You're toying with the idea of organising an event. But before you start, you get stuck on an important part: money. Because how do you determine the budget for an event? We will explain that to you.
How do you budget?
A good budget is perhaps the most important part of making your event successful. Because if you don't know how much money you can spend, you won't be able to make smart choices while organising. These are the steps to take to prepare your budget.
- Choose a venue and consider the basics
The event venue usually accounts fora large part of your budget. This is because it involves more than just hiring the space. Sometimes other services may be included, such as technical support, furniture and catering. Are you planning to organise an event at Jaarbeurs ? If so, we’d be happy to provide you with a quote that includes everything. That way, you’ll know exactly what the costs are in advance.
- Technical equipment, production and staff.
Another cost item for which you need to set aside a sufficient budget is technical equipment. It is both essential and indispensable for a successful event. Sound systems, lighting, cameras… you don’t want to skimp on these. Just imagine: you want to offer a live stream, but the Wi-Fi cuts out. Oh dear! That simply mustn’t happen. And don’t forget the staff you’ll need for this – for example, the cameraman and coordinators, or the hosts, for that matter.
- Speakers and other programme elements
Think carefully about how much your programmecan cost. How much are you prepared to pay for a speaker? And what about any travel and accommodation costs for that person? Also, consider other programme elements. For example, someone running a workshop. Or a band or DJ. Work out in advance how much you’d like to spend (roughly), so you’ll have a better idea of who to approach.
- Promotion and communication
You’ll also want to promote your event to the general public. So be sure to set aside part of your budget for promoting the event. Social media campaigns, for example. Or adverts. Do you need an event website, or will you post something on your own website? And how will you sell tickets? Some platforms charge a fee for this too.
- Bear in mind unforeseen costs
There are always expenses you hadn’t factored in beforehand. Sometimes these are costs that can mount up quickly; other times, they’re minor expenses. Think of an extra microphone, a last-minute change to the programme or a longer set-up time (and therefore more staff hours). Set aside at least 5 to 10 per cent of the total budget for unforeseen costs.
Note: your budget never stands still. It is, as we say with fancy words, a living document. So regularly check whether the actual expenditure is in line with your estimate. And if not, make adjustments. By keeping a file up to date, you can see exactly whether you are sticking to your budget. And if you exceed it, you may be able to correct it with other expenses.
Giving an actual budget of an event is complicated. After all, the actual costs are closely linked to the purpose, the number of people, the space, catering, etc. Therefore, ask well in advance what is compulsory at the venue and what you can (or want to) arrange yourself.
But, a draft can look like this:
- Venue rental: room for x number of people €....
- Catering: lunch and a snack €....
- Technology €....
- Speakers €....
- Marketing and communications €....
- Decoration and furnishing €....
- Staff (hosts, security, etc) €....
- Unforeseen costs (10%) €....
- Total €....
Organise your event strategically
Making an event budget is more than just thinking up amounts. It is a strategic process where you continuously make choices about what is really important for your event. If you say 'yes' to everything, then you know for sure that you will go over budget (unless you have an unlimited pot of money, but we don't think so!).
Another component is revenue. Is your event free or paid for by participants? In addition, do you choose sponsors, and if so, how can they contribute? That too deserves a place in your budget.
Get help from professionals
We understand that you don't make a budget every day. It is a complicated but hugely important part of organising an event. That is why we like to help you. Because we know exactly where the most costs are and which parts may need less attention. If you request a quote from Jaarbeurs, you will get transparent prices. And if you want, we will also think along with you about alternatives. With us, you get the versatility and flexibility you need to make your event a success. We are here for you!
