Save Money on Your Next Event Planning

CIOReviewindia Team | Monday, 06 July 2020, 05:32 IST

Save Money on Your Next Event  Planning

We are at the end of the lockdown period and the government has allowed the people to hold small events. With the economy still struggling to stand back on its feet, people will most probably go for budget-friendly events.

This will surely affect the event managers. As an event planner, you will be pressured to plan the best event with a low budget. So, what the event manager needs to pull off an event with low budgets?

Frankly speaking, the currency market has adapted itself to match the currency economy. You just need the right eyes to find the opportunities. Instead of trying to pull off good events with limited sources, you must reverse your strategies. You must believe in yourself, that if you try then you can plan an event with a low budget.

There are plenty of ways that you can create an event that will forever be remembered. Here is how.

1. Know your Budget

Can you really start to bake a cake without knowing what ingredient you need to be used? In the same way, you cannot start with event planning without a clear understanding of your budget. Before you can start with your event planning, you need to have the list of things that are required for the event. This way you will be able to know which element is costing you a lot.

Have detailed planning and prepare a list of the elements needed for the event. Your list must include everything, starting from the tissue paper, catering, decoration to the speakers. Once you are ready with the list, set a baseline for every element to estimate the total costs.

2. Use Sponsors

There are companies that are willing to invest in these kinds of events. And why won’t they like to do so? Being a sponsor of any event help to boost companies’ reputations among the people. You can look for these kinds of companies and ask them to sponsors your event.

You can even look for traders who invest in other companies in the form of ICOs (Initial coin offerings). The market is now becoming much more open to the cryptocurrency’s regulation. So, you might as well take advantage of the crypto trading platform like https://de.bitcoin-pro.live.

3. Negotiate the prices

As we know that the current economy is still trying to recover the offset of the market, and the venues are having only a few customers. You can use this as your advantage and can negotiate the price.

Do some research and find some of the standard venues which are not getting enough customers, then after looking at all the possible elements place you offer to them. With the high competition among the venues, you might find a good deal.

4. Remove unnecessary elements

Unnecessary elements like using excessive speakers and decorating areas that will remain for the show and will not be used can be omitted to save some money that can be used for something worthwhile.

You can even hire a local event speaker; this will help you reduce the cost of their traveling and lodging costs.

5. Reduce catering costs

If you are planning you serve food at your event, you can always go for the buffet style. This way, you will not need any table, chairs, and caterers serving the food. If you consider removing all these 3 elements from the event, you will surely reduce the cost of the event.

If the buffet-style will not go with your event, then you can look for a company which has just started with the business. You can offer them a chance to get exposed to a larger audience. This will surely help you gain some extra discounts on your catering costs.

Final Advice

Saving money is something that can be handled by anyone. To do so, you need to have accretive thinking that will help you to see the scenarios from different perspectives. A person needs to have these three skills to plan an event with a low budget.

  • Creative thinking.
  • Extensive research.
  • Excellent negotiation skills.
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