Event budget. What expenses do you have to expect?
The organization of events is an activity that requires detailed planning of many aspects – including the budget. Of course, each event is different when it comes to coverage, momentum or guests, but there are some elements that you always have to consider when planning your expenses.
Place of the event
Regardless of whether a conference or an employee event is organized, the cost of renting the place where the event will take place should be taken into account. This should be agreed with the facility manager, taking into account all aspects of the final price. They include taking care of luggage or cleaning, but it is worth remembering about using gross amounts, which will protect you against unnecessary “surprises.”
Materials and decor
When organizing an event, you can not forget about such issues as event IDs, invitations for guests, tickets (if they are separate), banners, boards and other materials necessary for such an event. Besides, a decent event can not take place without decorations! Flowers, decorative constructions, exhibits, and other similar items must be included in the costs. These are many small items that together can have a significant impact on the budget, so you should think about them in the second place.
Souvenirs for guests
A well-organized event is one from which satisfied guests will come. To remind them of participation in an interesting event, it is worth giving them a small gift. They can be pens, balloons, notebooks and many other items evoking memories of participation in an event. This is an essential element that may affect the expansion of business contacts that are important for the future of the company or organization, so you can not forget about it.
Equipment and attractions
Anyone can imagine an event where there is complete silence – that’s why the sound system is so important. Other equipment, such as projectors or lighting that you will have to rent often with people who serve them will be useful. It is also a good idea to make the event more attractive, diversifying it into a form of sporting competition, a performance by a known person or someone associated with the industry. Each of these attractions should be included in the budget.
Not all snacks and drinks are provided on all events. However, a large part of events assumes the occurrence of this element. In this case, you should analyze the local market and choose a catering company that will meet the expectations of the organizers – it is both about prices and the menu itself. There is one more important aspect, namely tips for service. These can sometimes exceed costs by up to 30%, so it will be good to fix this issue earlier.