When planning an event, it is easy to spend more money than you had initially budgeted. To make matters worse, 90 percent of event professionals say their current budget is inadequate, according to Eventbrite's 2018 Pulse Report on industry trends.
But budgeting doesn't have to be a burden. Follow these four steps to create a budget that you'll be able to stick to.
Map It Out
There are several event-management and budgeting programs in the market that are guaranteed to make work easier for you. Once you've selected the software, you can start making a budget.
Use historical data from previous events, including attendance, catering costs and promotion to create your budget. You'll also want to consider recent trends that may affect pricing.
Regularly Update Your Budget
As you continue preparing for the event, you will need to update your spending to compare the actual costs to what you had forecasted. Sometimes, you will find supply prices a bit higher or lower than expected, making it necessary to adjust as you go. Having budgeting software on your phone makes it easier to make updates since your plan is with you all the time.
Expect the Unexpected
You will almost always need extra cash for unforeseen expenses, so put a miscellaneous line in your budget. Unavoidable circumstances can lead to last-minute changes, so it is imperative to have a pool of money to cover to such items.
Do Your Research
Get quotes from several vendors when planning for an event. Doing so will give you the chance to select vendors with the best prices and products. You can also use these quotes as bargaining tactics to convince your go-to vendors to lower their prices.
Marissa Bergen is a freelance writer from Los Angeles. She is passionate about everything from fashion to natural wellness, but especially enjoys writing about music and musical entertainment. You can find much of her writing on the Brass Animals website.