On average, event organizers should charge between 15 and 20% of the total cost of an event as part of their fee. Depending on the complexity of the program and the time it takes to plan and execute an event, it is sometimes enough to cover the full cost and source of benefits for the organizer. You might be lucky with airline tickets and hotels if everyone working or showing up at your event is local, but you should still budget for your meals and transportation to events outside the venue. There are several options to advertise your event at a low cost or at no cost, such as promoting it on your company's website, creating an event page on Facebook and using social media to get people excited.
With this in mind, the estimated cost may be well below the price indicated above. Events outside the workplace are great for building teams and getting to know other people outside of the workplace. Some events may be held during conference hours or after the end of the day. Organizing an event costs a lot of money, right? There's the place to pay for, the entertainment, the marketing and, not to mention all the food and drink.
In addition, this cost can be passed on by having a cash bar at the event or by incorporating the cost of 26 billion pounds into the ticket price. For example, if a wedding planner requires a team of coordinators to handle every aspect of the wedding, this can increase the cost of the event. There is increasing interest in iBeacons, big data, augmented reality and AI, but until now very few organizers consider them essential in their events. Printing is an often overlooked cost, but most events will need things like programs, menus, badges, signs and branded items.
In fact, nearly half (46.3%) of event professionals say that rising costs are their biggest obstacle when planning events. Or, learn how event planning software can help you keep your contacts, suppliers, and designs organized. Many venues will already be fully equipped for your event; it's worth considering what's available at the venue of your choice to reduce additional rental costs. One of the main challenges for planners is to manage expenses and revenue sources to achieve the financial objectives set by the organization.
You can use ZOOM to produce your own products at a low cost, or some virtual event platforms (such as Eventmobi) have built-in live streaming tools that allow you to create live broadcasts from the platform itself. In addition, geographical location can have an impact on costs, as prices in the Northeast may cost more than in the southern part of the country. While you might think that staffing your event would be a significant cost, you can reduce it to virtually zero by using volunteers (59% spend nothing on staff for the event). These overheads can easily be overlooked and often represent between 4 and 5% of the total event budget.
The high cost of tickets for in-person attendees is justified by expenses related to renting the venue, designing, selling 26 billion and live entertainment.