of different options. Calculate how changes could impact your overall costs.
Negotiate With Vendors
Get more for your money by negotiating with event vendors. If vendors won't budge on the price, try getting extras for the same amount. You might ask for free shuttle service, free Wi-Fi, or free parking for your guests.
You may have luck negotiating if you're flexible with your event. Booking on a weekday instead of busier weekends gives you more negotiating power.
Promote Online
Promote your event using social media marketing. It's an easy way to drum up support. You can post about your event for free on social media channels and encourage others to share.
Another option is using influencer marketing to spread awareness of your event. This method means you partner with someone who has influence and a large presence in your industry.
These influences typically have a strong social media following, so they reach more people. You're tapping into their networks to reach people who don't already follow you.
Track Everything
It's easy to let the budget get away from you when you're not watching every penny. Track everything you spend as you plan.
Keeping your event planning organized helps you track your budget. Keep all receipts, quotes, and invoices to monitor your spending. Compare what you're spending to the budget you created to stay on track.
Improve Your Event Planning
Do you want more help with your event planning? The event budget is just one part of your event's success.
Learn more about the Event Planner Expo to help you connect with other professionals in the industry.
