It’s hard to plan an event budget without having an idea of what expenses will be involved with hosting an event. Whilst it’s hard to say exactly what each element will cost as it depends on a range of different things, it’s good to have an idea of what expenses will need to be covered in the planning process.
Below, we have outlined all of the expenses involved in hosting an event.
On-Site Event Expenses
On-site event expenses are the costs and fees that are involved with booking your event venue, and the extras that come with it. While on-site event expenses are often the most costly, they are also the easiest to predict as you will be given a cost estimate well in advance, allowing you to budget accordingly.
It’s important not to forget the variable costs involved which will vary based on your attendance numbers. Catering is an example of this, as the more attendees you have, the more you’ll need to spend on food and drink.
Here are some of the on-site event expenses that you can expect:
This involves the cost of the venue itself, as well as your security deposit, parking, and any other costs involved with the venue.
These costs will vary depending on your choice of venue and its size.
Food & Catering
Food and catering costs include the meals you serve guests, whether it’s a buffet or a sit-down dinner, drinks and waiting staff wages.
As we’ve mentioned above, these costs will vary depending on the number of attendees you have.
Audio and visual costs include everything you need for your presentation, this can include microphones, screens and projectors, WiFi, and any other specialised equipment you may need.
These expenses include all of the items and services which are supplied outside of the venue. Each of these will be billed separately, so you need to keep an eye on each cost individually to ensure they aren’t going over your budget.
These relate to anything you need to rent for the event, these could include linens and chair covers, staging items etc.
The items you require will depend on what type of event you are hosting, and therefore costs will vary.
Decorating your event and making things look good doesn’t come for free. Decorative items for your event could include accent lighting, flowers, centrepieces and balloons.
Again the costs involved with this will depend on your event requirements.
Another expense involved with hosting an event is entertainment costs. This could be DJ or musicians fees, speaker fees or any other form of entertainment you choose to have at your event.
Production involves all of the resources you need to plan and execute your event. These expensed begin in the early planning phase and go right through to post-event activities.
Put simply, these expenses include everything from organising the event and attracting attendees through to managing all of the administrative aspects.
Marketing and Registration
These include all of the costs involved in attracting attendees and raising awareness for your event. These can include:
- Print and web design work
- Invitations to the event
- Managing the registrations you receive.
Planning and Organisation
Events require careful planning and organisation in order to run smoothly, and there are costs involved in this. For example, planning costs could include event planner fees, employee wages, office supplies, communication costs and any travel expenses.
There isn’t a specific amount that you should set aside for unplanned expenses, some event organisers opt for 5-10% of the total budget, while others pick a round number to work with. It is extremely important to have some back-up money in case of any unexpected fees which need to be covered.
So, there you have it, some of the most important costs involved in hosting an event. While it’s really hard to say exactly how much each element will cost, now that you understand the areas you need to budget for, you’ll be able to get specific quotes to help put your overall budget together.
Here at Winter Gardens, we provide a range of services to event organisers to help them execute their vision for the perfect event. Find out more about the services we provide here.