How To Avoid Rising Costs During The Planning Stages

How To Avoid Rising Costs During The Planning Stages

As an event organizer, you have to juggle a lot of pieces and challenges to put on a successful fair, festival, show etc. You need to create an interesting event, find a venue, attract attendees, market your event while dealing with thousands of details from event ticketing to site management – all of which are manageable if you have an unlimited budget.

Unfortunately, most event planners actually want to turn a profit or raise funds for a charitable cause, so money is a big factor. You have to be aware of ways that dollars can disappear, and stay on top of how you can save them throughout the crucial planning stages.

This is the time leading up to the big event, and often starts as much as a year in advance. It involves nailing down venue details, creating a budget, implementing a marketing plan, and getting your presenter or entertainment signed.

If you’re not careful, costs can easily escalate, so here are some tips to avoid rising costs during the event planning stages:

 

Yes, budgets matter:

It might seem like setting a budget is unnecessary since you could assume this is going to be the most profitable event ever, but you need to have a budget in place so costs don’t get out of line. It‘s time to project income aggressively, and expenses even more aggressively.

 

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This sounds overwhelming, but with a few tips and outlines you can create a budget that is easy to stick to while creating an amazing event. Here is your complete guide to event planning on a budget.

 

Don’t forget the details:

Include your own expenses into the budget as well as those of your speakers, artists or entertainment. Most talent expects or insists on being reimbursed for travel, hotels and food. Some may have very specific requests that could add thousands of dollars in out-of-pocket expenses.

It's World Camera Day. (1)Make sure these details and expenses are squared-away before bringing on these different talents and that both parties are on the same page as to what is expected or being received during their stay and travels.

For more tips on handling talent and securing the best price, click here.

 

 

 

You do have to sweat the details:

You actually have to read those contracts, and look at all the ways those sticky clauses can cost you money despite what others say.

Negotiate firmly but professionally to make sure you are staying within budget and read everything before signing!

 

Always expect the unexpected:

Anything can happen during events and often does. From natural disasters that wipe out your venue to speakers or talent that get sick, you have to be prepared for the worst.

Put cancellation insurance in place for such an occurrence, and find venues that are refundable or allow cancellation with minimal penalties.

Building these back up plans is easier if you are prepared with the right questions to ask your vendors, venues and caters. We put together 10 questions to ask yourself before moving forward with plans or securing help make sure you are going with the right organization or help.

 

Market like you're mad:

Don’t just rely on paid opportunities to attract an audience. Use social media, free platforms, and public relations to build exposure. Come up with a promotion that generates interest.

Get the presenters, talent and venue involved in your marketing scheme, and tie in a local news outlet to build awareness.

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A big misconception is that marketing and advertisements are pricey!  Which they can be, but they can also be FREE or cheap. Here are our top blog posts that can help walk you through all the free ways you can promote your event and save that money for other expenses:

7 Ways To Use Facebook To Promote Your Event

4 Free Promotional Ideas For Your Next Event

Free Ways To Promote Your Event

The Best Social Media Platforms For Promoting Events

How To Make An Advertising

 

Work with professional partners:

If you don’t have expertise in a particular area, find an industry expert that does. With ticketing, for example, look for a solution that offers comprehensive online sales management, social marketing, printed materials, and day-of-event solutions and check those items off your to-do list.

Purplepass Ticketing is one of the few registrations that come with no contracts and low fees. Considering partners with quality services and low expenses will have you stay within budget and manage your costs throughout the planning stages.

 

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