An event budget is an estimation of the costs an event will incur. Setting an event budget is one of the first things you should do when hosting an online event. For your event to be successful, you must have a clear understanding of every dollar you spend. You must know how much you can spend and where to allocate those dollars. If you don’t, you may spend money unnecessarily. If you want a return on your investment, it’s critical that you track your money.
Here are six tips to help you with event budgeting.
Have an event budget plan or strategy.
Think about everything you will be spending money on. If this is a new event, research potential costs. If this is a recurring event, look at past spending.
Set a goal for your event.
Think about how many tickets you want to sell, how many people you want to target, how much merchandise you want to sell, or how much sponsorship dollars you want to collect. Setting a clear goal for your event dollars keeps things in perspective as you plan.
Map out every single expense you may incur.
Be very specific in this area and try not to lump things together such as catering or decor. List things out like entrees, desserts, cocktails, etc., or tablecloths, chair covers, sashes, etc. The more detailed you are the better.
Have two sections; budgeted and actual. At the end of it, all those numbers should be close.
Have an event promotion strategy
You must be very strategic in this area in order to receive any returns on investment. Decide how you will market your event, where you will advertise about it, and what tools you will use to do so.
Maximize your budget by using free or low-cost tools like social media where you can automate your posts and purchase ads to target a specific audience.
Explore other avenues of revenue
Consider sponsorships, swag bag options, and selling event merchandise or ad space on your event site. Customize packages that may be beneficial for both you and the people or companies you’re reaching out to.
Think outside the box of ways to save money for your event.
Hire influencers to market your event. Create incentives that may be enticing to them.
Have certain aspects of your event outsourced or use volunteers. Depending on the event, local college students may need community service or volunteer hours for school.
Partner with other brands or local businesses for collaboration opportunities. Your event may be something they’re interested in and may offer their services in exchange for cross-promotion.
If you want to profit from your event, you must control your event costs from the very beginning.