How much will the venue cost? How much will the food cost? How much will the entertainment cost? Where can we do the event? Do we need staff?
These questions are on everyone’s mind when organising an event. It is important you have a set plan of how much everything will cost and whether it is realistic to what you are looking to get out of your event. Careful and calculated planning is essential to event hosting no matter how small or large. Getting the right budget can be the difference between a stress-free event or an utter shambles. It is vital the budget is at the top of the pile when planning the event. There is nothing worse than missing equipment due to not enough in the budget or back log of payments after the event that was not originally set within the budget. It is essential you gain enough research of how much facilities cost, what type of equipment, timings and schedules, how many staff you need.
Planning the event:
Number 1: Identify all areas of expenditure
Identifying costs for everything from venue hire right the way down to the food menu is crutial for smooth planning of the event. Events are so much more than paying out for the venue, you have to think about staff costs, equipment costs and post event costs.
Here are some of the main factors when identifying expenditure:
-Venue costs, entertainment and other third party uses
-Promotional & Marketing costs e.g leaflet printing
-Additional equipment e.g stage lighting, speakers, microphones, projectors
-Decorations and event themes (check with venue hire first before paying out)
Number 2: Set out a realistic budget
Aim high within your budget to ensure you are able to cover essentials to make your event work however, make it realistic. Take into account your venue costs, the time it will take to implement the event pre, during and post and additional equipment. Look at what you want to achieve from the event in terms of profit or non-profit event. If you are looking for profit from events this requires careful attention to the price tag of entry as to gain maximum attendance and minimum losses. If the ticket price is too high for the type of event you are likely to not gain the interest however, if the price is too low you are jeopardising your own profits.
Number 3: Put aside a contingency plan
Contingency planning is key to make sure you are prepared for any mis-haps throughout the whole event process. This is from the pricing of the event to the staff knowing what to do in an emergency. If something doesn’t go to plan do you have a plan a, plan b, plan c etc. Do you have a contingency from medical costs to equipment damages, typically allow a contingency of around 10%-15% of your total budget for the contingency.
Number 4: Set the standards
Dependant on the size of the event depends upon how many staff you may need for that particular day. It is vital for you as the organiser to set the standards to the staff as to what you and they should expect on the day. People don’t like surprises so the timetable of the day is crucial to ensure the staff work to the plan. Give trust in your employees so you and they believe the event will be a success. The more buy in from the staff the better the experience for all.