Planning an event can be challenging and extremely expensive, whether private or corporate. A lot goes into planning a successful event, from booking a venue, renting furniture, booking guest speakers, hiring staff members, decorating your event, and organizing catering services and entertainment. These costs can quickly add to tens if not hundreds of thousands of dollars. This way, you can easily end up with a smaller budget than expected.
Fortunately, there are different ways to organize a memorable event, while staying within your budget. This includes cutting back on your event expenditure by renting your tents from an affordable supplier like Economy Tent International and finding ways to trim back on certain items. Here are a few effective ways you can save money while planning your next event:
1. Use Sponsors
Companies are always on the lookout for opportunities to get their name out there to boost brand recognition without paying high PR or advertising costs. Leverage that to reduce the costs of planning your event. Take advantage of your industry connection to get sponsorship from a company related to your business. You can also find companies looking to promote themselves in your event in exchange for money.
Apart from cash sponsors, you can also welcome in-kind sponsors willing to donate their services or products to your event instead of cash. Most in-kind sponsors are companies short on cash but have huge product inventories they can use to support an organization or a cause. Find a sponsor that deals with products or services you might need at your event. This gives your sponsors a chance to advertise at your event, increasing their brand awareness.
2. Book the Venue Off-Peak Times and Negotiate Price
Most companies charge more for venues during peak periods when the demand is high and charge less off-peak when there are fewer bookings. Booking off-peak times can help you find the perfect venue for your event at the most competitive rates. Ensure you don’t book on a major holiday or weekends when the demand for event space is high.
You can further reduce the venue’s price by negotiating with the facilities in your area. Research online to know the standard booking rates and the occupancy rate of nearby facilities in the last one year. Use that information to come up with an offer or negotiate for a reduced booking rate.
3. Reduce Catering Costs
Catering services take up a significant portion of any event budget. One of the best ways to reduce your catering costs is to choose a venue with an open catering policy. This allows you to hire a caterer with lower rates and can deliver quality foods that appeal to your event’s attendees. This also ensures you provide as much food and drinks as the number of attendees.
Partnering with an upcoming caterer can help further reduce your event’s catering costs. You can do that by offering them the opportunity to advertise at your event in exchange for a lower rate. A family-style dinner or buffet can be cheaper than a full sit-down menu since it doesn’t need many service staff.
To save money while planning an event requires you to think creatively, research diligently, and negotiate whenever you get a chance. If you don’t know where to start, use the above-mentioned money-saving tips to help you put together a unique event without spending a fortune. Other ways to cut back on your event planning budget include going digital with your marketing instead of printing handouts and brochures, encouraging staff members to share transportation costs, going light on decorations, and using compostable products.