Do you have an upcoming event to plan on a budget?
If so, you came to the right place!
In 2019, before the global pandemic, the event planning market size was worth around $1.14 billion. The sector may have taken a hit during that period, but it's now back in full swing.
People plan different types of events every day throughout the globe. However, if you're stuck working with a tight budget, it can make your life a bit difficult.
Luckily, we know all the tips and tricks on working with budget events, and you can learn them. So read on until the end to discover how to plan different events on a budget.
Estimate Your Expenses
The first place to start with every event planning is to estimate your expenses. It doesn't matter if you're on a budget or not.
There are five main event planning costs. They are catering, venue, staffing, entertainment, and marketing.
Research the price of each section. You can do it by contacting companies and asking for a quote. Or head over to their website for prices.
Finding a venue within your budget should be your focus. Around 47% of event planners are annoyed by the cost of overpriced venues.
When you add everything up, add at least 10% onto the final estimated cost. That will work as a contingency if something goes wrong or you need to change last minute.
Other items to factor in are:
- Rental equipment
Consider a Theme for Your Event
Not only will a theme make your event look professional, but it can also save you some cash.
Once you decide on a theme, you can rent or purchase decorations and equipment for your venue. Decorations are an easy way to blow the budget. But with a subject in place, you can decide if the items fit in or not.
Below are some popular corporate event themes:
- Casino night
- Summer BBQ
- 80's disco night
- Murder mystery
The Expo 2022 event planner will also reveal some of the newest and upcoming event ideas.
Stick to Your Budget
By now, you should have a budget in place. The success of your event will be down to whether or not you can stick to your allocation. You may be offered extras at a discount at the last second, but you must have the willpower to turn it down.
There's no point putting in all the hard work if you're going to ignore your budget.
Seeking donations and sponsorships is excellent for budget events. Local establishments can offer items to cut costs and help your budget. In return, you'll show off their brand to everyone who attends.
Settling Your Event Venue Costs
If you have done your homework, picked out a theme, and stuck to your budget, it should be no problem settling your event venue costs.
After the event, you must return to your files to see if everything went to plan. Check if you stayed within the budget but most importantly, check if everyone involved got paid.
On your spreadsheet, add up to the cent how much money you spent. Make notes of areas that might have gone over or under the cost. That way, you can make adjustments for your future work as an event planner.
Plan Different Types of Events on a Budget
Planning different types of events on a budget requires skill and determination. It can also be stressful and overwhelming. However, after reading this article, you should know how to prepare budget events.
But why not take your knowledge or event planning to a new level?
If that sounds promising, click here to learn more about The Event Planner Expo 2023!