Whether this is your first time planning an event or you’re someone looking for ways to keep your budget on track, learning the basics of building an event budget is an essential part of event planning.
Using a spreadsheet like Excel is extremely helpful, however, a hand-written spreadsheet will still do the trick. You’ll want to start by labeling four different columns: Item, Estimated Expense, Actual Expense, Notes/Details.
Building an Event Budget – Things to Think About
Venue Rental Costs – This includes the venue itself, along with additional add-ons (if applicable) like
Vendor Costs – Depending on your event, vendor costs should include things like catering, photography, cake, DJ, a photo booth, and entertainment.
Media and Lighting Equipment Rental – Screens, projectors, lighting, microphones, speakers, monitors.
Guest Speaker – Guest speakers or officiants may need hotel accommodations, transportation to and from events, as well as their fees and any tips on top of their normal speaking/service fee.
Advertising – With public events, this is important. You may want to incorporate mailers, air time on the radio or TV, fliers, as well as boosting on social media.
Gifts or Giveaways – This includes gifts for event participants or guests, swag, favors, or promotional giveaways.
Emergencies – Once you’ve got all your line items in the budget, factor in some wiggle room with emergencies (because sometimes emergencies happen!)
Estimate each expense and fill in the actual expense as you go. Your budget should be a living budget, so if you’re finding you may need more money allocated from an item that was not as expensive as you anticipated, you should be able to do that easily.
Looking for more help on building an event budget? Trust MSI for your Fresno event planning needs and give us a call today!