Establishing a budget is arguably the most important part of the event planning process. Without setting a budget, it is incredibly easy to overspend and, in turn, put yourself in a difficult position.
Because most of us don’t have unlimited funds at our disposal, you should set your budget before you decide on any details for your event. The amount you have to spend will shape all the other aspects of your event—from venue and guest list, to invitations, entertainment, and catering.
Once you’ve made a realistic decision on the total budget for the entire event, make a list of everything you can think of that might cost you while preparing for the event. It is much better to predict higher costs and save money than to predict lower costs and end up spending much more than you had initially planned.
With a comprehensive list in hand, you can start deciding on a dollar amount for individual components of the event. Depending on the type of function you are planning, your focus will be in different areas, whether that be food, entertainment, or décor.
If you are working with an event planner or entertainment coordinator, some of this work may be done for you. An event or entertainment planning professional should have immense experience with budgeting for an event, so they may give you a list of things that should absolutely be included in the budget, ideas about which things will be the most costly, and suggestions about what the focal points of the function should be.
Additionally, event planners and entertainment agencies often have equipment that they will “rent” to you for the event. The same is true of certain venues, when it comes to furniture, tableware, and some technological equipment, such as screens and projectors. The rental rate from a company or individual that you are already working with to plan the event tends to be much less than rates from third-party vendors.
As you can imagine, event budgets can be quite lengthy. Listed below are some general suggestions for consideration. Think about these in the context of your own event, and add or remove items as needed.
Location or Venue
Event locations vary widely, and so do the list of things that come included in venue costs. Other than the cost of the space itself, you may need to pay for permits or licenses, tips for the staff, furniture, special flooring (especially important if you have an entertainment act), heat or cooling, tents or canopies, and risers or staging.
If you are hiring an entertainer, or even planning for a presentation, you will need to pay for certain audio-visual equipment, in addition to the performer’s fee, including: microphones, sound systems, projectors, television monitors, and a sound system.
Lighting is incredibly important for performances, but can also help set the mood for your function. However, special lighting does come at an additional cost. On top of the lights and set-up, you should also have extension cords on hand and consider arranging for a generator.
Food and Beverage
You will not only be expected to front the bill for the food and drinks, but also for servers or caterers, bartenders, taxes, and tips. If you are imagining extravagant or unusual equipment, think a fondue fountain or ice sculpture, those will most likely cost you extra money, as well. You may also be required to pay health permits and other miscellaneous charges.
Certain types of events, like themed parties, will require more decorations than others, like corporate events. If you are particular about backdrops, linens, centerpieces, and the like, budget extra money in this category, as the costs can quickly add up.
Insurance, Security, and Cleanup
These costs often go overlooked. Depending on the nature of your event, you may need liability, rider, or specialized insurance. Similarly, security personnel and cleaning crews may be required for more large-scale events.
Anything that must be printed, including marketing materials, invitations, thank-you cards, and menus, generally falls into this category.
Don’t let this list overwhelm you. Budgeting is important and it can involve making some tough decisions, but it will be worth it in the end when you plan a great event without breaking the bank.
Breezin’ Entertainment & Productions offers premier service that is sure to both relieve the stress of the event planning process and guarantee that the entertainment that is provided exceeds all expectations. To book your next event, contact a Breezin’ representative at 813-463-2272 today or visit https://breezin.com/