Whether it is a seminar, party, wedding, or any other event, working on a budget is probably one of the most crucial things. Creating an event budget helps in the successful planning of an event without missing some of the vital information. For many, creating a successful budget can be easier said than done. Therefore, to avoid losing track, especially on the financial aspects, it’s always essential to have an event budget template. These templates help you cover all the necessary expenses needed for your forthcoming event. Besides, an event budget template also allows one to track the sources of income, i.e., from merchandise sales, sponsors, attendees, and registration fees.
Tips for making a successful event budget
Creating a budget even template is not only tedious but also time-consuming. However, if you find it challenging to formulate, the following tips will help you out:
Define the goal of your event: First, you need to define the purpose of your event. For instance, do you want people to remember the electrifying experience? Or you want them to remember the mouthwatering food served? Why are you planning for the event? Once you’ve defined the purpose of the game, you will be able to know how to allocate your resources and expenditures.
Include every necessary detail: In order to make your event budget more accurate, you should always include everything in detail. Remember, even the small items matter and, therefore, shouldn’t be ignored.
Don’t underprice or overprice an item: When writing your budget, you should always be actual in pricing. If you underprice or overprice a commodity, it will only look pretty on paperwork. When it comes to real life, it could mess out with your overall budget.
Don’t be afraid to spend: Spending money can be the most stressful part of an event. However, for you to plan a successful and impactful event, you will have to use some good cash. Therefore, if money isn’t a limitation, you should go for high quality and valuable products.
Types of event budget templates
If you are wondering where to start with your event budget planning, you shouldn’t worry anymore. The following are two significant types of event budget templates than you may use.
Excel templates: These templates can be used for any type of event budgeting. Besides, they are ideal for large event planners who want to prepare and visualize the budget expenses on an excel spreadsheet. They are more flexible as compared to other types of templates.
Printable templates: It at all you love paperwork, then these templates will suit you just fine. They are ideal for smaller events and cover the necessary expenses such as venue of the game, staff payment, decors, to mention a few.
How to build an event budget template
Sometimes creating an event budget template can present a significant challenge, especially if you are new. Therefore, if you are wondering where to start, we have provided you with a step by step guide that will help you create a detailed budget.
Step 1: Determine what you are budgeting for
First and foremost, you need to identify the type of event that you are planning to have. Different activities have different budgeting. The advantage of knowing the kind of your budget is that you can always organize unique costs any way you please. Some of the expenses you can include in your event budget template include Audio/visuals, catering, labor, travel cost, entertainment, to mention a few.
- Audio/visual equipment- how much will audio and videography cost you?
- Catering- this includes the total amount spent on food and drinks.
- Labor cost- of course, you will need assistance. Well, but how much will the labor cost?
- Travel costs- how much will it take to fly your entire team to and fro the event venue?
- Entertainment cost- are you planning to entertain your guest? Well, if the answer is yes, what will be the cost?
- Event marketing- what strategies do you plan to market your event? And how much will it cost you?
- Internet cost- how much will it cost you to install Wi-Fi coverage?
- Miscellaneous costs
Step 2: Identify your actual cost: Once you’ve determined the type of your event, you now need to identify the exact cost. Here, you’ll create an essential list of all the necessary expenses. These include the venue of the event, audio and video equipment, security, marketing, and entertainment, among others. It’s also recommended that you label your expenses in alternating colors, say red, blue, or green, etcetera. One advantage of labeling is that it helps you organize and make finding what you need easy.
Step 3: plan your estimated revenue: After you have calculated your total expenses, you need to plan how you will collect your taxes. You can either decide to sell tickets, get sponsors, donors, or vendors. Use whichever means available to meet the budget. When estimating your revenue, you should always check for the cost of each event attendee versus the cost of registration received.
Step 4: Plan for the unknown variables
When making any budget, it is always recommended that you create some allowance for any other unplanned incidents should they occur. It is still better to over budget rather than to run a shortage.
Step 5: Summary
Since you have every information needed, you need to bring everything together to finalize your budget.
Sample of event budget template
Below is a sample of event budget template with some of the basic items and costs associated with them.
|Event Budget Template||SUMMARY OF EXPENSES|
|Budget Summary||Description||Estimated expenses||Actual expenses|
|Total expenses= $140,000||Venue of event||$40,000||$40,000|
|Total actual income= $126,000||Decoration||$50,000||$45,000|
|Balance= 140,000-126,000 =$26,000||Food and beverage||$10,000||$10,000|
Creating a personalized event budget is one step towards organizing a successful event. In most cases, people find it difficult to create one. However, with the steps mentioned above, you will always be able to create a customized template that matches your occasion.