Planning a corporate event is a lot of hard work. While some companies have the luxury to manage their events in-house and just hire key services, most businesses might benefit more from hiring an events planning agency to run the whole thing as this takes most of the worry off their shoulders.
But how much does it cost to hire an events planning agency? There’s no single answer to this as the amount you’ll pay will depend on a few variables, such as the type of event, the number of people expected to attend, length of the event, and extras such as food, drinks, entertainment and equipment. The price also depends on the type of events planning agency you’re looking to hire. Some agencies cater especially to small and medium companies and thus offer relatively low rates. Others plan large corporate events for big multinational companies, and therefore charge higher fees.
Let’s find out how events planning agencies normally charge their clients for their services.
Percentage of Total Event Cost
Some companies will charge you a certain percentage of the cost of staging your event. This can range from 5% to 15%. The events planning agencies will do an assessment of the expected expenses for your event and work out how much you’ll have to pay them from this assessment.
One such agency is Peri Peri, which has managed events for top companies in the UK. Its events management fee is set at 10% of the total event cost with a requirement to have the funds cleared 15 days before the start of the event.
Standard Hourly Rate
If your event is on the intimate side, you can opt to hire a smaller events planning agency. Most of these agencies charge their clients by the hour. Hourly rates average at £15. For this rate, you will have an events planning manager who will work on the nitty-gritty of your event while you stand on the sidelines making sure that everything is handled to your satisfaction.
Some companies offer packages for the most requested events. For instance, Corporate Events UK has discotheque packages which cost from £500 to £1600. The events management fee has been included in the package fee so you will just need to add VAT and transport zone charge which will vary according to the location of your event venue.
Sometimes events planning agencies do not have the package that you want for your event. Or you might have a very interesting idea for your event that you want the agency to realise. With these types of events, you can specify your requirements and the agency can then tailor the event around your needs and charge you what it feels to be the right price for it.
Whether your event is for your employees, business partners or your customers, you need to make sure that everyone will have a memorable time. Product launches should create a buzz and make your customers grab your new product offerings. Employee celebrations are supposed to make your employees feel they are working for a company that cares for them and has what it takes to conquer the industry. Hiring the right agency is therefore crucial to the success of your event.
Find the best Event Management company for your business.