There’s a lot that goes into planning an event, but one of the most important steps for many people would be preparing a budget. Whether you are planning for yourself or for a friend or for work, it’s necessary to have a budget. Without a budget, it’s easy for event expenses to grow out of control.
Our Amazing Gaming Truck has made appearances birthday parties, school functions, corporate events, and fundraisers. For most of these events, the planners knew the budget they had and without it probably wouldn’t have known how long they could book us for. With an excel sheet and these tips, you can be on your way to having a budget for your next event.
Here are 5 steps to creating a better budget for your next event.
- A Simple Setup. First, planners need to have four categories across the top of the spreadsheet: Item, Description/Comments, Projected Expense, and Actual Expense.
- Categorize the Expenses. The best way for planners to make sure they don’t miss any expenses is to categorize. Some common categories are travel, venue, marketing, food and beverage, and photography. Categorization will help planners focus on every detail within one area to ensure nothing is overlooked.
- Determine the Goal. What is the goal for your event? Is it about people remembering amazing food and conversation? Maybe it is about having one-of-a-kind entertainment? Either way, keep in mind the goal of the event for the next step.
- Expense Allocation. Whether it’s based on past events, information available online, or outlined requirements, determine how much of the budget will go to each category. As a general rule, many sources recommend catering to be up to 30% of the budget. The budget can speak directly to the focus of the event, so an event meant to be focused on great food should have 30% allocated for food.
- Predict Item Expenses. Give reasonable estimates for the individual items on the budget. Some items are easier to predict, for example travel, but some areas will be more difficult estimate without deeper exploration.
So for your next event, use these steps to plan a better budget. If you are looking for better entertainment, contact Amazing Gaming of Wheels.