How to Budget Like a Pro For Your Next Event
Hosting an event in Chicago is an expensive affair, not to mention stressful. From deciding the theme to booking the venue, décor, and event rentals in Chicago, there is quite a lot to plan and implement, all within a monetary limit.
Most organizers have tentative budgets or approximate budgets set initially, which they most likely override when they start the planning and booking processes. This happens because of two possible reasons; they either set an unrealistic limit, or they get overwhelmed and carried away with their bookings.
To prevent these issues, and to host a successful event within your budget, here we have a quick guide for you.
An easy guide to event budgeting
To prepare a realistic and accommodative budget for your event you need to do a considerable amount of research and thinking for sure. Where do you start, how do you determine the limits? Let’s explore.
Where do you start?
The company or brand on behalf of which the event is hosted will definitely have a hard limit, depending on the size of the company and overall marketing budget for the year. As an event organizer, you need to present a realistic event budget, within the hard limit to your marketing head.
To start off, ask questions related to the intended scope of the event. Is the company planning to invite elite guests? What is the total number of guests they intend to invite? Will there be sponsorships?
Asking these questions will help you draw an overall idea about the event.
Define goals and objectives
As a part of the first step, you also need to have the goals and objectives of the event clearly defined. Is the company intending to increase awareness about its brand or a new product they released? Is it a community event meant to spark engagement and networking? Is there a message to be conveyed or a concept to be taught by the brand to guests through a conference or seminar?
Defining these end goals will help you plan the theme, itinerary, and furniture rentals needed for the event, which in turn will allow you to start calculating the cost estimates.
Make a list of rental items required
Once you’ve determined the theme, make a list of all the rental items you need for the event. While you do this, be sure to get as specific as possible and consider the numbers of each item required as well. To do this, try to visualize your event at the proposed few venues. Having a tentative number of guests will help decide the venue and the quantities of items required.
For a head start, here are a few items you will need to include in your list.
· Bar Furniture
· Stage sets
· Registration desk
Find a comprehensive supplier of event rentals in Chicago and extract the cost estimates
For an extensive list of rental items, it is always a good idea to find a comprehensive provider of event rentals in Chicago. This is so that you can minimize the number of vendors to coordinate with, and also reap the benefits of bulk ordering.
Modern Event Rental in Chicago is one such holistic rental company offering a wide selection of furniture and décor event rentals. We carry in-house designed high-quality collections of everything from sofas and chairs, coffee and communal tables, truss rentals, stage sets, and other décor items. We create our pieces with the highest quality material to ensure the utmost durability, utility, and comfort. We also offer delivery and pick-up options to support our event organizers.
After you find your supplier, communicate your requirements and extract a cost estimate for each item. With Modern, all you have to do is go through our catalog, add your required items to the cost estimate, and request a quote.
Find the best local vendors for the rest of your items not covered by the first supplier and determine cost estimates for those items as well.
As for the venue, narrow down your options based on the space and facilities you will need, and the accessibility factors.
This will give you an almost accurate idea of the amount you will be spending on rentals and venue.
Research to verify the costs
Now that you have a rough idea of the costs of all items, go about doing your own research to verify the costs. You can refer to the vendors list and cost sheets of some of your previous events that were similar. You can also find out the fair costs of all rentals around your area from a general perspective and cross-check with your current estimate. Take recommendations from peers in your industry as well. With this step, you should be able to find the best deals from your suppliers of event rentals in Chicago.
Set aside funds for contingencies
By now you should have a fairly accurate estimate of the amount you will need for a majority of the moving parts of an event. Now, no matter how much you plan, there is a chance some things may go wrong on the day of the event. For such situations, you need to have a contingency plan and a dedicated fund. You can draw from this set if and when you encounter a problem, such as if the turnout happens to be more than what you expected, and you need extras of chairs, or if your desserts don’t arrive on time and you need to improvise, etc.
Add event marketing and promotion costs
Now that you have a fair idea of the in-event expenses, it is time to add a margin for the marketing and promotion aspects. As part of your comprehensive event plan, include fixed amounts for your paid digital advertisements, print ads, invitations, and the like. Work out your marketing strategies and arrive at the exact amount to devise a foolproof marketing plan that doesn’t overshoot your budget.
Add miscellaneous expenses
If you plan on distributing certificates or gift bags for the participants of your event, add the expenses related to the printing of the cards, wrapping paper or gift box charges, gifting item charges, etc. Having a clear list of RSVP guests will let you plan and prepare the exact number of gifts for your participants, extracting an accurate cost estimate.
The total of all of the above expenses will reveal your budget. To keep yourself from deviating from these requirements or overshooting your budget, try to get accurate guest numbers and lists expected at the event. This will allow you to plan and curate the exact number of décor, food, gifts, and furniture event rentals in Chicago, leading to a more accurate budget. Adding a margin for contingencies over and above an almost accurate cost estimate will ensure that you do not go beyond your budget.
Choose Modern Event Rentals for your next event in Chicago, and save yourself from the hassles of coordinating and paying multiple vendors. Secure the advantage of placing all your furniture and décor rentals with us, and get a great deal.Back To Blog