A Guide to Corporate Event Budgets
Planning a corporate event in Melbourne? There are a lot of details to take into account, not the least of which is the budget!
You’d be amazed by how high the costs can rise if you’re not careful, so here are the most important items on your budget:
- Venue — Always book the venue first, as this is usually the costliest expense. You may need permits or a license, and you’ll definitely need to consider the rental fee.
- Rentals — Are you renting tables, chairs, heating/cooling units, fans, lighting/smoke machines, tents, props, or other furniture.
- Décor/Supplies — Balloons, candles, flowers, specialty linens, tablecloths, chair covers, signs, props, paper supplies, writing implements, and centerpieces must all be included in your budget.
- Transportation — This should include both on-site transportation–meaning moving equipment and personnel around the venue–as well as the transportation of guests to and from airports, hotels, and homes. Don’t forget about accommodations for any guests visiting from out of town.
- Entertainment –– Are you hiring a speaker, a comedian, a DJ, a live band, a celebrity, models, show-girls, etc.? That will all need to be factored into your budget.
- Refreshments — Are you going to serve a breakfast, lunch, or dinner, or just go with tea and coffee service? Do you plan to make refreshments available throughout, serve drinks at happy hour, or open the bar at the end of the night? Don’t just count on the food and drink costs, but also the cost of bartenders, servers, cooks, and caterers. Plus, there is the cost of plates, silverware, cups, and other dining necessities.
- Waste — You’ll need to make sure you have proper waste disposal facilities, which includes bathrooms, sinks, trash disposal, recycling bins, and a crew to setup and clean up.
- AV — Video cameras, photographers, video players, TVs, projectors, screens, and microphones will all cost, so don’t forget to include these audio visual items into your budget.
- Promotion — Marketing the event will cost as well, so budget for TV spots, radio spots, magazine/newspaper ads, online ads, street signs, banners, and other promotional items.
- Personnel — You’ll need staff on hand to help manage the event security, people to organise and coordinate the event, registration personnel, hosts and hostesses, and public relations managers.
- Lighting — Overhead lights, stage lights, mood lights, strobe lights, and other special lights will need to be purchased or rented, along with extension cords.
- Gifts/Takeaways — Giving people a token gift to take home with them is a good way to keep the corporate event fresh in their mind for days or weeks to come, so consider promotional mugs, T-shirts, and other gifts to give your guests.
These are the MOST important things, but there are so many more costs you will need to factor in when planning your big corporate event. Be smart with your planning and let Red Scooter help!