Your budget may be one of the first things that you will sit down and discuss when planning your corporate conference or event after you determine your Event Strategy. It can also cause the most stress during the event planning process.
Below are 4 things that could affect your event budget for your corporate conference, non-profit event or leadership retreat.
1. Where you hold your event
Your event location will play a leading role in the creation of your budget. Venues that are situated in popular areas will generally charge more than smaller venues outside of main cities. Venues also have different packages and policies that you’ll need to consider. For example, some venues might require you to use their vendors, some of which might not be within your budget. A lot of venues also have minimum catering requirements that may go beyond your guest list. It’s important to look at average costs of areas and venues before you make a final decision on where you want to hold your event.
2. Time of year
Event seasons make a big difference to costs. Keep in mind wedding seasons and if you can hold your event during the week, you will be able to negotiate a little better. Most weddings are on a weekend, so know that if your corporate event is over a weekend, it may incur additional costs and higher fees. Look at your budget and how it fits in with the venue and location you have in mind and whether you can move your event to another season or day of the week to save on costs. Event professionals might also be able to offer you add-ons or bonuses for off-peak days and seasons.
3. The number of guests
This is one area that can very easily get out of control. Your attendees are going to take up a large portion of your budget. Most venues will charge you for everything from drinks and food to the chair your guest will be sitting on. Some things to consider is what is the cost for the attendee? What income from sponsorship are you able to generate and what are your marketing costs related to this event? Make sure you create a detailed budget that has both income and expenses so you can make the best decision.
Not everything has to be in-person, and you can create an engaging and interactive experience for your attendees. Many companies love that they can now send their employees to virtual events and not incur the additional hotel and travel costs. While virtual events may not cost less from a producer standpoint, you now have a broader reach and can stay within budget. We are also able to create a better experience by creating a remote virtual studio for the speakers and presenters. In addition, you have a broader reach and can reach attendees nationally and internationally. We are seeing most of our clients double or triple in attendance if they begin marketing early.
If you want to stick to your event budget, carefully plan your finances before you even begin planning your event. Working with an event strategist would be an added bonus and we have many tips, strategies and ideas to ensure your event will be interactive, fun and engaging. You are welcome to download our free virtual event checklist from our website.