Organising a significant corporate event can be a daunting experience, especially if this is your first time. From the price venue to the cost of catering, there’s a number of different aspects of planning an event that is likely to be expensive. However, we have come up with a break down of the average event cost and how you can avoid making costly mistakes.
Event Cost Mistakes
Leaving all of your planning to the last minute will cause you unnecessary expenses that could have been avoided. You will not have the flexibility or wiggle room to find the more affordable options. You also need to consider the activities you want to incorporate into your event before selecting a venue. You do not want to have to pay for additional transport costs for your guests because of poor initial planning. The last common event cost mistake we want to point out is going over budget. If you set yourself a reasonable budget, make sure to stick to it and save yourself the needless expenses. We will now run through how much running an event will actually cost you.
Make sure to look around at enough different venues before deciding on the one you think is most suitable. If you’re a large organisation, you could consider holding the event on your premises and host workshops and meetings in the offices. This type of venue is ideal for corporate product launches or craft fairs.
If holding the event on your own premises is out of the question, then there many venues that will make for the ideal space to host your event. Churches, public areas, village and town halls. In some cases, you may also be able to get a free venue if you spend a minimum amount on catering. You can incorporate this extra expense into the price of the ticket.
Think about the location of your event and make sure it is easily accessible for the majority of your guests. Moving away from city centres will not only help to cut your costs and increase your negotiating power but may also make your event easier to access, especially when it comes to parking. A survey found that 36% of the organisers questioned spent no more than £500 on their venue and 33% claimed that they had paid nothing for it.
Depending on the style of your event will be the decider on what type of catering you opt for. There are a few options you can decide upon. Asking for guests to purchase their own refreshments is perfectly acceptable if that is the type of event you are organising. You can opt for a low-cost catering option which could include a buffet or sandwich platters. The other alternative is to invite food vendors to your event, charging them for the privilege to be there. This will help create some extra revenue from your event.
You do have to remember, that if you are hosting your event over meals times you must provide some sort of nutritional refreshment (not just tea and biscuits). Consider holding a morning event and supplying bacon and sausage rolls for all your guests; an economical but widely appreciated catering alternative. Research again found that most organisers spend under £500 on food and drink, though 20% spent nothing at all.
Entertainment and Content
With some serious grafting, there is the possibility you could get some speakers to talk at your event for free. Turn to colleagues and relevant contacts who may be willing to help you out. Look out for people who will benefit from your publicity just as much as you will profit from their presence. It may also be worth getting in touch with relevant people who may want to promote their new product or book and take full advantage of your event.
If you are thinking of hiring additional entertainment, this may be a cost you cannot avoid. The addition of a Digital Graffiti Wall at any event provides the perfect opportunity for your guests to mingle with each other creatively. Hiring performers and live bands are also a prominent way of setting the mood for your event and creating a fun environment for all your attendees.
Staffing and Security
Utilising volunteers can significantly help to reduce the cost of onsite staffing. It is worth contacting colleges and universities to provide event management students with a work experience opportunity. Bar and catering staff will either be included in the price of the venue or the cost of the caterers.
If you are organising a small event, then you’ll need much lower security requirements. However, whatever size event you’re planning, you should always implement a risk assessment and health and safety procedures. If you are thinking of providing alcohol and then venue you have hired does not offer these facilities, then you should apply for a temporary alcohol license. This will cost around £21 and can easily be applied for on the Government website.
If the purpose of your event is to see a return in ticket sales, then, promotion and awareness of the event are essential. Even if you are organising a free event for your guests, you will still need to make people are informed about it. Email marketing is one of the most effective ways of drawing attention to your event and ensuring people attend. Social media marketing is now also one of the most powerful and economical ways of promoting the event, along with word of mouth. MailChimp is a great platform to use if you are thinking of opting for Email marketing. If you are contemplating focusing mainly on Social media marketing, then you must utilise the event features Facebook now offers.
Making sure you are clever and forward thinking with your planning and organisation, will make it possible for you to host a successful event on a tight budget. Looking around for the best value-for-money deals will allow you to save significant amounts on expenses. By taking our advice, you can avoid unnecessary costs whilst still ensuring you throw an incredible event for all your guests.