You won’t be able to forecast all expenses and revenues from the beginning, and some of these could even change over the course of the planning process. When planning a budget the biggest consideration should be which items represent expenses and which are sources of revenue that can cover costs.Įvent Budget: Quick Steps to Planning yours! Nevertheless, planning your budget with consideration for the most common expenses and revenues is necessary. In addition, you need to distinguish between fixed and variable costs to effectively forecast a budget for your next event. One of the key challenges for planners is to ensure that you carefully manage expenses and revenues to achieve the financial goals that have been established by your organization, as well as accurately measure your event success. The expenses and revenues you need to account for will vary depending on whether you are organizing in-person, virtual, or hybrid events.
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Bear in mind that using event management software like EventMobi which offers event apps, virtual event software, and a hybrid event platform can help streamline many of the processes. It’s also crucial to differentiate between fixed and variable expenses or costs. Fixed costs are costs that do not change based on the number of attendees. These costs are calculated as a total amount. Variable costs are costs that change based on the number of attendees. These costs are calculated on a per-person basis.
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ExampleĪccording to a Professional Convention Management Association (PCMA) survey, 36% of all in-person event expenses are for food and beverages (F&B) alone. This chart shows an overview of the most common expenses for meetings and events. Note that event technology can be incorporated into all of these common expenses.
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The virtual event platform you’ll host your event in.For example, event registration software can help with marketing and promotion by allowing event planners to automate emails about important speakers and sessions.įor a fully customized and branded virtual event, there are three common expenses that planners should consider budgeting for: The costs attributed to each of these line items will vary based on the scale of the event you are organizing. In many cases, there are do-it-yourself design options for the platform, or you may want to have your event space custom-designed to embody the essence of your brand. You can use ZOOM to self-produce at a low cost, or some virtual event platforms (like Eventmobi) have built-in DIY live streaming tools that will allow you to create live streams from within the platform. This tends to be a mid-level price option. Alternatively for higher-end budgets, you may prefer to hire a full-service professional production team like Eventmobi’s GoLive! Production Team, or an outside A/V company.
Professional live stream and video production costs (if you prefer to be hands-off).Fixed costs for virtual events tend to include: There are a number of fixed costs for virtual events that need to be accounted for when calculating your cash flow. You will also have some variable costs such as speaker fees and engagement items including swag boxes. Unsurprisingly, hybrid event budgets are a mixture of line items typically found in an in-person-only and virtual-only budget.
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