Planning an event can be stressful, especially if it’s not an event you have much experience with. If you’re planning a virtual event and organizing it yourself, the stress will likely be amplified by the fact that this is something you’ve never done before and probably don’t know anyone else who has done it either.
Here are some of our best tips to help you budget like a pro when planning your virtual event so you can eliminate some of the stress that comes with the process and focus on the fun stuff – like connecting with your audience in meaningful ways!
1) Start With a Realistic Budget
The single biggest mistake event planners make is to project that their events will have every possible benefit or draw under the sun.
If you create a budget using your vision for an event as opposed to what it’s likely to be, you’re not setting yourself up for success.
Know going in how much of your money can go toward things like entertainment, room rentals, and promotion—and save at least half of your budget for contingency planning.
An online event may seem less risky because you aren’t tied down by location and seating arrangements, but bad weather, tech malfunctions, and other random pitfalls can strike virtual events just as hard as real ones.
2) Set An Amount For Swag, Sponsorships, and Raffle Prizes
Before you start putting your event budget together, make sure you know how much money you can spend on swag, sponsorships, and raffle prizes.
The more cash you have for these items—and in return, more chances to attract new clients—the better your virtual event will be.
This is especially true if it’s a live event with multiple sponsors or a grab bag raffle where guests are encouraged to buy a ticket or two each time they visit your exhibit booth at a trade show. Raffle tickets can get pricey fast!
3) Get Ready with the Right Tools
The first step in keeping to your budget for a virtual event is getting ready ahead of time. If you’re going to plan a virtual event, whether for work or for fun, you need to make sure that you’ve got everything under control before you begin spending money on your platform.
Make sure that you’ve already selected and signed up for your virtual event software and that these companies have all of your information.
You’ll be able to check out pricing options, see demos of the platforms, and get quotes on packages based on what you are looking for when it comes to features and price points.
4) Don’t Overestimate Yourself
This should go without saying, but you’re not superhuman. You can’t do everything, and you shouldn’t try to. In order to succeed in any business, it is essential that you don’t bite off more than you can chew.
If there are people offering help with an online event (even if it is a virtual one), be sure to let them help.
Don’t hesitate to accept their assistance or delegate tasks away from yourself; even if you do all of these things perfectly on your own, it will take up way too much time and could throw your budget completely out of whack.
5) Have A Backup Plan
Before signing on with a virtual event software provider, make sure to get an idea of what kind of tech support they offer and how much it will cost you.
Not only will your virtual event likely require some sort of emergency patching before it kicks off, but there’s always a chance something won’t work as planned.
Make sure to have some sort of Plan B in place that you can execute if things don’t go as smoothly as you had hoped.
If someone isn’t familiar with how to use your virtual event software or technology breaks down unexpectedly, having a backup plan could help avoid any major issues or even minor ones such as delayed sign-ins for those attending remotely.
6) Pick Up Your Sponsor Invites Quickly
As with everything in event management, you need to be prompt and prepared with your sponsor invite package.
Many companies will set a deadline by which they expect you to get back to them about their invite; if you miss that deadline, your package could go missing or end up in someone else’s inbox.
To avoid having your sponsor invitations go awry and disrupt your budgeting process, make sure you are on top of all of your deadlines and committed sponsors before moving forward.
7) Use Style Guides To Keep Your Design Consistent
Successful event managers develop a style guide, which sets standards for everything from logo use to font selection.
Create your own guide and enforce it with all vendors (those working on print collateral, say, or designing a room layout), and you’ll ensure that your event will have a consistent look.
Make sure to provide vendors with copies of your style guide and ask them to sign off on it when they deliver their product—you can even ask clients and staff members to do so as well.
The consistency it brings is priceless—and certainly shows guests that you know what you’re doing!
8) Stick To It!
Managing your budget is hard—that’s why we love it! Spend today focusing on how you will be sticking to your spending and event management budgets.
What are some things that will help you stick to those goals?
Is there anything you can remove from your budget if it is not absolutely essential?
What have you found is a helpful tip for staying disciplined with event management?
Find your most successful tips for making sure those budgets are stuck to in ways that work for you and make them a staple of your virtual event planning process. Post about them and inspire others who are in need of advice about sticking to their budgets.