How to Create Your Event Budget
When planning any kind of event, there are a plethora of factors to account for, but one of the first steps that should be taken every time is the creation of your event budget.
From catering, your entertainment budget for the specific, payment for hired staff and more, there are plenty of things to take into your budget before booking anyone.
If you are getting ready to plan an event, here are some important things to be aware of when putting together your budget and what kind of steps to take to do it correctly.
What Do You Need?
The first thing you will need to do when setting up your event budget is deciding on what you need exactly for the event itself. From booking a venue, booking catering, booking the entertainment for the event and so much more. Be sure you don’t overlook a single detail, from the smallest cost of napkins for catering to making sure the band gets paid.
One of the best ways to make sure you have accounted for everything is by creating a spreadsheet for all the things you need. By keeping a detailed, organized list, you can keep everything right in front of you with its cost along with your allotted budget so you can make sure everything matches up and is affordable.
Set Out Price Points
One of the most important things to be aware of are the price points you set up for yourself and the actual event itself. Are you putting on a concert at a local venue for a popular traveling band? Check out what their tickets have been going for in other cities so you can be aware of what exactly you should be charging to see them.
Finding your number you need to hit to break even is also another great idea to take care of early on in the process so you can be aware of a number you need to reach to help you with setting prices and costs.
Set Realistic Goals
Another important element to remember when creating your event budget is to be realistic about your incomes and overall profit you will make out of the event. Don’t set your sights too high early on with sponsors, vendors, and overall turnout for the event as this can cost you to overspend and find yourself in a big hole by the time the event comes.
While you certainly shouldn’t under-prepare, it is crucial that you set realistic numbers for you and your team to hit to ensure your overall success come the day of the event.
Follow a few of these simple tips and tricks and you can be sure to plan a great event that comes in under budget and helps you turn a solid profit.