How much does it cost for an Event?
Four costs that are mandatory to consider before creating any event.
Event has a wide definition. It can be anything as small as a small birthday party to as big as a big-fat wedding. Be it a small get-together at your home, or a musical evening in an am phi-theatre, everything and anything can be considered as an event. In this article we would be discussing about four costs that are mandatory to consider for any event planner who is involved in planning of any event. Be it a birthday party, be it a wedding, and be it a get-together or a musical evening, basically any event.
Cost for an Event
1. Cost of hiring a venue.
2. Cost of hiring speakers/artists for that event.
3. Cost of marketing of that event.
4. Cost of printed materials that are supposed to be used in that event.
Of course, these costs can be as varied as the event can be. But I am sure, you’d be wise enough to abstain those points that aren’t applicable for your event. So, let’s begin with Cost of hiring a venue.
- Cost of hiring a venue: The average cost of venue can range anywhere from $25.86 to $130 per hour for a standard space. This is just an approximate price and the range can even go up to $1000 depending on how prestigious is the place chosen for your venue.
- Cost of hiring speakers/artists for that event: A survey says that 32% of event creators reported “acquiring speakers or talent” as their highest expense. This is for two reasons: 1) Cost and 2) Availability of talented speakers or artists. Depending on both the cost can be as small as $70 and as big as $1000 for an hour. One thing to note here is to always be aware of the locality and the speakers/artists that are already in town because out of the town artists generally tend to charge more.
- Cost of marketing that event: Just after the ease of marketing with social media has come in, 43 percent of the event creators report Marketing and Promotion as their topmost cost consumption in their budget. Though a typical marketing budget can be anywhere starting from $300 to $30000. Based on the type of event and the resources in house.
- Cost of printed materials that are supposed to be used in that event: Cost of printed materials generally tend to be a little less nowadays since the increasing adoption of social media. But still it typically ranges anywhere from $50 to $750.
How to save?
A standard way to save in cost of hiring a venue is to plan the event in advance and book it for the date. Another way to save depends on the type of event that you are planning to host and the cost cutting factors that go on with the event. Be it a birthday party or a wedding, if you book your venue, speakers and plan your marketing in advance you are bound to get the best deal and save at least 10 to 15 percent from those “last day” planners.
Creating any event without considering these four costs is impossible and hence these costs are taken into consideration by event managers the most.