The 'B' Word - Budget!
Why are some of us afraid of the “b” word? You know the one that more or else determines the scale of our events. The one that more or else is the deciding factor on most of the details of our event. Yup, the BUDGET!
You have the best ideas for the design of our event. You know who will be the perfect entertainment to have your guests moving. You know the perfect location. Most times however all these perfect variables are not possible because there is only so much you CAN spend on these elements of our event - you unfortunately don’t have the perfect budget.
Determine what is your absolute max that you wish to spend on your event. Then I know you're now asking yourself: "so how do I determine what to spend this figure on?"
First of all, do a budget breakdown. Outline every line item that requires spend. From this list there will be must haves, those items that you can’t compromise on; highlight them. Obtain your costs for each and see how the budget adds up and where you can negotiate with the vendor(s). Then, prioritise your spend. What are you absolutely unwilling to compromise? Ensure those areas are covered.
The BUDGET is a numbers game; the biggest number factor being your attendees. How many persons are you catering for? The more guests=the more spend. And that’s the reality. Corporate, Wedding, Private party - the cost of all is dependent on the numbers game. More guests=more decor (tables/chairs)=more food=bigger venue. Get the picture?
We love clients that say (and mean): “there’s no budget, give me the best”. The reality is however that most of us do have budgets. Most of us can only spend $x on our event. So begin your planning with that budget in mind. Every conversation with vendors should be guided by the allotted spend for their area. They can/should then advise what you can get for your budget based on your needs and help you make the best decision.
Do you find it difficult putting together a budget for your event and sticking to it? Download our Wedding Budget Template or our General Event Budget Template and schedule a consultation here with us to help you work through your biggest challenge with the budget.
