Running an event is an exciting occasion. It’s also a daunting and stressful one. Even if you’re only organizing a small celebration, there are many different elements to consider for a successful event.
Due to these elements, it can be tricky to remain within budget when arranging an event. Costs can fluctuate. Certain aspects might turn out to be more expensive than anticipated. Unexpected issues might crop up at any time, such as your planned venue suddenly becoming unavailable.
Thankfully, there are various approaches that you can take which will limit the financial risk of running an event – as the following quick guide demonstrates.
Begin early
You will be aware of the saying, ‘The early bird catches the worm’. Well this is the case when it comes to organizing an event. By getting in early, you will have a greater chance of securing various elements – such as the venue and transportation – at a better price than if left until the last minute.
In addition, setting out a detailed plan from the beginning can pay off in the end. Budget the essentials, factor in possible scenarios, and learn from any past events you may have hosted.
Receive multiple quotes
You should never settle for the first quote you receive. For instance, if you are searching for a venue, there will be multiple choices available that are viable for your event. Yet these will differ in terms of prices and perks, so it’s worth shopping around and keeping your options open.
When doing this, don’t be scared to put your negotiating hat on to try and secure the best possible deal. If you’re planning a big event, you might be surprised what added bonuses a vendor will throw in to secure your services.
Total up the numbers and secure financing
When you decide on the elements for your business, it’s time to total up how much the event will cost approximately. When doing this, remember the event needs to at least breakeven to be financially secure. With this in mind, trim any expenses that are deemed unnecessary.
If you don’t have the money in your account to cover the event, then business loans can be a suitable financing solution. Not only do you receive the money relatively quickly at competitive rates, but you can pay off the loan with ease if you have assurances in place – such as a certain number of tickets sold for the event.
Don’t go all out
Even if you have secured your financing, there’s always that temptation to spend a little more. After all, you want your event to be as memorable as possible. Due to this, it’s important to stick to your plan, and budget, as closely as you can.
Every estimate you make, even for relatively small items, should be conservative. If you have two potential options for, say, catering, it’s wise to adjust your costing to fall in line with the more expensive choice. This way you won’t blow your budget if the first catering pick falls through, and you have to go with the pricier pick.
Ultimately, a contingency plan is always recommended for any type of event.
