Defining Your Event Budget

Rooted In Revenue

Content provided by Susan Finch. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Susan Finch or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

6+ y ago 8:29

M4A•Episode home

Archived series ("Inactive feed" status)

When? This feed was archived on September 02, 2022 18:16 (2y ago). It did not yield a valid podcast feed at any time.

Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Are you making money or losing money? You MUST have a budget. You must forecast your expenses and plan out your profits to give you an idea of what your numbers may or may not look like. You can’t wish on a star and hope it will all be ok.

How much money do you have to spend for this event?
Are you receiving donations from vendors?
Will you be looking for sponsors?
Do you plan on having exhibitors?

Sponsorship is a GREAT way to cover the cost of your event and I know that topic is covered in this summit, so I hope you paid attention.

Do you plan on generating a profit from your event?

If so, make sure you calculate that into your numbers, so that you’re not fighting to save your profit at the end.

Do you have a contingency in place?

With everything you do in your event you will need to have a contingency or backup in place, just in case something (inevitably) goes wrong or costs more money than you had originally planned.

Always budget at least 15-20% contingency

Did I mention that things inevitably go wrong? If you don’t have room in your budget, then you could be costing yourself more than just money. Think stress, overwhelm, fear, anxiety...yes...you will create a huge burden of stress. So, let’s just eliminate that right from the beginning. Plan to have a contingency (or buffer) in your budget for the unexpected.

Let’s look at what you need to budget for….

Venue
Decor
Design
Event Tech
Group Activities
Entertainment
Furniture Rentals
Licensing
Insurance
Wifi
Electrical
A/V Equipment & Setup
Staging/Lighting Rental/Vendor
Food/Catering Services
Hotel Accommodations for:
- Team
- Guests
- Speakers
- Attendees
Stipend for:
- Volunteers
- Staff
- Speakers
Ground Transportation for:
- Team
- Guests
- Speakers
- Attendees
Speaker Honorarium
Advertising/Marketing
Print Services
Staffing
Shipping
Storage
Taxes
Fees
Clean up
Union Fees
Deposits
Cancellation Fees

Get your Quick Start Budget Template or your Full Event Budget at eventsbylany.com/rootedtips

58 episodes

#Business #Marketing #Tech #MBA #Susan Finch