5 ways to cut down your event budget

The cost of planning an event varies with the type of event being planned.

Corporate events, weddings, and birthday parties usually cost a lot to plan.

As an event planner, your responsibility is to create the best experience within the budget provided by your client, and this will require you to cut costs in various areas.

This blog post talks about how to cut costs and spend within your budget when planning an event. Following these tips, you should be able to spend within your budget and include costs for other unexpected costs. 

Setup a mission statement

In event planning, a mission statement is the core purpose of the event planner in creating an experience. While goals are specific, mission statements are broad and help you create a guiding framework for setting goals and objectives.

Having a mission statement may seem very formal, if not dramatic, but it helps to communicate what you need to achieve at an event clearly, guides good decision-making, and provides foundational support for creating a thought-out strategy.

All these benefits combined allow you to stay on your budget and deliver the best experience to your clients.

Be smart about your venue

Some venues come with equipment that you’ll otherwise need a vendor for. In addition to seeking out a space that fits the capacity of your guest list, choose a venue with lighting, sound systems, air conditioning systems, tables, and chairs so you won’t need a vendor to source these materials for you.

While these venues come at a high price, their cost may not total up to renting these materials from different vendors. You can find an event venue like this on GoldnLilies. Note that the cost of hiring a vendor may include transportation and their welfare during the event.

Hire from people you know

An alternative to hiring vendors from a professional company if you’re working on a budget is to hire a professional you know. Vendors from your network are more likely to offer their services to you at a lower price than hiring a vendor you’ve had no existing relationship with.

Some vendors you can find in your network include DJs, Emcees, officiants, decorators, and caterers.

Negotiate with your vendors

A common misconception is that your vendor's quote is fixed, like an item in a supermarket. However, you can talk to your vendors and negotiate the price of their services to match your budget.

Several vendors are flexible enough to accommodate your budget and give you the best experience within it; all you need to do is ask.

If your desired vendor is way out of your budget, seek another vendor from one of your alternatives or find a professional vendor from event management platforms like GoldnLilies.

Event sponsorships

Event sponsorships are the way to go when it comes to financing your event or getting free services from some vendors. Event sponsorships are common among corporate events and social gatherings.

Before planning an event, always ask your clients if there are sponsors. You should only count these sponsors once their contributions are received. This ensures smooth planning for the D-day and helps you avoid any no-shows. 

Conclusion

There are several ways to cut costs when planning an event so you can stick to your budget to create an awesome experience.

You can set up a mission statement, hire from your network, be smart about your venue, negotiate with vendors, and seek out event sponsorship.

These tips apply to almost all kinds of events.

Are you an event planner looking to work on projects of different sizes and themes?

Join the GoldnLilies and have access to a platform that connects your event planning business to your ideal client.