Planning an event is one of the most challenging parts of any occasion, especially if you are on a budget. Since you have to get every single detail right and anticipate the unforeseen changes, knowing some event planning tips and tricks will help you run things like a pro.
If you are planning an event, here are some tips to help you manage your funds and also plan a successful and memorable event.
Know Your Goals and Objectives
Determining your priorities, goals, and objectives is crucial when planning an event. Knowing what you need to achieve from the event will help you have realistic expectations. Therefore, as you start planning, write down your objectives and goals.
According to the event you are planning, this can include the upfront costs such as deposits you should pay photographers, venue, caterers, gift bags, and more. You also need to know if you will be making money from ticket, food, or merchandise sales.
Understanding your objectives will help you create the best approach to planning your event. It will also help you decide how and where to allocate your expenses. Work with an event planner and get help to determine your goals and objectives.
Create Specific Expenses
The next event planning tip is to know the cost of the items in your budget. There are different ways of planning an event budget. To determine what is best for you, you can choose to:
Divide the Budget into Two Parts
To do this, create a list of the items with a fixed budget and a list of the expected costs. For example, suppose you need a promotional item such as a bookmaker to promote your brand. In that case, you should know how much it will cost and write it down.
Writing down your expenses will help you keep track of all the costs and also maximize your options. Once you determine the cost of the must-haves for your event, create a list of the extra services that will make your event special.
A good rule of thumb is using the 50/30/20 guideline. In this case, 50% is for the must-have items, 30% is for the wants and 20% is for your financial goals.
Define Where Your Budget Will Be Used
Some of the common expenses in an event are food and beverage catering, venue costs, entertainment, décor, and A/V equipment rental. Also, depending on the event, you need to account for prizes or giveaways, staffing, marketing and advertising, security, and more.
Also, consider the cost of hiring professionals to help grow your attendance and ensure your event is successful.
Have an Emergency Fund
Events can sometimes be unpredictable. In some cases, you may run into a shortage, and unexpected costs, such as replacing a speaker after a last-minute cancellation. Your emergency fund will help cater to such costs and ensure the event runs smoothly.
Use an Event Management Software
Planning and managing an event can be time-consuming. With several things to do, you can easily get overwhelmed, especially if you don't have the right event management tools. To ensure you get everything right, you should consider investing in event management software.
Event management software is gaining popularity. The software has several features and planning tools that will make planning more convenient and will also help you maximize your budget.
Get Quotes from Different Vendors
To get the best services and items for your event on a budget, you need to get multiple costs for different vendors. This is one of the ways of ensuring you get the best services at a good deal.
Getting different quotes will give you the power to negotiate for a better deal and help you understand the cost landscape or the range of costs for the items on your budget. Vendors can also help you determine what you need most and help you save money on some items.
When getting different costs, remember that some items, such as the A/V setup, depend on the venue. Other costs like Wi-Fi or parking can also be included with some venues. Therefore, note what's included with some items and work with a vendor that offers more for less.
However, though you need to save money, try not to compromise on the quality of services. Remember, the success of your event and any other future event will depend on the quality you offer as a host.
Don’t Forget to Have a Payment Plan When Planning an Event
Your New York event services providers may require different modes of payment. Some vendors may need you to pay a deposit or complete upfront payment. Depending on the vendor or contract, know when to make a payment, how much you should pay, and if you should pay with a check, cash, or credit card.
Knowing these details will help you run your budget smoothly because you will be prepared for last-minute payments and all event expenses.
Know How to Fund Your Budget
There are several ways to offsets costs for your event. For example, if you are hosting a corporate or a CSR event, you can offset costs through sponsorships. Getting a sponsor will help you reduce costs and also get a good return on investment.
The other option is to offset costs using ticket sales or selling merchandise, services, or any other goods during the event. Ensure you include an estimate of how much you hope you get from your sponsors or any other sources of income in your event.
Budgeting for all these will help you and your stakeholders know the actual cost of the event and the estimated ROI. When you have a clear budget, you can easily determine the price of event tickets or how much money to ask a sponsor.
This will also give you a clear objective and keep your costs under control.
Use These Tips to Budget for Your Event
Having a budget is a critical process when planning an event. Your budget will help you set priorities and ensure your event is a success. If you are a New York event planner, consider attending The Event Planner Expo 2022, network with several professionals, and find all you need to create flawless events every time. Learn more today.