In 2021, a survey of event planners showed that as many as 59% of them planned to resume in-person-only events through 2022. This means that more and more people are not only planning events, but they are planning events that are happening in the real world.
And while this is exciting news for some, this means that you’ll need to allot more money to ensure you have food, drinks, a venue, and more.
Are you in the process of planning an event strategy, but you aren’t sure how much money you can spend? This should be your first step because you don’t want to accidentally spend money you don’t have.
Keep reading to learn more about how to create an event budget that works for almost any occasion!
Travel or Accommodations
You may or may not be planning an event in which you would cover travel and lodging costs for guests, but if you are, this is an important part to include in your budget.
These are two items that are quite expensive, so they need to have their own section in the event budget. Consider how many people you plan to invite to figure out what this number looks like.
Food and Drink
Think about how many people are attending the event, how extensive you want the menu to be, and what type of food or drinks you’ll be serving.
Try to price out how much all of this will cost based on the scale and type of event you’re planning.
Remember to plan for the unexpected and always have an emergency backup section of the budget to cover areas like this that are entirely necessary to the event. If the food cannot be delivered, for instance, what is plan B?
In your event plan template, you should also have a section for staff compensation specifically. The last thing you want is to not be able to pay the staff that you hire to help put the event on once it is over.
You should find out how many staff members you’ll need to cover the event first and then determine how much time will be spent on or at the event to determine appropriate compensation.
Prepare to make adjustments here as necessary to ensure the event goes off without a hitch.
You’ll likely need to rent a venue of some kind for your event, so this is another aspect of the budget that needs its own section. Call around to ask what prices some options would be to get an average for your budget.
Some venues provide other services, like catering or in-house staff, so always inquire about this as well to see if you can save some money.
Ask about porta potty rental prices, outdoor vs. indoor prices, the least expensive times of day to have the event, and more, depending on the type of venue you’re considering.
Always improve your budget over time as these prices change and fluctuate based on the market.
Develop an Event Budget That Makes Sense
Creating an event budget might not sound like the most exciting part of the event planning process, but it is arguably one of the most important. You need to know how much you have to spend before you can start figuring out what you can or cannot have at the event!
Luckily, an event planning budget breakdown isn’t that difficult once you get into the details, so you can start making your event budget right away.
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