While planning your events, it can become easier to overlook certain less obvious costs and one can forget that it is possible to save money at each step in the process. These hidden costs, as they are called, can surprise you when it becomes time to review your event budget. There are a number of areas where these costs might creep up and bite you in the… wallet.
Here are 5 commonly overlooked hidden costs in event planning and some tips on how to overcome them. These tips can be a good starting point for effective cost cutting.
Is transportation really necessary?
Depending on the type of event you are planning, you would expect either your guests to make their own way to the venue or plan their transportation yourself. Bear in mind that arranging transportation to and from a hotel will not come cheap – especially when you are taking a large number of people into account. An idea here might be to plan your event at a venue that is easily accessible by public transportation and in close proximity to the airports or central transportation hubs.
Don’t neglect the house wine.
During an event, guests are not very likely to pay attention to the wine selection you offer and generally a “red or white” option will suffice. This said, alcohol is a sneaky hidden cost since the majority of us assume that the price tag accompanying the wine bottle determines whether it’s tasty or not. Simply put, it is alright to choose a house wine, since it might surprise you – just try it. When offering alcohol alternatives, it might be an interesting idea to play around with flavours and experiment with water. Water, being as versatile as it is, can be turned into a delicious drink if you considering adding some fruit or herbs into the mixture. You and your guests might be pleasantly surprised by the possibilities with simple H2O.
Hold back on the snacks
If you’re planning on serving a large meal, be it lunch or dinner, it might be a good idea to hold back on the snacks and focus your coins on the main meal. For example, instead of serving caviar and salmon crostini, replace them with a mix of dry snacks or warm dips with bread sticks.
Bring Your Own Equipment
One might assume that the space we have booked comes with all the necessary tools be it lighting, speakers or mixers- chances are though, that you might show up to a space with only the basics. During your planning, if you think you might need microphones, projectors, or something in the like, be sure to include it in your planning (and budgeting)- you don’t want any unpleasant surprises.
Also, if you know that you might hold similar events in the future and would require the same equipment, a wallet-smart idea might be to buy and invest in your own equipment. Not only will this ensure that you know that everything meets your needs, but also the ROI will will become apparent after only a few events.
Do not underestimate the cost of your speakers.
If you are inviting a guest speaker to your event, do consider that there are a lot of costs that accompany this extra. Often times we might underestimate (or even forget) that not only will we have to pay for their time during the event, but also for their travel expenses and accommodation fees. Make sure to take all costs into account during your planning process.
In general, it’s easy to get carried away while planning your events and at times you might get lost in your vision and might overlook certain costs. It helps to think pragmatically about each element of your event during the planning process, look out for those hidden costs and budget for them accordingly to avoid unexpected expenses.