You enter the whole cycle of event planning and execution the second you decide to host an event. Event budget planning is one of the foremost and important aspects of event plan and can be tricky. An event planner needs to balance investment for executing event with pocket constraints.If you believe that unlimited amount of money and resources guarantee successful event and events with lesser budgets would be less affecting than you are wrong. Knowing where and how to invest money is fundamental. Even with a limited budget, an event planner can get things done if money spent is in the right direction. One such decision is incorporating best event planning apps in your budget. See Zongo, The Budget Friendly Event Management App for getting an insight of how such app can reduce your budget.
1.Get Done with your Venue Early
The venue is the biggest item on event’s budget and should be decided early in the planning process. Finding a venue that suits your event needs is hard and becomes trickier if you have limited budget. Booking venue at last minute generally increases cost that can be avoided by wise and early booking considering location and date of event.
If possible, schedule your event in off season dates and go for bargaining by choosing such time. You can also go by choosing creative venues such as rooftop of your building for saving big.
2.Negotiate with Vendors
Do some research while finalizing vendors. Try going to different vendors and get deals and quotations so you can negotiate before time. Vendors new in business that deliver quality can give discounted deals in return of promotion and publicity.
While finalizing venue location, one thing that must be considered is traveling cost. By choosing a place nearby, event planners can easily cut down on accommodation and transportation costs. In case of limited budget, transportation cost can prove to be a heavy burden for you and event participants. Obviously, you cannot cut this expense in case of international events but still adding speakers digitally can favour you.
Saving paper and printing cost seems trivial but when you analyse whole budget, it adds up. Event planning and management software help in achieving your goal of going paperless. By online invitations and registrations, you can save your mailing and printing costs. Share event agenda and get feedback online. Sharing event material and information online through app also make a huge difference by reducing printing expense so you can limit printing to absolutely essential items.
Planning a volunteer or internship program is also beneficial, as it does not only add extra manpower but also creates a positive impact of your event. You get more people to back up your team while being on approximately the same budget. Appoint a person from management team to guide and head the volunteers and add some exclusive perks for them such as free entry, access to special areas or discounted merchandise.
6.Track Small Expenses too
Do not neglect small expenses while making budget to get a clear picture of your event needs. While spending, keep track of all payments even the small ones as they add up. If you are on a tight budget, you should spend even more tightly and, on the areas, absolutely essential. Double check contracts and proposals from your bookings and vendors to make sure there are no additional or hidden charges.
7.Consider Sponsors to Create Activities
Offer your event sponsors and brands to create learning activities for entertaining participants, which is better than asking for money. This will ensure that attendees enjoy while not costing you money. Also, your sponsors will get a chance to promote their brand by direct engagement.
8.Food and Refreshment Costs
Serving fancy catering is not necessary, it can still be good if presented properly. Choose cost effective option that would be simple, healthy and non-traditional and you are good! Offer 2-3 drinking options and instead of distributing water bottles per person, set up a water point.
9.Hire Local Music Bands
Your budget is low and you are not able to afford a DJ or some famous band. The solution to this is finding growing talent from universities or schools that not only fits your small budget but also promotes local talent. Make sure to find reliable sources to avoid unprofessional behaviour and last-minute cancellations.
10.Marketing and Promotion Costs
Marketing and promotion is one of the costly expense of your event. Traditional marketing tools, giveaways, rewards, posters and flyers cost large sums. The marketing budget can be lowered using various tools and ways such as use of social media for ads and publicity which is cost effective and has maximum reach. Use of technology such as Event Planning App for marketing is also trending. Promote your event by inviting people through this software, not only it attracts them but also lowers cost.
Working with small budgets is hard and requires proper planning ahead of the event. Successful event is not dependant on high budgets but on creativity and clever planning.