Money: Is It Boring Chitter-Chatter?
My experience? More often than not, the fee to hire an event consultant proves to be less expensive vs. the amount of money somebody/company would have unnecessarily spent without that industry expert guiding them. Maybe the company would have paid their keynote speaker more than the industry standard. Perhaps they know of a less expensive venue that would have worked just as well and what marketing is unnecessary. The list goes on.
Disclaimer: Numbers are my least favourite thing. But that's only because clients will often come to me with a set budget in mind, and people pleaser that I am, I'll stress out a bit when it's unrealistic and no avoiding the difficult explanation of why event breakdowns cost what they do. But there are ALWAYS opportunities to find the positivity of rethinking the budget in lieu of the original vision.
An event consultant can't fully understand and work within your budget if they don't fully understand the scope of your event. For that matter, neither can you if you're planning the event all by yourself. Once your vision is determined, THEN and only can your event consultant best understand where your money should/can go and begin creating cost estimates. If it turns out that you need to cut things in order to match your budget, try using the early event planning stages to determine your priorities of what you simply refuse to budge on.
Typical event expenditures include just some of the following line items and will vary depending on the event type: In-person, virtual or hybrid.
> contingency budget
> venue hire (virtual platform and/or physical)
> entertainer/public speaker fees
> gifting and activity expenses
> printing and stationery
> equipment hire
> event ticketing systems
> staff wages
While it's important to prepare an accurate budget as early as possible, I've yet to work on an event where an unexpected expense arises and these are often through nobody's fault. So, it's essential to review your budget as event day approaches to keep yourself honest and that's a huge reason it's great to have an experienced event consultant in your corner.
This is boring chitter-chatter to some of you however, what's the point of having this blog if I don't talk about money, right?
If you're in the middle of planning an event and feeling stuck with how to continue on with your budget or in the brainstorming stage of a new event, please reach out to me for any help whatsoever!
Have the most fantastic day and happy EVENT-ING!
Event Consultant, Certified Virtual Event Coordinator & Amazon Best-Seller