Create a budget strategy for your event.
It is important to have a general strategy before starting to come to terms. Look at the big picture and make sure you have an overall understanding.
Here are some things to consider when planning an event’s budget:
1. Start with your goal
What is the purpose of the event? Make a profit, raise funds or raise awareness about a particular problem?
2. Take a look at the data
Take into consideration the revenues and expenses of your previous events. Alternatively, you can read case studies of other events.
How to prepare and manage your event budget: count every penny
Count every penny.
3. Put everything in writing
It is important to count every single cent you manage to raise and manage your event budget.
4. Communicate with your team
Make sure your team understands the budget. Communicate clearly with all shareholders.
5. Check the trends of the event industry
Keep an eye on how others spend their budget. It will indicate you a possible new trend that you should be aware of.
6. Create a budget for the online event
Before getting into the specifics, it’s a good idea to create a draft budget. If you need help, use this template.