Is your event budget setting you up for success? Establishing an event budget is crucial and one of the first steps during the planning phase. Every event planner must know the constituents of the event budget. An event budget is an estimation of the costs an event will incur based on plans made as well as research. First of all, when building your event budget, it’s best to determine what financial success means for your event. Then, everything is working on the constituents of the event budget.
Let’s look at some tips, best practices, and examples for creating a reliable event marketing budget.
1. Event Planning Expenses
Let’s start, by pointing the event planning expenses. Expenses can come from a wide array of sources once you think about all of the components involved in staging a function. For example, catering and venue rental expenses, but the list only grows from there. These days, when virtual events are in the first place in the event industry, event technology must be incorporated into all expenses. For example, an event tech app can help with marketing and promotion by allowing event planners to push notifications about keynote speakers and registration. Also, tracking your event expenses allows you to monitor the growth of your business, build financial statements and keep track of deductible expenses. Always remember that the foundation of a solid business is learning to track your expenses effectively.
Depending on your needs, entertainment could be a big or small expense. Great entertainment it’s important to your event, so don’t be afraid to spend on quality. Also, you must use your negotiation skills when you negotiate the price with the speakers. Before you decide, make a list of all potential speakers and decide between those who have quality and reasonable price.
Another important question is how to charge your event stuff? You will always need specialized people to handle some complex tasks. Like an event planner, you will need to determine how many staff members will be required to organize and help facilitate a successful event. To avoid financial difficulties that may arise due to a poorly budgeted event, also include staff compensation in your event plan template. Different types of events require event help and wait for staff to have different experiences and skillsets. Some planners prefer to charge their staff a percentage of their total event budget. Another way is charging your staff an hourly rate.
4. Marketing and Branding
Like always marketing and branding are crucial when we talk about promotion. In general, marketing expenses mean all expenses that are directly related to the selling of a product, service, or brand. For example, your marketing plan might include printed publicity materials, newspaper advertising, and the cost of social media ads. Marketing expenses can grow exponentially if you don’t get results right away. There are also influencer marketing campaigns and online subscription payments – both relatively modern innovations.
5. Technology Expenses
Technology expenses now a day rise much more than in the past. Virtual events bring new tasks for planning. With events evolving faster than ever it’s important to stay on top of event tech trends. Start by making a list of the different types of technology you’ll need for your event. When you factor in other AV expenses like projectors, internet access, and video services it doesn’t take long for this category to become one of the largest numbers on your budget.
A detailed, organized, and comprehensive event budget will help you allocate your funds and bring a successful event. Keep in mind that you need to know where your costs will be coming from.