Planning events is hard work, and it requires precision. There are specific steps to take and follow them thoroughly. One of the steps includes planning the budget. Without the detailed budget, an event could fall apart or don’t meet the expectations and leave bad experience for everyone. For this reason, many CEOs contact professionals like popevents.ca to fulfill their purposes.
Events include financial expenses and emotional or practical income. Let’s talk about the expenses and how should we get ready for them. Here are the six largest expenses that you’ll 100% meet while planning an event.
Money spent on food and beverages
Everyone’s budget is heavy with expenses on food and beverages. Now imagine a whole bunch of people from a large company coming in together to have a corporate retreat, new years party, etc. Food and beverages are essential for such social gatherings, and it takes the most of the budget.
Money spent on hotel sleeping rooms
For an event that goes for more than a day, you might need a hotel or a hostel for the attendees. It requires a lot of money to give everyone a place to sleep at. Your event might get a little discount for the number of attendees you bring in. There are several tricks to save some money for this expense.
- Book the rooms beforehand to get the promotion. Hotels are ready to lower their fees if the visitor books the room few weeks or even months before the arrival. Everything is cheaper months before.
- Take the room with the food service. You might manage to save money on food and beverages if you take the room with breakfast.
Money spent on audio and visual presentations
The expenses on audio and visual depend on the scale of your event. If you are planning a regular-sized event for your company and/or friends, you could go with simple AV equipment.
- One laptop (preferably yours to save money for buying a new one).
- 1 projector and 1 screen (If the hotel or conference room doesn’t offer this already).
- Soundboard and a speaker (depending on the number of listeners).
- A microphone
Ask the venue about these details. If they offer the equipment themselves you are free to go with that option. If you think that you can save money by bringing in your equipment, that’s another way to go.
Money spent on recording videos
Recording videos of the event are essential in today’s digital world. They can come in handy for future social media updates, future event planning and just for the remembering. You might have to hire a professional recorder and ask for a video montage later.
Money spent on photography
Taking photos is as essential as recording the videos. They carry the similar values as video. You can use the photos to update marketing strategies like social media content, give the attendees them as gifts to keep the memories, upload them on your website and promote the brand name, etc.
Money spent on the printing
You might have to print many things. So remember to consider this expense as well. Your money will be spent on printing the name tags, invitations, guides, handouts, brochures, roll-ups, maps, menus, and other printable materials.
If you decide to contact a professional team, then they will be able to assist you with the budget planning. But keep these expenses in mind and be ready to pay for them when you plan the event.