HOW TO PLAN YOUR EVENT BUDGET

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If you’re planning an event, there’s one step that is essential to making that event happen: creating the event budget.

The first step to creating a budget is to figure out every single moving part of your event that could potentially incur a cost. By keeping the smaller details that make up your event in mind, you’re able to get a more accurate budget versus one that simply includes the bigger pieces of an event like the venue, lighting and AV. This is a beginning step that you can continue to refine along the way as you speak with vendors and get a more accurate cost of things.

Next is creating a spreadsheet. You can start this step as quickly as opening up an empty Google Sheet or Excel, and entering the following columns: item, description, estimated cost, actual cost and amount needed.

Now that you have the beginnings of an event budget, you can focus on getting your estimated costs closer to your actual costs. Researching prices will help paint a picture what your actual budget will look like.
Calling vendors to get financial data isn’t always the quickest process, but it can help you understand what your budget will be, realistically. Starting a new worksheet to track potential vendors for each line item will help clarify who you’ve reached out to, who’s responsive, and the costs you uncover for each vendor. There might be costs you may have left out like gratuities, service fees, or tax so make sure that the vendor gives you as thorough of cost breakdown as possible. Go through each line item for each set of vendors and figure out which vendors will work best for your event. This step can be tedious so make sure you start the budgeting process way before your event happens.

Here are a few tips to always remember when planning your budget:
-Do not procrastinate creating your budget. It may seem like a daunting task, but it is a vital first step in your event planning journey.
-Explore all you venue options. Some newer venues are transforming into one stop event shops that help eliminate the back and forth in sourcing multiple event vendors. These newer venues could potentially save you a significant amount of money in the long run!
-Don’t underprice an item to make your budget look pretty. Underpricing something may look good on paper (or screen), but it will ultimately lead to losing money when the event comes to life.
-Do your research. If you put in the time when researching venues, catering companies, and AV companies, you could end up saving a lot of money. It may be tedious, but you find the best deals when you compare all your options.

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Why Events Increase Business

No matter what type of business you have, a live event will always build brand awareness to potential clients if produced correctly. Both retail and service-based businesses can generate a great deal of foot traffic by producing an experience that educates customers about what they are investing their money into. 

When you tie your business name to an event, it allows you to promote without overselling; all while marketing to your target audience.  Because remember, no one will show up if they don't want, and this is especially true if you have to pay a fee to attend. Thats your first step at learning who is interested in what you have to offer. And this is why there is something that makes events marketing different from other forms of marketing and promoting your brand. Nothing can top a face to face interaction or experience between a business and potential clients.

Learn more of how and event can build traffic and increase awareness for you brand or business and put it into action by clicking below.

DON'T ALLOW YOUR NEXT BUSINESS MIXER TO LOOK LIKE THIS...

WHY EVENT BRANDING MATTERS!

If you've ever held or produced an event, Im sure you can easily say, at some point, branding was not on the priority list. I'm actually a statstic of this mishap myself, and it wasn’t with my clients events, it was my own! But had I not made this slight mistake (a few times), I don’t think I would understand and appreciate the impact it has on not only your guest experience, but on your entire business.

Most people believe that placing a logo on a step and repeat is effective branding, but is this really the most strategic approach in creating massive awareness for your business and making sure everyone remembers it was your company that put on such an amazing production? Your branding should begin right when you decide you want to hold or produce your next event. Whether the goal be to launch a new product, introduce a new artist or educate businesses on a new strategy, ensuring that the message isn’t forgotten along the way will prevent the core message from being lost or diluted.

Again, your branding begins as soon as you make your event known to the public. Your marketing campaign, promo, ads, invites, tickets etc all can assist when getting your vision or goal across to guest, building the hype and anticipation to the big day. Branding can be done with so many things; a tagline, hashtag, company logo, video, photo etc, as long as it is strategiacally thought out to benefit your overall goal.

On your big day, you can carry this branding tactic into all elements of your event; the deisgn, displays, gobos/lighting, décor, promo products, balloons… I mean I could go on. If this is done strategically and correctly, someone not on the invite list should be able to see a single photo from your event and know exactly where you are! Im sure that’s been you at some point, sitting at home, browsing IG and seeing those same Hennessey balloons in every picture or company logo lighting up the wall in the background.

So whether you are a business or brand, start up or already in business, don't waste months of planning only for no one to remember the next day. TTE team can work with you to create the most strategic approach to your next production.