If you’re looking to run a successful event, you’ve surely already been thinking about financial planning for events.
That’s because it’s essential to understand the limitations and possibilities for investing in your attendees’ experience during the event.
Good planning allows you to make more assertive decisions and guides you toward success!
But if you still don’t know how to create a financial plan, don’t worry — in this post, we’ll cover:
- What is financial planning for events?
- How to create a financial plan for events?
- Understand the possible expenses of your event
- Check the post-event financial results
What is financial planning for events?
Financial planning for events is a management practice that consists of organizing the values and resources available to carry out something.
In this case, for your event!
This planning is important so that you understand which items truly matter for your event, what will be used, and where you can save.
How to create a financial plan for events?
1. Define your event’s limitations
Before you begin, you need to understand your organization’s current situation.
To do this, determine the size of the event and its implications, such as what your event’s limitations are, and factor them into your plan.
For example, start with questions like:
- How much do I currently have in cash?
- What type of event am I looking to hold?
- Is my current team enough?
- What are my event’s main demands?
- Do I need any materials?
- Do I already have a sponsor?
At this stage, every detail matters, since all this information will serve as the basis for your decisions.
And of course, don’t limit yourself to just the questions above. Every event has its own particularities, and you can explore yours as you see fit.
2. Calculate all your priorities
Now that you’ve thought about the present, it’s time to start envisioning your event’s future.
After defining your financial limitations, put into perspective which items truly matter for your event, what will be used, and where you can save.
For example, defining the format can help you understand what its more specific expenses will be, such as:
- Guest speakers;
- Audio and/or video equipment;
- Banner printing;
- Tool costs (marketing, management, streaming);
- Transport of equipment and staff.
At this stage, budgeting is essential so you can separate each segment into columns, also eliminating any superfluous items from your plan.
3. Keep additional costs in mind
Speaking of these less essential points, there are also items that might not be in your budget but are undoubtedly important for a successful event.
From cleaning to security, there are teams of professionals dedicated to carrying out each task needed to run your event.
So if you’re looking to outsource services, include the costs of hiring them and other activities in your plan.
For example, holding a coffee break requires a specialized catering service to deliver the best experience to your attendees.
Understand the possible expenses of your event
Online event expenses
Streaming service cost
To do an online broadcast with various features, you may need to subscribe to specific tools for this type of presentation.
But if you’re looking for an easier and equally complete option, there’s Even3 Streaming, a service designed to make life easier for online event organizers.
It also gives you the ability to explore various broadcast formats.
Production costs
If, in addition to the streaming service, you’re planning a more robust production, calculate the costs of studio rental, professionals involved, and equipment.
Speakers
One of the benefits of holding online events is exactly what I mentioned.
Think of it as an investment, since big names attract a lot of attendee attention and, consequently, increase ticket sales.
Creating virtual spaces
Online immersion, with the creation of virtual spaces to increase attendee interactivity, can include expenses with design and programming professionals.
So you can also opt for event platforms that already offer this type of service, which can significantly reduce your costs for this item.
In-person event expenses
Ticketing
If you want to hold a fully in-person event, including ticket sales, it’s important to include the cost of printing.
There’s also the team behind selling those tickets, so include the salaries of all staff in your plan.
But remember: with event platforms, you can sell your tickets automatically, with no additional costs, and even handle check-in via QR code.
Travel and lodging
Decided to hold your event in another state or country? Then account for all the costs of transporting your team and equipment, if you already own it.
Also, if your event brings in a speaker from another state or country, there are travel and lodging costs for the guest.
Equipment rental
Being an item I mentioned above, your equipment also needs to be considered in your financial plan as a very important item.
So analyze the event venue and survey what will be needed to carry it out.
Venue rental
Being one of the main points of an in-person event, the venue should be defined in advance, taking into account its costs, location, public access, and capacity limits.
It’s also worth analyzing its size, acoustics, and other spaces besides the main hall.
These can be used for other event activities, such as coffee breaks, networking, exhibitors, and more.
It’s worth remembering that the more space you have, the higher your cost will be to maintain an event that offers a pleasant experience for your attendees.
Prizes or giveaways
A prize needs to stand out visually, in relevance, and even in monetary value.
So while you’re planning a prize or trophy for your event, also be calculating its costs.
This way you’ll have more time to make changes to the design, presentation, and even to raise more money in case the prize is a monetary amount.
In fact, a good tip is to count on sponsors and supporters.
In some cases, they provide custom giveaways to distribute to attendees.
Staff payment
In addition to paying your team, it’s important to gauge which professionals you’ll need to hire externally, such as security, audio and video technicians, and others.
So align with your team and map out everything that will be needed to support them.
Stationery and printing
Does your event need banners? Or flyers for promotion?
If the answer is “yes,” include the printing costs for these materials, as well as any others you’d like to print in support of your event.
You can also invest in digital marketing with organic content or even paid ads.
If your event is hybrid, the costs mentioned for online and in-person events are the same, and you’ll need to combine them according to your needs.
Check the post-event financial results
At the end of the event, it might seem like it’s time to relax. But no — you still need to review your expenses.
This way, you’ll understand which items could have been optimized financially.
You’ll also get an overall view of your event’s total value, which can serve as a great example for your next edition.
And with that, you can redistribute resources, holding increasingly lean events.
It’s also worth staying alert to a few important points:
- Make payments on time to avoid fines;
- Have an emergency fund for unexpected situations;
- Always track the progress of your budget;
- Choose the best value for money with suppliers.
