Written by Jing Yi Gao on June 06, 2017
Money to Event Planners is like bread and water. Having a proper budget can make or break your event. You can often determine the rate of success of an event just by looking at the structure of its budget. Smart Event Planners utilize their money as a tool, and plan a budget that delivers the maximum effect while paying the minimum. The key is to build a smart budget, regardless of size you are working with.
Here are 4 tips that can help you save money and upgrade your event!
The earlier the better! This is true in almost everything we do, and event planning is no exception. As an Event Planner, the biggest expense on your budget list is probably the venue. If you don’t start the search early, there will be fewer options to choose from and you may end up being held hostage by the pricing demands of these minimal choices. Organizing things well ahead of time gives you better and more options for venues and suppliers, while providing you the time to attract more sponsors.
This one is a little riskier but it can be a huge cost-saver in the long run. If you only go with one (or a few) really good suppliers instead of using multiple average ones, then you have a great chance of lowering your costs. Chances are you will have more negotiating power to get the prices you want as well. Inherently, the risk comes into play because of how dependent you’ll be on the fewer suppliers. However, the more that you use a supplier, the lower you can get their overall cost per service. Find someone reliable that you have either worked with before, or who has great reviews and references and you should be able to minimize this risk, while saving your budget!
Get printing off your checklist. Physical papers are unattractive and costly. Use an event app to deliver all the same outcomes as paper, and give the upgraded experience to your attendees with all of the cool features. If you find the right event app, not only will this lower your printing costs, but can also help you grow your budget by opening up revenue streams from your sponsors!
Be creative in your ways to save cash! At the end of the day, everything is negotiable! Don’t be afraid to ask for discounts from the venue or your vendors. Furthermore, there are always ways to seek out public funds and donations from communities as well. You may want to start that search by understanding the purpose of your event, and finding some individuals or organizations whose ideas and beliefs align. Lastly, implement a way that will allow your sponsors to really see a return on their investment. Not only will this help boost their satisfaction for your future events, but will increase your earnings from them too!
I know that it’s not easy, but try to walk the fine line between appearing “cheap” and maximizing your budget. You don’t need to spend more to make your event successful. Use these tips and build a smart budget!
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