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What Budget is Needed for a Business Event

What Budget is Needed for a Business Event?

A business event is a great marketing tool. Even if it is catered to your own employees or existing suppliers, the image your business projects will affect how your employees and business partners perceive you. This is why it’s important you plan and execute business events as well as you can.

Whether you are planning a conference, training, recognition awards, celebration or product launch, you have the utmost responsibility to ensure that it is managed down to the smallest detail.

Managing a business event entails a lot of planning. You have think about the venue, guests, chairs, sound system, entertainment, food and a lot more. You can choose to have your own staff manage the event or hire an events planning agency to run the whole thing.

There’s no fixed budget that we can give you to which you should plan your event. How much you will need to spend really depends on a lot of things, such as the number of guests, the type and amount of food you’ll serve, the venue and the type of entertainment you will use.

Let’s talk about the elements of a business event that you’ll have to budget for and how much each of these could cost.

Venue

If your event is meant for just a few guests, you can hold it in your company premises if you have a room big enough for it. Most companies, however, choose to hold bigger events outside the office. The price you have to pay for renting a venue depends on its location and size. A standard hotel in London, for instance, can provide a conference room for around £200 a day. Expect to pay more for larger venues, of course.

Catering

This is where it’s very important to know beforehand how many guests are expected to turn up at your event. Most caterers will charge you per person. The price ranges from £15 per person for a buffet to £30 for a banquet meal. If you opt to serve canapés to your guests, the caterer will probably charge you per piece of canapé--£1 a piece is normal.

Entertainment

If you’re holding a celebratory event or a product launch, you will need some entertainers to liven up your event. Most entertainers charge by the hour. For example, you can hire a comedian for around £50 an hour or a group of circus performers for around £30 an hour. If you want to hire a musician or a band, expect to pay from £300 to £3000, depending on the number of musicians you’d like to hire.

Equipment

Don’t forget that you’ll have to shell out for sound and lighting equipment as well, unless this comes with the venue that you’re renting for your event. Sound equipment rental ranges from £70 to £600, depending on how big your venue and guest list are. You can also hire a DJ for around £30 an hour to provide music for your event.

You can rent lighting equipment and visual effects for your event, ranging from £15 to £100 per piece of equipment.

Security and Support

If you’re inviting VIPs to your event, hiring security personnel will be a good idea. Events companies can provide you with security starting at about £10 an hour.

You can also hire bartenders and waiting staff for between £10 and £25 an hour.

Event Manager

If you would like to leave most of the organisation to a professional, you can hire an event manager who will make sure that everything goes as smoothly as possible for your event. Event managers normally charge £50 an hour for their services.

There are also event planning agencies who will charge you a percentage of the total cost of your event, ranging from 10 to 15%.

As you can see, there are many things to plan for when you’re holding a business event. The best way to go about this is to figure out your objectives for your event and see how much money you can put into the event. From there, you can assess which elements mentioned above you should include and budget for.

Let Approved Index help you find the best Event Management company for your business.


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