Determining Your Budget As An Event Planner

Justin J

As event planner, you will want to impress potential clients. Part of this may include showing that you can keep an event within a certain budget, but going overboard with this has its risks. You want to be sure you are straightforward with clients and give them a clear idea of what their event will cost. Calculating your budget as an event planner is key to ensuring you don’t waste time and money.

Determining Your Budget As An Event Planner

Starting Questions

But where do you begin? One place is with the initial interview with the client. Asking certain questions will give you an idea of what they want and how that will affect expenses. Here are a few questions to start out with:

  • What locations are you looking at?
  • How many guests are you expecting?
  • What is your expected budget per person?
  • What do you absolutely need at the event?
  • What do you absolutely wish to avoid?
  • What kind of atmosphere do you want?
  • When are you planning to hold the event?

The client’s answers to these questions will help you assess the costs of various items. For example, if the client insists that steak be served, then you can expect higher catering costs.

Common Event Expenses

Each event is unique and will come with its own expenses. However, there are a number of common factors to consider when structuring your budget. These include:

  • Site rental costs
  • Catering costs, including gratuities
  • Decor
  • Transportation costs
  • Entertainment
  • Equipment, such as AV
  • Gifts
  • Activities
  • Printing costs, such as for event programs, name tags, banners, etc.
  • Contingency budget for unforeseen expenses

Prior to planning the event, you want to give your client a summary of the projected expenses to show them how much it will cost. While this may turn away some clients, it will make it more likely that those who enlist your services will come back to you for their future event planning needs.

Preparing for a career in event planning requires knowledge in a variety of fields, including budgeting. Online event planning courses can help you make the necessary preparations for a successful career.

Sources:

http://eventplanning.about.com/od/eventplanningbasics/ht/basicbudget.htm

http://eventplanning.about.com/od/eventplanningbasics/a/Event-Planning-Questions-To-Ask-Your-Potential-Clients.htm