How to Make a Budget for a Large Event
Planning a large event is an organizational challenge enough to tax anyone -- even a logistics-savvy business owner. Making the budget for such an event will provide a solid financial foundation for the endeavor because you will see and account for costs ahead of time. Whether you are planning a grand-opening bash for a new store, a conference that will attract luminaries in your industry, or the company retreat's opening barbecue, attention to detail in the budgeting stage of event planning will help prevent unpleasant financial surprises later on.
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Instructions
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Make a list of expenses -- that is, every single thing you will need to pay for in order to make the event possible. Depending upon the type of event you are budgeting for, this could include permits, a tent, parking valets, a caterer, decorations, and an event marketing specialist. Dividing your expenses list into categories may help you keep the expenditures organized and help ensure nothing gets overlooked. Try mentally "walking through" the event to make sure you have remembered things like signage, beverages and a cleanup crew.
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Enter the expense items into a spreadsheet program, either a simple form or a form template customized for event budgets. Once you enter costs, the spreadsheet program can perform calculations for you, taking away any anxiety about arithmetic errors.
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Ask someone else involved in organizing the event to look over the expenses list to see if there is anything you missed. Alternatively, compare your list to a generic event-planning checklist or budget template. The goal is to create a comprehensive expenses list so that your final budget reflects the true cost of the event as closely as possible.
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Find out how much each item in the expenses category will cost. For some large event items, like waitstaff, tent rental and catering, you will likely need to solicit quotes from service providers outside of your company. Getting quotes from multiple providers can help you find the best price. Enter prices into your spreadsheet.
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Direct the spreadsheet program to total the "cost" column. This will give you the grand total projected cost of your event. This figure can be refined by, for example, creating separate columns for expenses that must be paid before the event and those that will be billed afterward.
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Tips & Warnings
Add a percentage buffer, such as five or even 10 percent, to your final cost estimate so you will not run over budget even if you encounter unexpected or overlooked expenses.
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