By LaKisha Mosley
Recently I was a guest panelist on Glambitious’ “Her Money Moves” teleconference. I shared some tips for budgeting for your event. For your event to be successful, you must have a clear understanding of every dollar you spend. You must know how much you can spend and where to allocate those dollars. If you don’t you may spend money unnecessarily. If you want a return on your investment, it’s critical that you track your money.
Here are six tips to help you with event budgeting.
- Have an event budget plan or strategy.
- Think about everything you will be spending money on. If this is a new event, research potential costs. If this is a recurring event, look at past spending.
- Set a goal for your event.
- Think about how many tickets you want to sell, how many people you want to target, how much merchandise you want to sell or how much sponsorship dollars you want to collect. Setting a clear goal for your event dollars keeps things in perspective as you plan.
- Map out every single expense you may incur.
- Be very specific in this area and try not to lump things together such as catering or decor. List things out like entrees, desserts, cocktails etc. or tablecloths, chair covers, sashes etc. The more detailed you are the better.
- Have two sections; budgeted and actual. At the end of it all those numbers should be close.
- Have an event promotion strategy.
- You must be very strategic in this area in order to receive any returns on investment. Decide how you will market your event, where you will advertise about it and what tools you will use to do so.
- Maximize your budget by using free or low-cost tools like social media where you can automate your posts and purchase ads to target a specific audience.
- Explore other avenues of revenue.
- Consider sponsorships, swag bag options, selling event merchandise or ad space on your event site. Customize packages that may be beneficial for both you and the people or companies you’re reaching out to.
- Get creative.
- Think outside the box of ways to save money for your event.
- Hire influencers to market your event. Create incentives that may be enticing to them.
- Have certain aspects of your event outsourced or use volunteers. Depending on the event, local college students may need community service or volunteer hours for school.
- Partner with other brands or local businesses for collaboration opportunities. Your event may be something they’re interested in and may offer their services in exchange for cross promotion.
If you want to profit from your event, you must control your event costs from the very beginning.
LaKisha Mosley is the owner of The LM Experience, an event management boutique and the owner of a lifestyle blog about faith, family and love. You can connect with her on IG, FB and Twitter @lakishammosley.
Check out her website by visiting http://www.lakishamosley.com for more inspirations, features and blog posts