Mike Gaudreau

Hidden Costs That Event Planners Always Forget To Budget For

event planning, work at home

These days for event planners, the idea of hosting a public business event seems like a huge waste of money thanks to the pandemic. However, as more people are vaccinated and the virus begins to fade, we can expect companies to return to business events hire event planners so they can once again show off their products and technologies.

Whether you’re starting a home business and want to gain more exposure or are a large corporation with lots of great things to share, public events are a massive source of attention that you can’t ignore. However, budgeting can be tricky, and that’s what we’re going to talk about in this post.

The big three neglected by event planners

The big three expenses are as follows:

  1. Food and beverages
  2. Lighting, audio, and video
  3. Venue and/or room rental

These are the most costly aspects of running a public event and are often forgotten despite their high cost. If possible, you should always plan ahead for these three big expenses. Of course, how much you spend is going to be determined by the type of event you’re hosting, but it’s always a good idea to keep these budgets fairly high.

Staff to manage your event for you

Next, crew management is going to be a big expense if you need to hire lots of staff to help run your event. However, you can generally reduce the costs of this if you use management software to help you get a general idea of all the roles that you’ll need staff to fill. This is easily an area where you can save money if you use the right services and technology.

However, it’s also really easy to go overboard. You might overestimate how many staff members you actually need and end up paying too much.

Furniture and decor

Depending on the type of venue you’ve rented, you might need to actually provide your own furniture. This is generally quite cheap, but it can get out of control if you have a lot of space to cover. You generally want to invest in good-quality furniture so that your guests are comfortable.

Housing attendees

Again, this is another big expense that will depend on the scale of your event. If you’re hosting a fairly prestigious or well-known event, then expect to spend money on accommodation for certain attendees. This can include speakers you’ve hired, staff members, and any VIPs.

Printed materials

When looking for printing services to provide materials for your event, it’s important to search for a suitable company that can produce materials to the scale you need and to the quality that you expect. Don’t go for a low-cost company here–make sure you’re investing your money into high-quality printed materials or else it’ll set a bad impression.

Entertainment costs

Lastly, we also can’t forget about the entertainment costs. If you’re going to be providing entertainment, try and limit this and prioritize it last among all of these expenses unless it’s going to be a central component in your event.

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[avatar user=”mike” size=”thumbnail” align=”” link=”file”]Mike Gaudreau is the owner of The Wealthy Boomers, a site devoted to helping seniors make money online. Mike resides in Montreal Canada.[/avatar]

You should assume the owner of this website probably has an affiliate relationship and/or another material connection, to any suppliers of goods and services that may be discussed here and may be compensated for showing advertisements or recommending products or services, or linking to the supplier’s website.

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