Top 10 Terms to Know When Planning an Event
Event professionals operate in a world of impending deadlines, to-do lists, and naturally, acronyms and industry jargon. When planning lingo becomes confusing or ambiguous, always ask for clarification & consult the VenueBook dictionary.
- Price per person (PPP). Venues use this term to create proposals. If your budget in $5K and you are expecting 100 ppl, your PPP is $50.
- ++ (plus, plus). Venues provide a base price for food and beverage and ++ represents additional tax and service charge which can be up to 30%. Before setting a budget, understand that a $5K event could have tax and service fees anywhere from $1K - $1.5K.
- Service Charge. Unlike tipping, a service charge is automatic and mandatory. A service charge may or may NOT be distributed as employee tips. This factor varies from venue to venue so always clarify if waitstaff gratuity is expected beyond service charge.
- Minimum. Venues often set a minimum price requirement for their spaces to ensure events are profitable. For example, if you are hosting a product launch and you need 1,000 square feet, but only want to buy coffee service, the venue will charge you the minimum fee for the space which may be more than the usual charge for coffee.
- Setup Fees. If your event requires time consuming setup and you are asking for several hours of space hold before and after the event, the venue may charge you fees. Why? The venue can not generate expected revenues from the space while it is out of service for your setup.
- Proposal & Banquet Event Order (BEO). Venues prepare a proposal to confirm and contract your event details. Proposals are then translated into a BEO and are issued to the staff executing the event on site. Before you sign off on a proposal, make sure you review it in detail and add anything you want the venue team to know in advance.
- Guarantee. Venues require a guaranteed # of attendees in advance (usually 24-72 hours). This is because they have to order and prepare food and properly staff the event. If your number drops from the guarantee, you will still pay for the signed #. If you are wildly over the number you agreed to, you run the risk of hosting an understaffed event with hungry guests.
- Deposit. Venues require a 25%-50% deposit upon a signed event contract. They will expect the remaining balance prior to the event start time.
- Consumption. This charge occurs if you consume more than you contracted. For instance, if you prepaid a two hour open bar and extend it during the event, you will be asked to pay for the additional consumption at the end of the event.
- Captain/Lead. Always ask to meet with the venue event captain/lead when you arrive on site. Establish a quick communication process if this person will not be at the event at all times. Cell phone or text can be very helpful.
Event planning is simple with VenueBook. Our marketplace provides transparent pricing so both venue and planner can their achieve profit goals and maintain their budget. With the ability to sign a digital contract and pay within our PCI compliant platform, we make booking simple and straightforward. Search our high-end venues at www.venuebook.com.