Events can have a variety of price points. Event and conference budgeting can be hard to navigate, with hidden costs and unexpected details that can build up and easily break the bank. But with a good plan, you can avoid those surprises—we’ve compiled some quick tips to consider to ensure your event, no matter what the budget, is a success.
Have a Clear Budget
The key to budgeting is having a defined budget. Knowing exactly how much you are willing and able to spend is vital to managing properly. Each part of your overall event budget will need to be broken down into specific buckets for venue, food & beverage, speaker fees, AV and so much more. Knowing how to allocate a budget for each item, and maintaining transparency with venues and vendors is essential to keeping your event on track financially.
Consider Platform or Venue Costs (and Miscellaneous Costs)
Events are no longer contained to hotel ballrooms and convention halls. Your event venue can be a virtual space now too! Each venue type comes with its own price point and hidden costs to consider.
In-person: When considering an in-person event, location can heavily affect your price. Administrative fees, union labor fees, and food and beverage minimums tend to vary drastically by location, shifting the overall cost of a venue. Administrative fees can add as much as 28% to your venue total. An 8.7% sales tax on a sweater may be one thing, but on a $50,000 venue, it adds up. Keeping these extra fees in mind when planning your event will help you stay on budget.
Platforms: Virtual event platforms can be a more affordable option in comparison to in-person event venues, while also cutting out costs for food and beverage, transportation fees, printed materials, and so much more. Although virtual events can be a cheaper option upfront, they still come with their own set of expenses. It is important to inquire about costs including price per registrant, sponsor booths, integrations with other platforms, customer support, and attendee overage fees.
Remember Registration
Whether you are running an in-person or online event you are more than likely going to need a way to keep track of who has registered for your event and process payments if you’re charging ticket fees. Thinking about your registration needs for the year versus an event-to-event approach will often help you save in the long run.
Let’s Talk Speaker Fees
Speaker fees are one of the most flexible lines in your budget. If you are running an internal event with internal speakers this may not be a cost you have to consider—lucky you! On the other hand, if you are looking to have multiple A-List keynotes, you could be spending over $200,000 per speaker. Knowing what you can afford and relaying this to your speaker contacts is important to maintaining your financial goals.
Pro-tip: always ask about additional fees like travel, meals, and day-of expenses for any speaker you have a paid contract with.
Turn My Swag On
Knowing how much budget to allocate per person on swag can be overwhelming. Ask yourself these questions when considering this budget item:
How many swag items do you want?
Are there separate swag items or additional swag items for sponsors and speakers?
If you are hosting a virtual event are you planning to ship swag?
What are the additional labor and shipping costs associated with that?
A priority mailbox at $7 a person can really add up quickly. Pro tip: Sponsored swag items are always a great way to balance the expenses while highlighting your partners!
Pro-tip: Environmentally conscious virtual swag can take out shipping costs altogether!
Food for Thought
Food and beverage is a big-ticket budget item at most events—and what attendee doesn’t appreciate this perk? One way to cut down on this pricey attendee experience is to think about the hours of your event. The fewer meal times that overlap with your event, the less you will have to spend.
Have a Buffer
The greatest budget tip we can offer is to expect the unexpected. Although you can plan for almost every detail there will always be a few unexpected additional costs that were unplanned. Having a buffer within your event budget will allow you to take on any extra fees that might arise without stress—you never know when you might need extra extension cords or team coffees.
You Can Throw an Event At Any Budget
Lastly, although events can get expensive, know that you can throw a great event at any price point as long as you plan carefully and are flexible!
Interested in throwing an event? If you’d like some help, give us a shout!