When it comes to party planning, budget is one of the biggest parts of creating a memorable event. Without a budget, it’s incredibly easy to... Read More
When it comes to party planning, budget is one of the biggest parts of creating a memorable event. Without a budget, it’s incredibly easy to go overboard during the planning process and go over and above any financial limits you may have.
Here’s how to stay on budget with your event rentals.
Lean on previous events for budget strategy.
If you’ve planned events in the past, you already have some great data to start with as you plan a new event. Not only do you have the contacts you need for most of your rentals and vendors, you also have a sense of how much you need to budget for each type of rental.
If you’ve never planned an event before, start getting quotes from your top ideal vendors so you can begin to have a sense of how much you need to budget for each line item. Plan on each must have item at the beginning, so you don’t miss anything later on.
Everyone needs to be on the same page with budget.
No matter if you’re an event planner or a bride, there are likely more people than just you who have a stake in your event. As an event planner, your client or your company holds some responsibility in the bottom line; while as a bride, you might have your partner or family to consider for the final total wedding budget.
Regardless of your connection to the event, it’s critical to involve any and all parties invested in it have a say in the final budget.
Get clear on what the event needs.
Certain events have certain needs. For instance, a wedding may need a ceremony space and reception space, but they can actually be one in the same and can therefore use the same chairs for both. Meanwhile, a corporate retreat may need a stage and flooring for an outdoor event.
Each event is going to have “must haves” that have priority within your budget. Then, with any extra funds, you’ll be able to move to the wish list items.
Pad your budget.
If you want to be sure that you’ll stay either under budget or have the option to use funds for any last minute ideas, add an additional 5 – 10% on top of your budget. That way, this money is available for any overages or to account for those final wish list items.
Track all expenses along the way.
As you begin booking event rentals, you’ll be responsible for down payments and even full payments. It may go without saying, but it’s important to track any and all money spent to ensure you’re staying on track with your budget. After all, your budget is your best guess at money spent, while actual spending will show you how closely you’re staying to the budget you’ve set.
Budgeting will help your event run more smoothly (and with less stress). Follow these helpful tips to stay on budget and ready to enjoy a successful party!
And for help with New England event rentals, give us a call at Sperry Tents Seacoast!