Welcome back to the blog we are now only 2 days away from our launch and are so excited to finally launch our business. For today’s blog as promised we will be talking about the horrid and taboo concept of money. We just spent the past week and weekend working on budgets and money management for a potential client and their event so this article is apropos in life right now. Money, no one really likes talking about it you hate spending it but its unavoidable so it’s great to learn how to do it in the most efficient way possible. That way it becomes more fun!
We don’t want to give you another blog article breaking down your costs and how you should allocate money based on economic and event analysis so here’s a pie chart to cover all that :
If you were looking for how much should you spend on various areas there is a brief estimate.
Now, we wanted to talk about the fact that every event is different. Budgeting is not a one all solves all solution. Depending on the event, audience, and client things may change. Event planning at various times of the year can drastically change some of these variables. But when planning an event without an event planner the biggest tip we can give you is making a list of your priorities. In this event do you value the atmosphere more than you value the food and beverages. Some events you may want to allocate more funds into decor because having an “instagramable” event will pay off more in the long run than anything else you can add to your event.
Too often do people think because research may say that you should allocated 15.8 percent of your budget to the venue that’s all they can spend and if they go over it becomes a point of stress. Budgeting should not be stressful it should be fun because it is malleable. I am a believer in prioritizing wants and needs prior to making the budget. Clients often become stressed because of going over budget in one area and that stress blocks them from coming up with solutions for other areas, but making a list of I am okay if I happen to go a little over budget on decor because the refreshments wont play as big of a part in the event as the decor will. You should always have in mind the objective of your event and how the allocation of your funds will accomplish that objective.
At the end of the day the key budgeting is to have fun, the event will be great as long as you keep a level head and if you do need help never be afraid to get help from a professional or even a family member or friend asking for help early on can really save you money in the long run.
As always if you or someone you know has an event coming up send us an email at firstname.lastname@example.org to inquire about our services and how we can help make your next event a success!