Cost Saving Tips for your Private Event

Having an awesome idea for an event is, unfortunately, the easiest bit. You can imagine the best party ever all you want, but without the money, all your dreams are up to no good. Sorry for the disappointment… However, as long as your ideas are reachable, having a restricted budget does not mean that your party will automatically suck. It is more than possible to organise a kick-ass event without throwing all of your money through the window. All you have to do is learn how to balance your budget in a smart way!  Here are some basic, yet crucial tips for managing your expenses when organising an event.

 


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Outline Event Planning Expenses

Before anything else, you need to have a clear idea of what your event will consist of.  Expenses can come from a wide range of different sources, and it is sometimes difficult to keep track of everything. Hence, making a list of all that you require is primordial, as well as listing all the costs of those requirements. Here’s an example of what you should normally need to organise an event.

Venue Costs

  • Room Rental
  • Security Deposit
  • Insurance Coverage
  • Parking

Food and Catering

  • Meals
  • Beverages
  • Bartender/Server Labor Fees
  • Tax and Service/Gratuity Fees

Audio/Visual

  • Microphones
  • Screens and Projectors
  • Internet Access
  • Other Specialized Equipment

Third-Party Vendors

● Items and services supplied by vendors outside of the host venue

Event Rentals

  • Linens, Table Skirting, and Chair Covers
  • Tents, Staging, and Amusement Attractions
  • Physical Items Not Provided by Venue
  • Labor and Delivery for Setup/Teardown

Décor Vendors

  • Accent Lighting
  • Flowers and Centerpieces
  • Balloons

Entertainment

  • Musicians or DJ
  • Speaker Fees
  • Contract Riders (food, lodging, transportation)

Production Expenses

● Staff and resources required to plan and execute the event.

Marketing and Registration

  • Print and Design Work
  • Advertisements
  • Invitations
  • Registration Management

Planning and Organization

  • Event Planner Fees
  • Part-time and Temporary Employees
  • Office Supplies
  • Communication Costs
  • Travel Expenses

Administrative Expenses

  • Salaried Employee Assignments
  • Accounting Costs
  • Legal Fees
  • Consultant Fees
Source: https://www.thebalance.com/

Alternatively, you could also look at Event Packages if you don’t want to break all these costs by yourself. There are some great packages over here 🙂

Estimating-Startup-Expenses

 

Be Flexible

Think big: Try not to narrow your requirements too much and be willing to make some adjustments if it can make you save money. The narrower your requirements for elements of your event, the tougher it will be to fulfil them on a small budget amount.

Think Free: Opt for what the venue you are renting has to offer in terms of types of equipment. Your guests are unlikely to care about the colour of the chairs they’re sitting on is, as long as they are comfortable, so you don’t have to strive for the stylish option.

Think smart: You can use or reuse items that served you in past events!

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Don’t travel far, or at all

You do not have to travel halfway around the world to organise an awesome event. Sure, palm trees and blue sea sounds appealing, but if you’re going to be spending 95% of your time planning that trip and crying your eyes out because of the prices, trust me it is not worth it. If it makes sense, pick a place that’s close by, which will cut down on transportation and lodging cost. Less exotic I agree, but so much more ideal and practical for you and your guests.

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Negotiate

Rule n°1, no matter what the event is, it is yours, so do not be afraid to take a step forward and ask for a little help. In almost all circumstances when you ask for a lower price, the worst that can happen is someone says no, and then you’re in no different place than if you hadn’t asked. The best case scenario saves you money, so from a  nothing to loose VS a winning perspective, it only makes sense to give it a try. Be honest about your budget, and upfront if you have another vendor who is willing to do the same work for less money. In other words, don’t be afraid to haggle.

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Cut down on Catering

Think outside the box! You do not have to follow a traditional three-course meal for a successful event. Instead, opt for a buffet, your attendees will welcome the freedom to choose their meal. Furthermore, sometimes we find ourselves in front of a super sophisticated fish plate when in reality, all that we wanted to eat is a good and simple pizza. Simple meals will usually guarantee you satisfaction from all of your guests. For dessert, forget about that big fancy cake that can cost more than £200… Cupcakes are a frugal alternative to a fancily decorated cake (plus they’re super cute and you can get a range of flavours and colours).

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Print Less

Nowadays, for environmental purposes as well as cost savings, a lot of modern events have already gone paperless. Printing, without you even realising it can play a big role in your event budget. Cutting down the amount of printing can save you a lot of money, as well as having a real positive effect on your guests. Always think in term of free technology. Nowadays, you can create amazing invitations without spending a dime on them. Think about making use of screens at the venue and innovative ways to use them. See our article on (The 7 Most Innovative Trends in Events Marketing). By using the technology that is available to you, you will save a huge amount of money, but also do a nice gesture for our planet.

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Much love 💋

The Hiroes team.

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