There are a few important factors that will be at play for virtually any kind of event you’re considering throwing, and budget is on this list every time. Sticking to your budget is vital for many individuals, companies and other entities, and doing so while still pulling off a great event is the name of the game.
At In The Event, we’re happy to offer a wide range of both event rentals and event planning services for a huge variety of Utah events, from corporate events and digital events to weddings, birthday parties and more. In this two-part blog series, we’ll talk about our most basic tips regularly offered to clients when it comes to formulating and sticking to your budget for any event.
Even if the goal isn’t necessarily a quantifiable one (“Make sure everyone has fun” is a goal, even if you can’t put a number on it), it’s important to have a clear understanding of what you’re trying to achieve before you start working on the budget. This will help ensure that you’re allocating funds in the right places and not overspending in areas that aren’t going to contribute to meeting your goal.
For instance, think about what kind of impression you want your event to make. Do you want it to be luxurious and high-end, or fun and casual? This will help guide your choices when it comes time to select things like the venue, catering, décor and more.
Keeping track of all your expenses in one central place is key to making sure you don’t overspend. This can be as simple as a list or document where you write down everything you need to purchase, along with the estimated or actual cost. Alternatively, there are many great budgeting apps and software programs out there that can help streamline this process.
Down similar lines, this same document can also serve as a checklist of sorts as you check items off as they’re taken care of. This can help give you a better idea of where you stand financially at any given time and make sure nothing gets forgotten about.
Early in the budgeting process, you should be thinking about the range of expenses you may have, and how you’ll be able to pay for them. This may include using a combination of personal funds, business funds, credit cards or even loans.
Keep in mind that some vendors may require payment up front, while others may allow you to spread things out a bit. You’ll also want to make sure you have a clear understanding of any fees or interest that may be associated with using certain payment methods so you can factor that into your overall budget.
For more on how to create and work with a budget for any major event you’re holding, or to learn about any of our event planning or event rental services to Utah clients, contact the pros at In The Event today.