When planning an event balancing the budget for it is one of the hardest challenges that you will face. Most financial issues can be mitigated by sticking to the original budget, but the trick is to create one in the beginning! Everyone envisions the event of their dreams in their minds; however, it is important to envision it with the amount of resources that you have.
Budget Planning Factors
There are various expenses along the way when you think of all of the components of a successful event. The biggest ones are usually the venue rental and catering expenses. But, there are many additional expenses to consider along the way. What is your theme? What decorations would you like to incorporate? Will there be entertainment? Missing just one thing could blow your budget out of the water, especially if it is added at the last minute.
Once you have a clear vision of the event that you want, and how much money you have to work with, it is time to structure your funds. Of course, some details can change as your visions becomes clearer. Unexpected expenses can be worked into the budget as well- usually about 10% of the budget total.
If you plan on hiring an event planner, their fees will need to be incorporated into the event budget. Depending on the planner you choose (do your research and look at reviews!), how they charge for their services will vary. Some have straight fees, while others work on commissions. Be sure to get a written contract and then add it as an expense in your budget.
Main budget categories to consider for your event
- Entertainment: Will there be games, inflatable rentals, magicians, cartoonists, or other fun additions?
- Food: Are you planning on snacks, a full buffet, or a seated dinner? Will it be catered or are you planning to do it all? How about drinks?
- Venue: Where are you planning on having your event? Is it going to be inside or outside? What is included in the venue of your choice?
- Decorations: How are you going to incorporate your theme into your event? WIll there be different lighting, table centerpieces, or favors?
- Planning Services: Who are you paying to do what when it comes to the planning of the event?
- The Buffer: Take 10% of your whole budget, and save it for incidentals.
- Marketing: Are you ordering and mailing invitations, or promoting your event online? If you are planning a charitable event, your marketing will make you money- but it also costs money!
If you are able to come up with an estimate for the above categories, you are in a good place. You now know where your event will put you financially, and the actual planning process can begin. Hiring a company like South Florida Events will benefit you in the sense that they have almost every area of your event covered as a one-stop shop! They are happy to set up a consultation for you and get started planning the event of your dreams on the budget that you have.