You need to start by selecting the type of event you are going to have and be realistic about the budget. You can determine it with the help of a manager or finance department. Do your research on the current trends and what are the usual rates. Use spreadsheets or budgeting software if your event is complex, this will help you save time and have everything more organized. Add the expected amount and actual costs on the must-haves such as venue, catering, marketing, and transportation. Share it with your stakeholders so they can approve it. Add a detailed description of every item that you need as well as the estimated cost to get an idea of what kind of budget you need.

You can research your budget by looking at past events and using them as a guide depending on the number of attendees and items you used. You can also reach out to vendors, this is the most realistic way to find out how much you will be spending approximately.

Now comes the time to take the bid choices and start to fill your budgeting platform with the actual costs, make sure you are staying in the green but keep in mind that events are unpredictable so always get a contingency fund.

Event budgeting software makes it easy to track your income and expenses. With all your information in one place, you can see exactly where your money is going and adjust accordingly. This is especially useful if you have sponsorships or are selling tickets to your event.

Organization is critical when you're trying to create a budget for your event. With event budgeting software, everything is in one place, so you can easily see what needs to be done and when. This way, you can focus on other aspects of planning your event and leave the budgeting to the software.

Creating a budget for your event can be time-consuming, but with event budgeting software, it doesn't have to be. By using software to track your income and expenses, you can save work hours. Plus, you can use that extra time to plan other aspects of your event or enjoy some much-needed rest.

Even knowing how important budgeting is to ensure the success of your event doesn't mean it is a task event planners love doing, sometimes they don't know where to start so here are the basics that need to be included in every budget.

Venue and Equipment

The venue is usually the largest expense in any event budget, you need to find the right space that is enough for your expected audience, some venues include visual and audio equipment, make sure it is top quality since it could have a big influence on the event's success.

Staff

You need to hire the right staff that will fulfill your expectations and provide the best experience for the audience. You can hire a recruiter or use an on-demand hiring company.

Marketing

You need to invest in marketing since this is the way to reach a bigger audience and become more attractive to potential customers. Using event budgeting software can help you save some money on this element.

Catering

The quality of the catering you offer can have a huge impact on the event's success so use a catering directory to find the service that fits your event style and budget.

Establishing a budget is vital to ensure the success of your event, you need to be realistic about what you can spend and optimize the cost so you get the best revenue, the budget defines what is going to happen financially at your event. List all the expenses and the expected revenue you should get from the event. The process of creating a budget may be complicated and you may require some extra help to come up with the right one but it will determine the success or failure of your event from a financial point and improve your tactics for the next event.

An event management software includes tools that help you control the expenses, and the most valuable leads to sponsors, and also help you calculate the ROI by tracking the attendance number, their interest, engagement, and actions as well as you can share that information with stakeholders and sponsors. You can measure the success of the event and set a new target for the next one.

What you include in your event budget will depend on the characteristics of your event. The characteristics of an event vary according to the size of the company, the goal of the event and the scope of the event, among other variants.

To begin with, there are several levels of event budgets. However, there are necessary costs that are the basis of your budget. Keep in mind that each item comes in a variety of prices. Before we go into detail, the basic costs that your budget will include are as follows: food, venue, event planner, AV, labor, swag, security transportation, speakers and entertainment.

There are other elements that you should include in your budget because it is highly convenient for your company. The event should include promotion and marketing so that as many people as possible know about it. Also take into account event management technology tools such as email marketing, event website and event management platform, among others.

Creating a budget is one of the most important parts of planning a successful event but it is also one of the most complex processes and you may not even know where to begin. Fortunately, our event management software has an event budget system that makes the process easier and faster. You have access to tons of pre-built templates where you can place all the items your budget requires or you can create your own. It has the same elements as a spreadsheet with the extra benefit that you can integrate it into your event management software and send the information to your staff, organizers, and suppliers so they can download it or take a look at it in real-time.

Set payment due dates with remainders and add notes to track your expenses. You also have a revenue tracking feature that reports all your income sources (tickets, merchandise, etc) so you can find out if you are under or over the budget. The software is easy to use and you can also get access to it from your mobile and share the information at any time.