You’re hustling to grow your event planning business. Bookings are up, the calendar is full, and there aren’t enough hours in the day to get everything done on your growing task list. But for all your hard work, you aren’t hitting your financial goals. Maybe you’re skimping on takeout meals or opting to stay in while your friends hit the clubs. Whatever it is, the fruits of your efforts feel underwhelming. In this article, we share the signs that perhaps it’s time to reevaluate your event planning rates.
You Want to Pivot to Different Types of Events
You thought planning dream weddings was your calling. But you’re reconsidering your event planning niche now you’ve lived through drunk grooms, Bridezillas, and an astonishing “I object” from a jilted ex.
It goes without saying that different types of events garner different rates. You’ll need to reevaluate your event planning rates if you find yourself wanting to expand into different event planning arenas.
You’re Not Meeting Your Income Goals
It’s been your busiest year yet, with a full calendar of booked events and 50-hour work weeks. Yet, your hourly rate isn’t living up to your expectations, and you’re not going to meet the income goals you outlined at the beginning of the year.
It could be that planning events takes longer than you anticipated, or your expenses are higher than you thought. In any case, you should reevaluate your rates to correspond to your desired hourly rate. Here are some tips.
Track the hours you work on each event. Paid and free apps are available that will track your time on both your laptop and mobile devices. Pair tech options with an old-school planner or notebook that you carry with you.
Track your expenses, right down to the cups of coffee you bought for your client meetings. Financial apps can streamline expense tracking for you by allowing you to log expenses and take photos of receipts from your cell phone.
You’ll gain a clear picture of your current hourly rate if you consistently track your time worked and your expenses. Now, ask yourself how many hours you’ll work in a year.
For example, there are 52 weeks in a year, but you should plan on taking at least two weeks off. So, working 50 hours a week translates into roughly 2,600 hours a year.
Does 2,600 hours per year multiplied by your current hourly rate add up to your annual income goal? If not, it’s time to reevaluate your event planning rates.
You’re Feeling the Cost-of-Living Squeeze
You already know the costs of living anywhere, especially in NYC, have ballooned in recent years. From groceries to rent, you need to spend more to just break even. With prices on almost everything going up, perhaps it’s time to raise your event planning fees.
However, raising your rates during times of high inflation is tricky. Your clients are experiencing a higher cost of living as well. You may have even noticed that they are planning fewer events.
In that case, you may consider targeting high-net-worth or corporate clients. These clients are less likely to drastically reduce their event planning budgets due to the constraints of inflation. They’re also willing to pay a premium for top-rate event planning services. Adding just one or two of these lucrative clients can help you achieve your earnings goal.
It’s That Time of Year Again
That’s right, reevaluating your event planning rates and packages is an annual gig. Every year, you should revisit your earnings, expenses, and goals to figure out your rates for the coming year. Doing this consistently will help your event planning business grow year after year.
Learn More Business Tips at The Event Planner Expo 2025
Knowing when to raise your rates or reconsider your event packages is just one piece of the puzzle when running your NYC event planning business. Learn more business, marketing, and industry insights at The Event Planner Expo. There, you’ll network with more than 2,000 industry professionals and learn from top event planning experts. Attending The Event Planner Expo 2025 is a surefire way to take your event planning business to the next level. Buy your tickets today!
