Effective Budgeting When Planning A Unique Exhibition Space Manchester
11 Dec 2017
You have determined your goals and your target group. Now, let's take a look at the budget when planning a unique exhibition space in Manchester - specifically how to establish it, what part of the budget will you spend on each element, and what you risk from going over it.
How much is my total budget?
Do you base yourself on an imposed budget and organize your event according to this or do you plan your event first and then see how much it will all cost?
To plan your budget, you can simply create a spreadsheet in Excel and enter one by one your costs and expenses. There is also a host of specific applications for budgeting such as Planning pod, Smartsheet or Grenadine. The price of the application depends on its performance, capabilities and professionalism.
What should you include in planning your budget
The following items should be included in your budget from the very start; you can of course add others, but the following are a necessary minimum. Clarifying these will allow you to juggle the different costs during planning, and perhaps spend more in areas that represent core elements of the event plan.
Items: Indicate in this column all the individual items you want to budget. Visualize your entire event, from start to finish, and write down everything that can cost money. Do not limit yourself to aspects such as the site, catering and AV (audiovisual), but also consider costs such as marketing, transportation, booking a DJ and/or artists, hostess service, the composition of a goodiebag, tips, etc. So indicate ALL. And as detailed as possible.
Take note of each item separately, restricting the urge to bundle items even if this grouping makes sense at first (such as food and drinks). Otherwise, the task will be more difficult when it comes tweaking the budget.
Description: describe each item in a short and succinct manner, while remaining as clear and precise as possible. This task is incredibly important if you are working as part of a team of event planners, or perhaps require the nod from senior management. In doing so, everyone will know exactly what it is and evaluate if an element is essential for the success of your event.
Required Volumes: Quantities are crucial when establishing a budget. The slightest change can have a major impact in both directions.
Estimated Cost: Rates vary. For example, a professional event speaker may cost more than the next. In this case, it is necessary to introduce an order of magnitude, so that you get an idea of ??your budget.
Actual cost: Enter the actual cost here. This is especially important for reasoned evaluation and is valuable information for the next event.
Once all cost elements are on your schedule, it's time to make those estimated costs as realistic as possible; this will give you a clear idea of ??your final budget. It is good practice to define beforehand a maximum cost per participant. Divide regularly, as you go, the total expected cost (at this time) by the number of guests and you will know exactly where you are.
Plan A Back-up Fund
Even if you plan and plan everything, you're never safe from a last minute cancellation. It is therefore wise to already take necessary counter-measures into account. About 15% of the total budget is sufficient in the majority of cases. Usually.
The Budget Slips - Sponsorship
If your budget is already threatening to fail during the design phase, it is likely that you have been too optimistic. But do not panic right away, the time has come to start thinking about sponsorship.
Acquiring sponsorship for a unique exhibition space in Manchester always pays off, even though it may take a lot of effort on your part. Awareness is essential for a multitude of companies, and many will be willing to pay for you to help them improve theirs. So be sure to build a convincing sponsorship file. If you're working within a specific industry, let's say engineering, organizing a trade show with well-known speakers, you'll obviously be looking for sponsors that will benefit from the actions of the event; this may include local merchants that do not fall within your targeted group, but may become involved in future projects, and bank branches.
You can also consider charging the entrance fee; however, think over this issue well. If you are organizing a prestigious charity gala or an international award ceremony, perhaps requesting entrance on a carte blanche basis (i.e. blank cheque). In the case of less known and unique events, it's risky. Charging the entrance may turn to your advantage, or to your disadvantage. If it's to your advantage, your budget will be grateful. Otherwise, you may end up with a room that is way too big.
A well thought out budget ensures that you get as much back as you put in when holding a unique and exciting event at The Bridgewater Hall exhibition space in Manchester. There are a range of stunning spaces which include our state of the art sound and visual technology, present throughout the building.
Furthermore, we have a dedicated Events Team that will support you throughout the planning and performance of the event. For more information submit an enquiry to the Conferences & Events Team using the online contact form or check out our detailed blog articles on other aspects of event planning at The Bridgwater Hall exhibition space in Manchester.