How to Budget Your Event Like a Professional
The most crucial part of planning an event is setting a budget and sticking to it. Easier said than done, of course. Full service event production companies like Sight & Sound have mastered the art of making the most of every dollar.
Exhausting your budget on a swanky entertainer or impressive party favors might seem like a good idea at the time. But when you get to the end of your budget sheet and there’s no money left for marketing or food service, you’ll quickly begin to think otherwise.
Sight & Sound has been a staple in Jacksonville’s event production space since 1987. Take a look at our professional advice for keeping your event budget on track.
Identifying areas of importance amongst your team will keep you on track when deciding how to divide your budget. If you plan to sell tickets or sponsorships, establish income targets before spending a single penny. Always be conservative with your income estimates so as not to overextend your spending.
No matter the type of event you wish to plan, it’s imperative to set a budget for every line item. Highlight items for which you can’t budge on price, then identify items you can live without (or at least reduce the amount you spend on them).
This isn’t the time to cut corners and lump expenses together. While it’s tempting to group certain things like food and drink costs, our professional full service event production team says this is a big mistake.
Start by defining the main categories like event rentals, marketing and food. Next, narrow in on individual expenses under each category. Our best advice is to be as specific as possible. Remember, everything from table cloths to lighting solutions cost money.
Arguably the most important category on your budget is what goes into the event experience. Work with an event production professional to ensure you don’t overlook any crucial budget items.
Common expenses in this category include:
Setting a budget for an event of any size can quickly become tedious and time-consuming. The overall success of your event comes down to proper preparation at an early stage. Ensure a great experience for your attendees by working with the professionals at Sight & Sound Production.
Our full service event production team will work closely with you to establish a budget and stay within it. Reach out to us today to get started on your event production process.