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How To Create A Budget For Your Event

I've heard many people say that they do not know how to create a budget and where to start. If you're not experienced in Excel, budgets can seem very intimidating. However, this how-to-guide will help guide new beginners through the basics of excel, in order to help you create a simple budget. There are tons of benefits to creating a budget for your event. Some include, knowing how much you're investing into your idea, having an understanding of how much you need to earn in revenue to break even or make profit, and having a record of a budget to improve moving forward.

It's also important to maintain the budget and make updates as necessary. If there are any changes in contracts, pricing, deposits, etc., then it's important to note the financial impacts of such changes. Some event planners, including DJ's EP offers to maintain and develop an event budget for their clients. Schedule a consultation to learn more about how I can help you create a budget that works best for you.

So, let's get started with the key elements of a budget, besides subheadings. In the example below, this person is planning an event for their rebrand launch:

Some of the "Expenses" for the event would typically include the venue, catering, an event planner, decorations and marketing. In some cases, the venue may have tables, chairs and A/V equipment included in the booking. However, if you book with a venue that doesn't provide additional amenities, then you should definitely consider renting additional equipment. Marketing would also include stationery and printing materials needed to promote the event.

One expense people typically forget to include in their budget is the cost of hiring an event planner. The convenience of having someone putting all the pieces together, coordinating all key players and bringing your vision to life, is worth the investment. Another expense is what I like to call the entertainment for your event. What's the "wow" factor that will bring people to your event?

It's important to note that having a budget before consulting with an event planner is a bonus. It gives the event planner an idea of which venues and vendors align with your vision as well as your budget. With that said, estimate how much you would like to spend for each of your estimated expenditures. In our example, this entrepreneur estimates spending a total of $8,200 on their event. These values can change based on the vendors and contractors you work with to bring your vision to life.

If you are on a tight budget and want to minimize your expenses, think about the different resources you have currently. Think about different people in your network who would be willing to support you. These people will help reduce your costs by providing in-kind support and services to help your event.

Some event planners have contracts and special deals with venues, vendors and freelancers in their area. This alone is essential in reducing costs in your budget while also building business relationships for your event.

Once you begin to dive deep into the weeds of event planning, whether that's by yourself or with a professional, the actual amounts will be confirmed over time.

BONUS TIP: Excel Formula_ SUM

fx = formula

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