Let’s face it. It’s expensive to host an event. With the venue, staffing, food and drinks, speakers or entertainment, marketing and promotion, communication, printed materials, tools, among other considerations, we’re talking about thousands of bucks. This is why some companies are discouraged from hosting events and look for other marketing strategies instead. But it doesn’t always have to be the case. You can run an event on a budget! There are ways for you to cut on costs or create revenues along the way to offset the cost of hosting an event.
We’ve had our sharing of best practices and came up with some tips on how to make your event budget friendly.
- Determine your budget and expenses.
You have to be upfront about the budget that you can allot for the event. We’re talking about finances and other resources that you can allocate for this specific project. Then write down your projected costs and expenses. If the expenses are over and above the designated budget, then it’s time to re-evaluate where you can cut costs or create profits. Just make sure you prioritise the more important matters for the event.
- Be resourceful.
You have more assets than what your finances tell you. If you have the right people who know how to work with these resources, then you can surely find a way to make your event budget-friendly. For example, you can reuse materials that you have utilised in your past events. Those wall stands and panels just need a little facelift and they’re good to go. Check your inventory and you might still have promotional materials that you can use for the event. When deciding on the venue, perhaps you can check if you can hold the event in your building. You don’t have to spend a lot once you incorporate what you already have within your plans.
- Get sponsors and partners.
One way to ease the burden of expenses is to find partners and sponsors for the event. An event sponsor is a company who is willing to shoulder part of the cost of hosting the event in exchange of creating awareness and visibility for their brand. An event partner is a company with whom you share all the responsibilities as well as revenues of the event. Think about what would be beneficial for your company once you decide to get a sponsor or partner for your event.
- Keep it simple.
Events don’t need to be expensive when you decide to keep it simple. Simple doesn’t have to be boring. It just means that you do away with unnecessary stuff. For example, you don’t have to go overboard with your food and drinks. You’re not hosting a fine dining experience. A simple serving of drinks and biscuits will do. You can also choose caterers that can adjust their packages within your budget. Or there are venues that you can get for free when you avail of their catering package. You don’t have to go extra with the decorations either. There are lots of ways to reduce the cost when you stick to what matters most and keep things simple.
- Invest in the right tools.
Yes, you will have to shell out money to buy high-quality equipment and software for your events but they will pay off in the long run. Audio-visual and lighting equipment are good investment as you can keep using them in your future events. Another good investment is an event management software. It automates the event management tasks and makes everything easier. It helps you with the data management, event registration, event marketing, ticket selling, meeting scheduling, and a whole lot more. This kind of software will allow you to get the job done that would otherwise require three or more additional staff to accomplish. The right tools are always worth the investment.
- Create revenue streams.
To offset the cost of hosting an event, you might want to consider creating sources of revenue within your event. For example, you’d be surprised to know that your attendees are willing to pay for their own food and beverages. What you can do is invite food vendors to your event and charge them a certain amount. You give them exposure and a ready market for their products so you can charge them for that. There are other ways for you to create revenue streams such as your ticket pricing and selling program souvenirs and commemorative.
Wrapping It Up
The key to make your event budget-friendly is to strategies. Know where you should spend your money and where you can cut costs. Start with where you are and what you have and you will realise that you have more than you think. Make the right investments and they’ll pay off. Be resourceful, find sponsors and partners, and create revenue streams that will help you not just deal with the expenses but even turn your event into a profitable endeavour.