When you want to have a great event, but you have to do it on a shoestring budget, you need to find ways to cut your expenses. The first thing Event Organisers will need to do is figure out what your budget is and what you need to do to make a profit/margin. It is very easy to stray away from your budget, but you need to make sure that you stay on track and keep your budget in a positive.
Here are a few ideas when creating an event on a shoestring budget.
1. Recognise in which parts of your events you can cut costs, and in which parts you cannot. Eg. venue
must be paid, but perhaps you can find a cheaper alternative for the centrepieces?
2. Try and find volunteers that can assist you pre-event and onsite.
3. Shop wisely. You will want to try and find bargain any time that you can.
4. Sponsorship is a great way to increase your income, so you can have more money to spend on the event. This should be planned 12 months in advance if possible.
5. You need to find a venue that is inexpensive and is in a great location.
6. Offer guests refreshments and canapés but not a three course meal.
7. Advertising can take up a big part of your event planning budget. You will want to try and get your event promoted however there are so many mediums which are free or inexpensive such as local newspapers, magazines or using the internet. You can also create invitations and flyers in-house using programs that you have.
8. Negotiate, Negotiate, Negotiate – everyone is willing to go lower
9. Ask for support from your industry/ community.
Take a look at many of the other tips we’ve featured in Forum Group’s 25 page FREE EBook for download for all event organisers.
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