We are back with the second instalment of our guide to putting on a doo...
This week we are looking at budgeting. I always start with pencil and paper to scribble my notes then use Excel to list everything out (as well as notes on my phone for those ideas that pop in your head at the most inconvenient time).
Below is a list of things to keep in mind:
- Always start with a realistic budget and stick to it.
- Your event and budget starts now and doesn't end when your guests leave - remember the set up and clean up!
- Factor in a contingency amount, for example if you have £1000 then allocate £850 with a £150 contingency - the amount you set aside is completely dependant on the type of doo, but always better to be over cautious at the beginning.
- Start with the main areas (location, food, drinks, decoration etc) and then break them down in full - we will give you a comprehensive list of areas to cover at the end of this series of posts to help.
- If you are on a tight budget be flexible with your theme.
- VAT - companies may quote excluding VAT so always check when researching suppliers.
- Insurance - if you are planning a corporate or public event - do you have appropriate insurance? Check supplier T&Cs!
- Visualise the event from your guests perspective - have you covered everything?
- Your budget will assist you in working out the point of profit/breakeven and ticket prices etc.
- Ask friends, families and colleagues for inspiration - what is the best/worst event/wedding etc they have been to and why? This will give you an idea of where you might want to add a little extra money.
- Search the internet - search similar events and blog posts to make sure you have covered every angle.
- When allocating your budget make notes with cheaper alternatives, for example you might want a DJ and allocate £400 but note cheaper available options you could use, e.g. iPad, playlist, in-house speaker system.
- Your budget will evolve as you get quotes from suppliers etc - the main thing is to make sure you cover all areas and always have a contingency.
- Finally - Check it adds up! I manually add up my budget as well as using excel formulas and constantly check as I go along.
Good luck and check back for Part Three in the coming weeks