Did you know that overspending is one of the most common problems in the event space? It’s true.
Even if you scout out the best venues, secure world-class guest speakers, and design your schedule meticulously, your plans can come crumbling down if you bottom out on your finances.
While no one sets out to throw a bank-breaking event, it happens all the time because of common budgeting mistakes.
Thankfully, you can avoid these pitfalls if you’re aware of them, and we’ll show you how. Let’s dive in!
Budget Blunder # 1 Leaving No Margin
In event planning, it’s not uncommon to stumble upon unexpected costs. A surprise thunderstorm on camp drop-off day calls for a tent installation, or the corkage fee at the conference venue turns out to be enormous. Even if everything runs smoothly, receipts can run long because of permits, insurance, gratuities, or transportation fees.
Whatever the charges, don’t let hidden costs sideline your event budget. If you set aside three to 10% of the total event cost as a buffer, you won’t regret it.
Budget Blunder # 2 Neglecting Negotiation
If you’re booking the first vendor, venue, or service provider that you talk to, you’re leaving money on the table. Negotiating isn’t about being cheap; it’s about being savvy and getting the best value for your event budget.
Don’t hesitate to shop around, do some research, ask for discounts, and negotiate the best terms for your event.
Budget Blunder # 3 Not Offering Purchase Protection
For event organizers, chargebacks can leave a dent in your bank account and a demoralizing cloud over your day. The best way to slash chargebacks is to offer a Purchase Protection upgrade at checkout.
With Purchase Protection from RegFox, registrants can pay a small fee in exchange for the ability to receive a refund should the unexpected happen. If a customer utilizes Purchase Protection, our system allows you to sell the registration twice, so you end up making double on their ticket! The payoff is well worth it.
Budget Blunder # 4 Overlooking Technology Costs
From the video presentations to the keynote speaker’s microphone, technology is a crucial part of events today. Whether it’s the audiovisual equipment, subscription fees, or one-time setup costs, don’t forget to factor in these rapidly accumulating expenses.
Budget Blunder # 5 Not Charging Enough For Registration
At this point, you’re probably well aware that the price of just about everything has gone up. This also includes the cost of running your event.
If people can get used to paying 30% more for their daily breakfast scramble, it’s safe to assume they can handle a 5-6% increase for an event registration fee.
While event budgeting has the potential to go south, avoiding these common mistakes will put you in the right position to pull off a financially successful event. Remember to room for margin, negotiate, offer purchase protection, account for technology, and price your event right.
If you have any questions about how to nail your event budget, don’t hesitate to reach out to our support team.
We’re here to help you host your most successful event ever!
— The RegFox Team