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When planning an event, it’s easy to spend more money than originally planned. To make matters worse, 90% of event professionals say their current budget is insufficient, according to Eventbrite‘s Pulse Report 2018 on industry trends.
But budgeting doesn’t have to be a burden. Follow these four steps to create a budget you can stick to.
Map
There are several event management and budgeting programs on the market that are guaranteed to make your job easier. Once you have selected the software, you can start making a budget.
Use historical data from previous events, including attendance, catering costs, and promotion to create your budget. You will also need to consider recent trends that may affect prices.
Update your budget regularly
As you prepare for the event, you’ll need to update your expenses to compare actual costs to what you planned. Sometimes you will find supply prices a little higher or lower than expected, which requires you to adjust as you go. Having budgeting software on your phone makes updates easier since your plan is with you all the time.
expect the unexpected
You will almost always need extra money for unexpected expenses, so put a miscellaneous line in your budget. Unavoidable circumstances can cause last minute changes, so it is imperative to have a reserve of cash to cover such items.
Do your research
Get quotes from multiple vendors when planning an event. This will give you the opportunity to select suppliers with the best prices and products. You can also use these quotes as a negotiation tactic to convince your referral vendors to lower their prices.
Marissa Bergen is a freelance writer from Los Angeles. She is passionate about everything from fashion to natural wellness, but particularly enjoys writing about music and musical entertainment. You can find much of his writings on the Brass Animals Website.
