Without an event planner, it can be challenging trying to host an experience without breaking the bank. Whether it's a corporate/company event or you’re planning a shindig for your friends and family, it’s so important to maintain a solid budget and avoid overspending.
You may not know what to look for or what questions to ask, but I want to share some best practices I’ve implemented managing events for countless clients. I hope this gives you a taste of what you could expect working with me and The Asé Group team to bring your event dreams to life in a cost-effective manner.
Brace yourself because I'm about to hit you with 8 hard truths about event budgeting. 💥💔 But hey, remember, the truth may hurt, but it will ultimately set you free – financially, that is! Let's get real, shall we? 💸
1️⃣ Money doesn't grow on trees:
Boom! Truth bomb number one. You may dream of an extravagant event with all the bells and whistles, but let's face it – your budget has limits. 💸🌳 Don't expect a magical money tree to pop up in your backyard and shower you with cash. The smartest thing to do is work with what you've got! Here’s why…
2️⃣ Overspending is a slippery slope:
Oh, the allure of lavish spending! But, the truth is, overspending can lead you down a dangerous rabbit hole. 🐇💸 It's like falling into a financial sinkhole that's tough to climb out of. Stay within budget, otherwise, you'll end up in the red.
3️⃣ It's all about tough choices:
Sorry, but you can't have it all. 😔 You'll need to make some hard choices, like sacrificing that jaw-dropping venue for a more budget-friendly option or cutting back on unnecessary extras. Prioritize your must-haves and accept that compromises are part of the game.
While budget is important, there may be some other considerations that matter more than budget and gives you direction on your expenses.
Are you subsidizing your costs with partnerships/sponsorships? Does the social proof or influencers carry weight? By hosting an event, you should not only have a plan for how you want your guests to feel, but also define what success looks like for you! Keep in mind what your goals are and develop metrics that support your ideal return on investment.
4️⃣ Hidden costs are sneaky little devils:
Be aware of those sneaky hidden costs that pop up out of nowhere. 😈📝 Suddenly, you'll discover that you have to pay extra for set-up, teardown, or even that fancy unicorn ice sculpture you didn't see coming. Be prepared and have a contingency fund!
5️⃣ Expect the unexpected (and plan for it):
Event planning also includes contingency a.k.a. "what if" plans. 💥🤷🏾♀️ It is a nuanced process that may not always go according to plan, this can range from logistics to budget.
Prepare for unforeseen expenses, like technical glitches, last-minute changes, or late shipments. Think through scenarios that would most impact the success and satisfaction of the event and build a cushion into your budget to handle these little (or BIG) surprises.
6️⃣ Negotiation is your secret weapon:
Negotiation skills are the holy grail of event budgeting. 💪🏾💸 You don't have to accept those initial price quotes! Bargain like a boss, shop around, and work your magic to secure the best deals.
7️⃣ Stick to the plan:
Stay strong, my friend, and resist the temptation to deviate from your budget. 🙅🏽♀️ Keep that financial compass on track and avoid the temptation of shiny add-ons that blow your budget out control.
And remember, your budget should also include a buffer in case things (budget items) switch up and you have to pivot
8️⃣ Make friends with spreadsheets:
Ah, spreadsheets – the organizing angels of event budgeting. 📊📚 Embrace these magical tools, learn super helpful formulas, and keep track of every dollar. Account for every expense, update regularly, and avoid those scary surprises when it's time to settle the bill. Spreadsheet game strong!
There you have! These 8 hard truths may sting a little, but they'll empower you to conquer the event planning world with financial finesse. Embrace reality, stay disciplined, and let your budget be the guiding star to your event success! 🌟💸
What budgeting reality do you agree with most? Feel free to contact us if you want to host your next event, instead of stressing over the planning process and budget.
We're here to help bring your dreamy dreams to life within scope and budget! ✨
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