When planning an event, there are a few steps to consider in advance. For example, what is the purpose of the event? Is it a social gathering with various guest activities? Is it a wedding where the focus is on family and emotional connections? Or, in other words, does it fall under one of the following categories: corporate events, social events, or charity events? After determining the type of event, we can move forward into planning specific details, such as activities, décor, and the overall vibe. And, most importantly, how to do event budget planning.
Set Clear Objectives and Goals!
Keep the following questions in mind when determining your motives for the event.
What is the Event Purpose?
There are at least three types of events, and what are their objectives?
✅ Is it a corporate event?
These are often used for networking, relationship-building, brand exposure, product launches, and sometimes charity cases.
A celebration of life can also be considered a corporate event, especially to commemorate a beloved office legend.
✅ A social event?
These are typically for entertainment, casual gatherings, family-friendly events, weddings, or bar mitzvahs. Many wonderful and personal occasions to celebrate!
✅ Charity event?
It could be a simple fundraiser, a community engagement, or aimed at raising awareness.
Event Details
After establishing the purpose, it is time to move on to the fun stuff—what will truly make up the event. Whether it is activities, decor, or the layout to maximize connections, there are many aspects to consider to make an event successful.
The details always matter! You do not want a situation where half of the guests are still seated while the rest are preparing to leave. Keeping your guests engaged is essential.
For corporate events, create designated spaces where people can connect on a personal level, as it is well known that the best business ventures often arise from casual conversations rather than formal settings. For family events, invest in emotional, sentimental elements to make the occasion feel more personal. As for charity events, my personal favourite is to keep the crowd engaged and energized, such as by throwing an auction with prizes. The happier they are, the more inclined they will be to contribute!
The Event Budget Planning
Everything has a price, and it is all about the must vs the needs. Understanding your primary goals can greatly help in determining what belongs in the ‘yes’ or ‘no’ pile, and you can work from there. Budgeting does not have to be scary or intimidating; however, it is important to approach it with an open mind when organizing or allocating the budget to different elements.
Event Budget Planning Strategies
Divide Your Budget into Key Categories
For example, when it comes to corporate events, allocate a larger portion to the venue itself, as most networking events require a large space to accommodate all the guests. An added bonus is if the building or location already has built-in décor or a ‘wow’ factor, allowing you to splurge more on the venue and spend less on décor. The less work, the better!
Catering
Do not forget to allocate a significant portion for food. It can be very costly to feed an event with 1,000 attendees.
Rest of the Budget
With the remaining budget, you can divide the funds between entertainment, staff, and marketing. Of course, some areas may require more flexibility.
Safety Net
Bear in mind, always have emergency funds—set aside at least 10-15% of the allocated budget!
Personal & Charity Events
For personal or charity events, it is all about the ambiance. Personal events may require smaller venues, but authentic touches really bring out for both what makes the event special, what makes the event special. Whether it is for a family member or to raise awareness, these elements often go hand in hand.
Entertainment
Entertainment is always a must! Every event should have its own unique flair, just as you would not bring a children’s entertainer to an all-adult party or a TED speaker to a wedding. I mean, you could, but is it really the best option?
Bottom Line
Of course, you can blow your budget or be very smart about it, as at the end of the day, it is up to you. Some items are simply non-negotiable, like the venue, catering, and staff, which are essential for your event’s success. Extras that enhance the guest experience are a nice bonus but not mandatory.
Conclusion
When in doubt or feeling uncertain while budgeting, do not hesitate to book a consultation for expert guidance!
