Event Planning Guide - Budget Development

When it comes to event planning, most people do not have a bottomless bank account to work with, and need assistance planning and preparing a realistic budget. Having a budget not only allows you to be aware of just how much money you have to spend, but also allows you to be a tough negotiator, since you can’t spend money that you do not have.

As you sit down to prepare your budget, there are a few things you need to keep in mind. First, make sure the objectives of your event are clearly defined. If you are hosting a revenue-generating event, you will want to make sure to be aware of where your break-even point is (i.e. when the revenue generated at the event is sufficient to cover the expenses of hosting the event).

Most budgets will want to include expenses from the following areas:

• Fixed expenses: These will include things like speaker fees, room rentals and marketing, that will not be altered despite the turn out of the event

• Variable expenses: These will include items like food and beverages and transportation, and vary according to how many guests attend your event.

• Indirect expenses: Often overlooked, these include staff salaries and equipment that they may need during the course of their duties at the event

• Hidden expenses: No matter how expert you are at preparing an event budget, hidden expenses nearly always occur, and you should leave some room in your budget for them. These types of expenses often include things like rush or overnight fees for items you may have ordered at the last minute, taxes, and overtime for employees

• Revenue: This may come in the form of donations, registration fees or ticket sales, or even in-kind donations from vendors

Within each of these categories there will be multiple line items for things like entertainment, food and beverages, the facility itself, personnel, insurance, equipment rentals, signage and décor. The expert event planners at Event Solutions can assist you in building a comprehensive budget detailing each expense you will incur, assuring that there will be no hidden or unexpected costs to derail your special event.

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