Creating a budget for your event will help you stay focused. Know what your budget is and compare the options.
Venues have different policies and fees. Keep a cost breakdown and comparison so that you know the complete budget for each venue.
Here are some tips to help you along the way.
Prioritize
Consider your goals and objectives in planning your event. Stay focused on what is realistic and on the timeline that impacts your budget. There will likely be some upfront expenses, like a deposit, as well as other expenses, perhaps a photographer. What are you looking for in a venue?
Answering questions, you will be better able to designate expenses. Planning with your budget as a guide will keep you on track.
Create a Checklist
There are different ways to create a budget checklist, but there are some general rules to guide you. Always consider:
- Expenses pop up. Have two sections for your budget: expected costs and fixed budget. Knowing the set prices in your budget will allow you to know how to navigate the additional expected costs that come along.
- Specify areas of cost in your budget and how that money will be used. There will be separate costs associated with equipment rental, promotional material, décor, staffing, food and beverages, and entertainment. Categorizing expenses will help you keep track of how much of your budget is designated for each area.
- Be sure you have an emergency fund category for those unexpected expenses. If something breaks or someone cancels, you will be prepared.
Method of Payment
It is important to know you will pay for expenses. Different vendors may require different methods. Keep record of which costs require a deposit, advance payment in full, and which expenses may be calculated and charged once the event is over. Create a chart that keeps this information organized.
Event Management
Managing people, time, and budget of an event is very time-consuming. There are professional event planners who solely focus on the event. If you do not have a professional, consider an event management software that will help guide you through the planning process. There are high-quality options that are low-cost or even free.
Sponsorships
Seeking sponsorships for an event is a great way to offset costs. The additional money can allow you to utilize resources in a more cost-efficient way.
Look Into your Resources
If there are materials that would need to be rented at your venue, investigate internal resources. Perhaps you already have microphones and speakers or people who would be willing to take leadership by helping in certain roles rather than needing to hire someone to fulfill the duty.
Milano Event Center
Milano Event Center is the perfect venue! An event center carefully designed with you in mind, our venues and variety of features will meet your needs while providing a unique, convenient, accessible space for up to 300 guests. Contact us to schedule a tour today.
Contact Milano Event Center today at 832-617-2655 or email for inquiries at [email protected].
