We all know that when it comes to planning an event, it doesn’t take much before the costs start adding up: room and furniture rental, menu planning, any and all necessary equipment, activities, and more. Who doesn’t want to find ways to make it all more affordable? Read on for some great tips on cutting your event planning costs. Ready, set…save!
1. Rentals
One of the most fundamental questions an event planner asks is, “Where?” The right venue is key but it can also represent a huge expense. Fortunately, there are ways to reduce your costs and avoid nasty surprises!
First, make sure you’re informed of all the fees associated with your venue, including electricity, royalties on food and beverage (if applicable), fees for hanging/affixing decor, the use of on-site furniture, as well as access to the space. All of these issues directly impact your labour hours and, in the process, the big total you’ll be owing at the end. Before going ahead and booking your space, check out our article on 8 Must-Ask Questions before Booking Your Event Venue..
2. Suppliers
While hiring third parties and specialty suppliers can do wonders for your event, they also come with a considerable price tag. If you’re looking to control costs, we strongly suggest you also control the number of intermediaries. After all, there are plenty of things you’re capable of doing yourself (although do bring in the experts for the hard stuff!).
If you want to create a unique event, make sure you select only reputable suppliers, and get inspired by the latest industry trends. Check out online resources, subscribe to interesting newsletters, join associations, and get your hands on books and magazines. There are a ton of resources out there; mix any of them up with your own ideas and you have a recipe for a unique event.
3. Budget
Like any personal or professional investment, you need to determine how much money you’re willing (and able) to put into your event. This figure will guide you and your suppliers as you decide what is within and without your budget. You should also decide what your priorities are, and what elements of the event you want to leverage for greatest impact. Do you want to showcase an out-of-this-world artistic performance, a fairytale backdrop, or a high-tech event with all the latest bells and whistles? Are you looking to impress your guests with a mouth-dropping venue or an exquisite meal?
As you can see, the possibilities are endless and each event is unique: it’s up to you to decide how much and how far you want to invest. A good place to start is by looking back: what have you or your organization done in the past? Don’t be afraid to ask for input from others who have organized events like yours.
4. Time
How much or little time you have to plan your event is a critical factor when it comes to costs. To keep them at a minimum, make sure you plan everything well in advance, your rental as well as all the small details. Turns out that buying time actually means you spend less. You firstly save yourself the headache and price tag of adding a forgotten detail at the last minute. Moreover, many suppliers will offer reduced rates at certain key periods of the year, whether it’s for renting a space, audio-visual equipment, or even your entertainment act. Just make sure you’re flexible with your event dates. By informing yourself months in advance, you can pick the right date for everyone and one that will give you the most competitive rates.
5. Activities
Apart from venue and food, your organized activities can also be expensive, both in terms of the time required to plan them as well as with the rental of any necessary equipment. Use your imagination to create fun activities that are also easy on your budget. Ask your photographer friend (assuming, of course, that he/she is talented) to organize a photo booth. Hang a few key decorative items on the wall and voilà. Replace the famous candy bar with a marshmallow one, and transport your guests to a cozy, campfire setting. The possibilities are (almost) infinite – all it takes is a bit of originality.
So there you have it: a few tips to reduce your costs for your next event. Make sure you take the time to seek and select the best options for you and your guests. Happy planning!
