Getting Real: Budget planning and cost estimations for your event

Jul 06, 2018

Most companies now seek the help of events planners or event coordinators to take charge of business errands. The call for events planners has speedily became fully-fledged in years, and with this in mind, it had already recognized an industry which cultivate in the former decade. However, one of the essentials that these events planners must always have is creating the event budget, which is crucial in their job.

Like any other profession, organizing events, celebrations and such, are huge responsibilities shouldered by the events planner. Looking for best caterers, sponsors, and other partnerships are tasks that may not be a walk on the park for most people. Usually, companies hire planners not just because of the lack of time, but also for their knowledge and expertise regarding these matters, which companies typically lack. However, it’s satisfying to see the clients’ faces when the event and venue pushes through, blowing their minds away. But what are key essentials for an events planner?

 

You need to create your event budget.

In order to be more organized, we recommend the use of spreadsheets. This way you can keep on track on where your money is allocated and where it actually went. This is also a tracker so that you get firsthand information if you are crossing the budget or not. Also, you should know deadlines of payments, so that you can avoid extra charges for lost time.

 

Research event budget costs

Researching venues or catering prices will help you visualize what your actual budget will be, so that you can allocate it accordingly. Look into past events and see if it was the same amount that was acquired for that previous event. It is vital to keep everything relative in your budget. Past data will place a standard budget in place. You can also reach out to potential sponsorships by getting amount details from their website or through calling them. It isn’t always the efficient process, but it will take you to the realistic costs. Make sure that they give you a complete breakdown of fees as possible.

 

What is the purpose of your budgeting?

Of course, as a baby step to creating an event budget, you need to find out which part of your event would be acquiring a cost. This is so that you get to polish along the path as you speak with potential partnerships and get a more certain budget. Determine where and what your company will be willing to invest on, don’t overdo your budgeting tools, and you’re in the right track.

 

And then estimating the costs

Now here comes one of the crucial parts: taking yourself through the development of your events. Don’t just think of the large-scale costs in your budgets. Think of the elephant in the room: the trivial things, such as taxes, fees, travel, etc. These can practically consume your budget if you don’t account for them from the very start down to finish. think about the costs of travel, such as room blocks, or how much it would take to fly the whole team down the venue. Think about the service fees of your caterers. How much marketing costs will be? How much will it take for a videographer to cover your event? These might be smaller compared to the venues, caterers and other sponsors, but keep in mind of these because they might come in handy.

 

Take your time with the budgeting!

Working with numbers is a challenge, but if you’re going to be an event planner you might as well become used to it. Add more and more details as you go, because it’s the only way to have an accurate budget, so that there wouldn’t be surprises with the costings, plus, you don’t get to have a problem with your clients. Explore all options—your venue options, your marketing, catering—who knows, you might choose all the right decisions with careful and critical observations and inquiries.

Remember that events planning is in demand in corporate entities. Keep this knowledge, apply it to your job, and who knows? You might be one of the most booked events planner there is!