If you had the freedom to introduce every fun and thrilling event amenity for your event planning clients, you would. But there’s always a budget to adhere to and keep in mind as you introduce new elements and ideas. Today, we’ll share insights to help you stick within those budgets and without compromising. Stop overspending where you don’t need to, and start getting creative with how you manage your event spending.
1. Avoid Overspending on the Venue
Revisit the New York venues you book for your social and corporate events. Start looking for ways to get more value out of those venue partnerships. For example, book the hotspot that also offers great audiovisual capabilities and presentation elements instead of choosing a venue and then booking a separate company for AV. Look for other layers of event planning aesthetics that help stretch those venue-booking dollars.
2. Avoid Overspending on the Technology
There are certain tools and tech you’ll rely on as an event planner. But make sure you’re not overspending on innovations. Every day there are slews of new products and software services on the market. And while not all of them will make sense for every event, you can explore some of the services that help reduce overhead costs. Talk with some of your other event planning colleagues to see what tech they’re using. Do your homework and make sure you’re not overspending where you don’t have to be.
3. Avoid Overspending on Entertainment
Your events will need layers of entertainment. And booking big-name DJs and high-profile entertainers is expensive. So, how can you bring in those must-have event amenities without blowing the event budget? If you can’t substitute one entertainer for a more affordable option, change gears entirely and look for ways to bring more budget to your event. You can do this with the following:
- Event Sponsorships (And Entertainment Sponsors)
- Invite Volunteers (Instead of Paying for Help)
- Offer VIP Tickets & Experiences (With Higher Price Points)
Keep these insights in mind, and just remember to consider all your options before booking any event elements. Look for ways to trim costs you don’t need. And get creative about bringing in bigger budgets whenever possible. For more inspiration about running a lean yet still impactful event planning business, get in the room with top pros and industry influencers at The Event Planner Expo 2023! It’s the one place you are guaranteed to walk away with more insights and strategies for improving and growing your New York event planning business!
