It’s not about how much money you make, it’s about how you save it. Budgeting in event industry is one of the most challenging tasks while planning/executing an event. From last-minute additions to constant alterations, courtesy requirements and changes from the king (client), a budget is the only department where a penny saved is a penny earned.
While several checklists can be monitored in tandem through the event, creating a budget checklist at the start of the line not only helps you cover pointers while pitching/executing an event but also ensures nothing is left out, saving you from crying over spilled milk.
Income estimate is the base of creating any budget. Before spending the money, you must know how financially sound you are. Knowing your estimate will ensure you allot all the expenditures as per the requirements and eventually know your profit ratio. This sets the parameters for calculating various budget categories. Let’s look at them one by one.
2. Location cost
The location takes a major share in the overall budget of any event. Kindly make a note that the venue budget covers all event-related requirements the client has asked for.
A well-marketed event is your direct ticket to draw more attention towards your event. In a world where virtual space is growing exponentially, a well-designed digital media plan (advertising and campaigning through branding portals) helps you weave stories around your agenda. With social media handles and web portals having an influential reach, digital marketing tools are very cost-effective, they help you reach a larger audience and let your event become the talk of the town.
4. Food & Beverages
Food & Beverages cover ample amount of time of your attendees at the event. Apart from the lunch/dinner organized at the event, refreshments are a must in breakaway sessions. Sponsoring with budding brands can help you cut down on cost drastically.
This category wholly depends on the requirement of the client. While few like to keep it minimal, some want to explore technology significantly. Don’t let the situation get out of your hands. Be very precise with their requirements and assign costing accordingly.
6. Online Connectivity
Costing of online activities depends on the venue and the type of event. It’s advisable to gain clarity right at the start as a small glitch here and there can deeply hamper the flow of your event, especially if advanced technology is involved.
No event is complete without entertainment fillers. From artistic dance performances to band shows to stand-up acts, ensure you lock in the best talent in the allotted budget.
Crowd management mishaps are quite common in big events. Luckily, with a well-versed and well equipped security team, you can focus on your event and leave the worries to them. Once the scale of the event is finalized, you can decide on the type of security services you need and allot the cost.
All your travel- and logistic-related requirements need a detailed explanation in your budget sheet; after all you don’t want a human or even a machine waiting at the pickup point.
10. Emergency Fund
Live events are always executed as they were planned, said no event agency ever! From last-minute requirements to unavoidable nuisances, always be prepared with extra capital so you don’t have to run to multiple ATMs when you’re supposed to greet the attendees.
A successful event is 80% planning and only 20% execution. Being ready with a detailed costing plan and following up with it at intervals will help you plan the perfect event without burning a hole in your pocket.