Budget is one of the most important parts of your event and determining what you should spend is often hard to figure out. We’ve listed a few things to think about that should help you determine how to set your budget.
Cost per head:
Think about how much you are willing to spend per person. If you are going to cover the cost of alcohol for your guests make sure you factor in a two drink per hour average for each guest.
Food costs are very reflective of the type of meal option you choose. If you want to save money you can choose to just go with light appetizers (passed or stationary). If you want something a bit more substantial you could serve a full meal. Remember, the type of food, the amount of food and the way in which you choose it to be served will all affect your price.
Alcohol is one of the biggest drivers of cost when it comes to planning an event. If you are going to pay for alcohol you have a few different options.
Beer and wine only - if guests want liquor they pay themselves
Open Bar - you pay for all drinks
Drink Tickets - you set a maximum number of drinks you’ll pay for and anything above that number guests pay for out of pocket.
The other option is to do a cash bar in which all drink costs are covered by your guests.
Keep in mind that there might be a room fee, especially if you are booking a private room. If a venue doesn’t have a room fee, they may instead use a minimum spend requirement.
Confused by any of this event jargon? Looking to become an expert in all things events? Don’t worry, we got you covered. Download our “Guide to book events” e-book and become a pro in no time.
If you are curious why venue managers might be declining your events then read this blog article and if you want to know how to save money when booking events click here.
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