The Ultimate Event Planning Details: Budget

Before you start working on your Run of Show document, or getting speakers lined up, you’ll need to run the numbers for your event and make sure you have a detailed budget. Knowing whether you want to offer a ‘free’ event or one that will make your organization money is the first step.

1. For paid events, you will first need to get quotes on all aspects of the event that will need to be rented or purchased. This could be staffing, tables, chairs, WIFI, event apps, food; the list goes on. Quotes can be pretty easy to get from vendors and make sure to ask for details about payment and contractual terms. Once you have these, you can put your budget together and know how much to charge for tickets. Knowing a break-even point and critical sales date for the event is necessary as well. At this point, you will need to develop a sales and marketing strategy to make sure you sell enough tickets, by a certain date, to put on the event.

2. Free events will follow the same initial strategy. You will need quotes on all costs associated with the event and all contractual terms. Once you have these, you will see how many sponsors you need to make the event happen. Sponsors can be a mutually beneficial relationship but be sure to make it explicitly clear what they get in return and make sure to only take sponsors that will be in line with your organization’s mission and vision.

Just because you have a budget doesn’t mean you should use all of it. Make sure to take advantage of free online resources and leverage any connections you have, to make the event happen. No matter if you are putting on a free or paid event, the budget will be a critical aspect to your planning process and, if done successfully, will make your event the first of many! As always, the 2Shoes Team is happy to answer any questions you have or hear your stories about what has made your event a hit.