Alright, time to make an event budget. There are many moving parts to a live event so the budget should be the glue that holds everything together. In order for event dreams to come true, an event planner needs to create a detailed and realistic budget. 

 

A study showed the top costs when planning an event were as followed:*

 

Marketing and promotion: 43%

Speakers and talent: 32%

Printed materials: 29%

Venues: 18%

 

Keep this in mind when considering blowing the budget on talent and cocktail menus. If a planner doesn’t think about marketing, there will only be thirty people sitting around drinking expensive cocktails all night. 

 

 

Define the Focus of the Event

 

If an event planner is having trouble creating an event budget, they need to first figure out what the focus of the event is. If having a great venue with yummy food is more important than the guest speakers or entertainment, then the focus of the budget should reflect that. 

 

This helps put priorities in check and invest in what is important. 

 

Check out the Past

 

Usually, I would always say to not dwell on the past. In this case, unless the event is in its first year, there should be oodles of great data to look at when it comes to making the budget. Check out what the event did last year. Identify what things were over or under-spent on and if any adjustments can be made. 

 

Take into account any customer reviews from the past. If people complained about not having enough food or drink options, maybe beef that up a little this year. Once the areas where the budget can change are determined, it will make it much easier to create the budget. 

 

Be Specific

 

Don’t fall into the trap of grouping things together like food and alcohol onto the same line of the budget. Only do this if using one catering service that will provide everything that may be needed.

 If supplies are coming from different vendors, then they need to be on different lines of the budget. 

Typically, budgets have a column for the projected costs and the actual costs. The more research done on the costs, the more similar these two columns will be. Which is exactly what a company wants from their event budget. 

 

Food for Thought

 

Here are some things that event planners might not think about when budgeting an event, and why they are important. 

 

1. The Cost of the Experience

 

Events aren’t just about showing up, being fed, hearing a speaker or performer, and then leaving. It is a whole experience and the event planner needs to think about that. Here are the most common details to consider. 

• Decor
• Signage
• Travel
• Activities
• Insurance

 

2. Staff

Look into whether the venue includes general staffing needs. The event planner might have to hire out additional staff for tasks like registration, A/V crew, brand ambassadors, and even cleaning crews. Norton National has fantastic event staff for all of your needs.

 

If hiring staff, also budget out not only their compensation, but also their travel expenses, meals, and any uniforms that they will be wearing. 

 

Let us know how our team can make your dream work!! We can also arrange any equipment rental needs for your event. 

 

3. Oh Sh** Fund

 

Even if every cent is counted out, there are always going to be last-minute changes or hail-mary moments that everyone should be prepared for. It is very important to squirrel away some money as an emergency fund. 

 

Imagine if the top guest speaker or headliner cancels and the event planner has to find someone on the fly. That might be expensive! No one knows what will happen, so we recommend setting aside around 15% of the total budget just for those emergencies. 

 

4. Swag

 

Sending attendees home with something, is always a nice gesture. It doesn’t need to be a new flat screen or a puppy or anything, but no one should leave empty-handed. Clever swag that is cute and small but will help them remember their time at the event, like a sticker or an Uber/Lyft coupon to help them get home.  

 

Consider getting a little something, something for speakers or talent. This should probably be a bit nicer, like merch from the event, or two tickets to attend next year. Anything that is to thank them for being a part of the event.

 

Detailed consideration goes into making an event budget. Everyone’s event budget will be different but once the priorities are in check, the event planner will be able to delegate money effectively!

 

https://www.eventbrite.com/blog/academy/pulse-report-2018-event-industry-trends/