One of the most important tasks when planning any event is Budgeting. According to various industry reports over the past decade, one of the top challenge for event planners is managing budget. Keeping costs as low as possible and making sure you don’t spend more than you are going to earn in revenue is a critical part of event management. Even if your event is not necessarily to make profit, you still need to keep costs within budget.
Whether you are an experienced event organiser or new to event planning, finding an affordable venue which meets your event requirements can be a daunting task. Now, it’s really all about negotiation. You can reduce your venue hire costs by asking your chosen venue for a reduction in price. But, before you dive into negotiations, you need to understand what the venue offering and the different venue hire rates available. Here are the most common types;
1. PACKAGED DEALS
Like an all-inclusive vacation package deal, event venues may offer an all-inclusive rate when you enquire about booking an event space. For one flat price or day rate per person, the venue provides you with most of the key elements you need for your event including the hire of the conference, meeting or training room, food & beverages, audio-visual equipment, etc.
Benefits: With a package rate, you won’t get shocked by hidden costs and you can plan your event budget more accurately. Total hire costs simply varies according to the total number of attendees you confirm with the venue.
Beware: Whilst an all-inclusive package rate is convenient and makes planning and controlling your budget a lot easier, it is important that you are clear about what is included in the package and that it is the right one for your event. Asking for items not included in your package could come at a premium, swallowing up any savings you thought you could have made from choosing a packaged deal.
2. DRY HIRE
This simply means when you only hire out the room, no food, no drink, and in some cases no audio-visual equipment. You get a blank space.
Benefits: Ideal if you want to dress or brand the space for a special event or you are fortunate to have a massive team of event suppliers who can provide extra features such as design, lighting, catering, etc
Beware: whilst this may seem like a cost-effective option to you initially, costs can quickly rack up if you later decide to add those items to your booking requirements.
3. SEPARATE ROOM HIRE RATES PLUS EXTRAS
This is similar to a ‘build your own’ travel package and many conference and event venues offer this as a cost effective option to clients who need the flexibility to be able to add or remove extras such as catering, audio-visual equipment, etc. The room hire rates are also offered on hourly, daily, weekday or weekend rates.
Remember to ask venues that you are considering about each and every item you will need. If you opt for a packaged deal, clarify what is included and what isn’t. When you request additional items at the last minute, ensure that you account for any additional fees in your event budget.
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