9 Practical Tips to Save Money on Your Next Event
Organizing an event is mostly exciting and it adds a lot of fun too, but the problem occurs when you have to arrange it at a limited cost. There’s no need to spend millions to make your event successful. However, cutting expenses on your food, drink, and venue can cut down the biggest expenses. If you can implement some money-saving ideas for event, you can turn your event to a mind-blowing one even if you’re working with a small budget.
Here are some simple but effective money-saving ideas for organizing an event successfully.
1. Plan your budget carefully
To cut extra penny for your upcoming event, first of all, prepare a checklist, which will greatly help you to learn how to host an event on a budget. You can discuss with your co-workers or others to figure out what really needed. Plan about how much money you can spend on a venue, guest speakers, catering, decorations, awards, entertainment, and incidentals. Setting a limit on each of your many categories can help keep costs in line. Here is a sample checklist for planning event budget:
2. Select your venue wisely
Venue selection is one of the major expenditures while organizing an event, but the show must go on and you must learn the tricks on how to host an event on a budget and implement those. Select a mid-range hall which is also not very far from the mainline train station and with adequate parking facilities. You can also check out whether any special discount offer is going on for booking venue or you can also negotiate with the venue authority regarding getting special rates.
3. Skip extra cost on decoration
Try to hire budget decors and skip the extra cost on lightings and fresh flowers. Avoid pricey decorating stuff too. You can also save cost on banner and festoons. Even pretty simple lightings could do a lot. They can transform any cheap-looking venue into a glamorous one. Use these ideas to cover up any last-minute mishap. Get local help to get cheap generators, lightings, and fans in this regard.
4. Work with students and volunteers
In a competitive job market, a lot of students and unemployed individuals are keen to secure a real-life work experience but working with universities is often an under-explored option for event managers.
With the right planning, whatever the skills you are looking for students and volunteers could add a fresh supply of energy, ideas, and talent eager to enhance your event. This isn’t just focused on event management students only, you may seek service from graphic designers, marketing, film or photography students. They'll also be able to save extra cost by promoting your event on social media using free tools.
What you should keep in mind while working with volunteers is that not all of them are properly trained and expecting 100% output from them would be foolish. Rather, be prepared to co-operate and guide them when required.
5. Consider budget meals
Instead of picking expensive meals, go for a budget set menu. You don’t need to serve pricey cuts of meat to impress your guests. Instead of adding full courses to the menu, try offering a smattering of appetizer-sized edibles – you’ll save major dough on your food budget.
If you want to save some money and valuable time together then choosing a buffet-style to dine in can be beneficial in this regard. A buffet meal with a limited option for foods and drink not only cuts the additional cost of food but also prevents wastage, saves the time of serving food and expense on seating arrangements. What you need to pay attention to a buffet-style dinner/lunch is to plan the menu accordingly. Rather than offering a wide variety of foods to your guest select a menu with a limited choice. For drinks, try to stock up your bar with no more than two options and by estimating the guest number. This trick is particularly effective when planning any social event or community event.
6. Get sponsors
Companies are munching at the bit to get their name out in the public arena without paying high advertising or PR fees. Take advantage of that. Search for a company looking to make a name for it and exchange exposure for money.
Event sponsorship doesn’t necessarily always have to be via cash only, perhaps a supplier could get involved and provide their product or service at a free or reduced-cost in return for beneficial impact and exhibition you can offer in return?
You can also work collaboratively or do a ‘contra-deal’ where you both supply expertise or products for each other’s mutual benefit.
At the same time, your industry connection can be utilized here. You industry connections in this regard can increase your chances of landing sponsorship. Try to choose a company or organization closely related to your business. Draft a proposal, present a road map for a future reciprocal relationship, and find the right person to present your offer to. You may be surprised by the result.
7. Go for off-season parties
Here’s the hard truth, no client ever wants to miss the peak season of the ceremony. Weekday events are a big NO to them. But do not forget, despite all of this, if your site into a totally unexpected environment, you can both “surprise the eyes” and “surpluses your pocket”. Off-season events are incredible opportunities to exceed expectations.
How could you remain to the plan of off-peak time and weekday event idea? Through maintaining regular communication with your clients and timely informative reminders by email, messages or direct mail.
8. Save on announcer/speaker fees
If it became necessary to hire an announcer or speaker for your event you can find someone from your network which may result in saving some extra money.
To spend less on Guest speaker fees, look for a speaker who’s already got an appearance booked around the same time in your area. You can minimize expenditure on transportation and lodging costs, and you may even be able to pay reduced rates. Also, consider booking your speaker well in advance, as many bumps up their rates as their calendar fills up.
9. Limit drinks option
Forecasting the right amount of alcohol, soda, and cocktails to buy for your party is both a science and an art. Instead of offering wine, cocktails, soft drinks, alcohols all together choose one or two types of drinks. You can set the limits of serving two beverages per guest during the first hour of your party, and one each hour after that. Rather than serving in large glasses, manage eight-ounce size glasses.
These money-saving solutions mentioned above are easily accessible. Adopting the steps mentioned above can make a significant difference in the resources you consume and, therefore, a real difference in the budget for your event. So, next time before hosting an event on a limited budget instead of getting frustrated try to follow the techniques on how to save money on events for a positive outcome.