Planning a budget for the event can be an exhausting job, but it is one task that is essential for any event management company to hold its position in the market. Many think that an event management company charges a huge amount for an event, but there are several costs borne by an event management company that gets unnoticed while creating a budget. A reliable budget plan keeps you organized whenever you are organizing any event and eliminates all the worries of missing things. 

As an event planner, it’s essential to adhere to your client’s budget. And to achieve it, you’ll need an agreed-upon, comprehensive event budget. Maintaining an event budget can help you stay organized and ready for any customer inquiries while preventing you from going over budget, whether you are a novice event planner or a seasoned pro.

Essential Things Every Event Planner Must Consider 

This section outlines a step-by-step procedure for creating an event budget that will take you from the initial stages of preparing an event through the event’s end.

1. Venue Cost

No event can occur without a suitable venue, whether virtual or physical. Therefore, an event planner must look for a venue that meets all the client’s needs, is large enough ro hold all attendees and vendors, and should also have a stage for speakers, singers, etc. therefore, the cost of the venue should be estimated, keeping in mind all the requirements. 

2. Decor Expenses

Without elegant decor, an event looks pale and doesn’t excite the audience. However, many negotiate on the decoration cost, thinking that the event planners already have in-hand decor items from the previous event. But that is not true. All the decorations are done keeping in mind the type of event and the customer’s needs. The cost of decoration goes unnoticed, but it is one of the most expensive costs in the event budget. 

3. Entertainment Or Speakers Cost

The cost of entertainment may vary greatly depending on your demands. You won’t spend much if you only need a DJ for the day. However, if you want a well-known keynote speaker or a prominent musical act, you can find yourself paying just as much for entertainment as you did for the venue.

4. Staffing Cost

Your venue could take care of your standard staffing requirements, but you might also want some specialist workers to manage difficult duties like registration, organizing, and coordinating speakers and entertainment. Be prepared to pay dependable staff for their time, travel, lodging, and meals.

5. Technological Tools

The majority of contemporary events make use of technology to improve the spectators’ overall experience. To provide your visitors with a genuinely engaging experience, you might require digital signs, TVs, projectors, and PA systems. However, these technological tools incur huge costs and must be carefully included in the budget. 

6. Furniture Cost

Furniture is another category that ultimately gets unnoticed while calculating the budget. Equipment rentals, such as tables, chairs, tents, stages, etc., are a few things that are mandatory for every event. These expenses are a must that every event planner should include in the budget. 

7. Event Marketing

Estimate the price of each type of advertising when creating a budget. Social media advertisements and website banners are two examples of web-based advertising. You may utilize marketing and social media to get in touch with possible sponsors and raise money even before you start organizing.

8. Food And Beverages Bills

 Food is a special category because you have much control over what you provide. The price of this expense can consistently be increased or decreased. You’ll most likely be able to make changes to your food budget to compensate for any budget overages on other items. To aid with meal planning, the majority of caterers will give you a pricing per person.

9. Permits And Licenses

There are several permits and licenses that event planners require to carry out the event successfully. No Objection Certificates from police authorities, health department, noise permits, alcohol license, etc., are mandatory for any event. Clients usually have zero idea about these permits and licenses and are unaware of this additional cost in the budget. 

10. Logistics 

There are several events that require shuttles and transportation to take huge materials from the event. This requires massive labor and transportation services, which results in a huge cost. Fuel costs, insurance, and other fares are also calculated and included in the budget. 

Conclusion:

There will always be unforeseen expenses, no matter how carefully you plan your budget. That technology will become expensive since the price will vary. You could also discover a less expensive solution, saving money for other uses. While it’s vital to keep to your budget to avoid going overboard, you should also allow it to change as you go through the planning process and discover more details. Don’t be reluctant to review your budget sheet again and consider making modifications. If you don’t update your budget plan as soon as expenses change, you risk making decisions based on inaccurate information.

For a perfect event experience, look for event planners with a strong market presence. Contact International Agribusiness Council (IAC) for your next event. They deal in multiple event-related services and are a trusted firm in the industry. Visit the website to reach out to them. 

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Reference:

Eventmobi, E.V.E.N.T.M.O.B.I. .T.E.A.M. (2022, 7th November ). Event Budget Basics: Everything You Need to Know. [Weblog]. Retrieved 19 January 2023, from https://www.eventmobi.com/blog/event-budget-basics/