Like many other businesses, there is a misconception about event planning business budget that you cannot plan an event in a tight budget. Some folks think that you cannot plan a great event without a handsome amount in hands. It is a fact that some events need more financial resources. But this is not always true for several types of events. Don’t get me wrong. I can prove it with strong solid points that some of the events don’t cost even a single penny to make them successful. Check the below-mentioned hacks to plan an event on a tight budget.
Before heading to plan your event all the expense must be categorized. Events specific expenses include transportation cost, food, and beverages expenses, Venue costs, floral arrangement expenses, etc. You can specify all these expenses according to the budget you have. Identifying all these expenses can help in to remain in your tight budget.
Utilizing technology is one of the best tools to cut out printing cost. You can use apps for sharing information, displaying a schedule of the event, and an online registration process. This can save money on the printing of banners, broachers or a website with specific event optimized app. In this digital era, technology has changed the whole process of doing businesses. When you use it smartly you will surely get the results beyond your imagination.
Online publishing tools don’t cost anything for event promotion. Marketing of the events can be done to increase more event attendees and boost up the ticket selling process. Social media and email marketing are two of the penny less tools to advertise events. These tools are not only helpful to advertise for free, but you can also keep a track record of the data.
While preparing your event planning strategy keep in mind the market trends. Probably you are in business for a long period of time; however, you can negotiate with suppliers and vendors. When choosing the venue with the package, select the most affordable one which is in your budget limit. When you use to do business with fewer business vendors, you can also enjoy some amazing discounts on the deals.
An event planner should not incorporate his/her whole budget for the event. They must keep 5% to 25% of the event’s cost to meet any uncertain conditions. In case of emergencies, these funds are considered as a blessing in disguise to meet such circumstances.
Now you can have a clear picture of the expenses of your event. Sum-up all the expenses and make a list of them. Therefore you can assess the scope of your event budget. Otherwise, you can align the finances according to the event. Use an excel sheet to prepare the budget summary for a broader picture of the actual and estimated cost of the event.
It’s in an event’s planner’s hand to trim its event cost or expand it without thinking. Indeed this is hard to work in a tight budget, but the matter of the fact is being mindful with your event budget, this can help you build stronger events. You can also brainstorm more creative ideas to organize event while still remaining in your budget.
Do you have any other idea to share with us? Do tell us in the comments section below, we would love to hear from you!
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