How to Budget for Your Event
Do you know what is important for working in an industry where you help create timeless moments for other people? Confidence in yourself, and a fight against any adversity with resolute and unshakable faith in your goals. But without any funding or a budget, that sparkly envisionment will only radiate so much inside your head. To make it a reality, your ideas need only a push- budgeting. Not only will it help you strategize on how you will invest, but it will also help you avoid the initial stress that most amateur event managers make i.e signing with vendors without any budgeting plan.
So, where do we start? Considering that you have consulted Google multiple times before landing here, RNE has gathered some of the most effective budgeting strategies for your event. This guideline can also be referred to as the three-course meal for event budgeting.
1. Starter Meal— Planning Ahead of Time
Before you settle down on which restaurant or cafe to go to, don't you filter what kind of food you want to eat? Likewise, you have to secure a mindset on what kind of event you want to host. Is it going to a corporate event that will scream of a $200,000 budget? Or a team meeting of $1500? Whatever your event is, it's important to take some time to recognize your goals. Follow the next step if you've held past events before(even if you haven't, do continue reading because you'll learn a thing or two).
If you have had the chance to manage an event before, you have to look into them. After you've noted down how much you spent, look into the going-rate for each category that year. Why? Because you might just find out that either you've overspent in certain categories or realize that you couldn't secure your desired vendor because you were under-budgeting. And that's okay. Now you know when creating a budget plan, it's important to do research and dig into the going-rate for each category. No, it won't make you a budget-guru, but at least you'll have a clearer idea of what the standard costs are.
But, first,
Circle down on the categories which you know are going to cost relatively higher such as the venue, speakers, marketing, event technology, food catering, etc. It'll give you a head start on how much you should estimate for the total expenditure.
If you feel like you won't have the time to keep an eye on every dollar you spend, RNE has a stellar full-service event plan that might just help you out.
2. Main Course— Finding the Funding Source
Initially, this might seem like a tough responsibility, but the abundance of resources is more than enough to get you started. For example, you can start crowdfunding for your event, or even take out a term loan to cover all the bits which you have to pay for until your clients pay you. Maybe you can even ask your family and friends to sponsor you by getting your tickets!
3. Dessert— Finalize it!
After you've finalized your overall budget, it's time to find vendors who fit your criteria(and your budget, of course). Even if what you are actually spending isn't matching with what you've estimated in your planning, it's okay as long as it's close to the estimated number. And like dessert, the outcome of pre-planning and proper research will be just as sweet.
RNE's full-service event planning will help you keep track of the budget and expenses. Consider this, though: you have this amazing event theme planned and you need a reliable florist who can think quick on their feet. You found one who advertised themselves as such. But instead, they delivered poorly arranged flowers or worse, show up late and arrive with the flowers AFTER the DJ/band has arrived. That sounds terrible, doesn't it? But with RNE, you wouldn't need to worry about it at all! Really. We have connections with the best of the best in the industry, and we'll find you someone who is your money's worth. Not only that but we give it our all in planning the best for our clients so that they can sleep peacefully at night. And a night full of good sleep can do wonders for the next day. So, what do you say?