Planning events in New York City can easily run thousands upon thousands, especially major events like weddings, anniversaries, and corporate events. These days, weddings can quickly reach the $30,000 margin and even more depending on the client and their needs. As an NYC Event Planner, it’s vital that you work closely with your customers to stay within the budget while keeping in mind that your first priority is fulfilling their dreams. Here are 3 Tips for Staying in Your Event Budget:
Creating an Overall Budget
Your starting point should be to know how much the client can afford for the event. Create two budgets, one with what your client is looking to spend, and another budget with what they could spend if you play with things a bit. By creating a budget range, you’re providing wiggle room for unforeseen expenses. Flexibility is essential when planning an event budget.
Event Research
You need to know how much things cost to create a realistic budget, and the only way to do that is through due diligence. Calling around to get various estimates is the best route to take because pricing can range drastically from one vendor to the other. Do keep in mind that with event planning in NYC, you get what you pay for, so you don’t want to compromise quality to save a few dollars. Part of your research process should be reading testimonials and reviews of the vendors you’re contemplating to hire, all while comparing pricing.
Don’t Forget the Small Things
When you’re shopping around for the best vendor pricing, you may assume that their fees will fall within the budget. However, you may be overlooking the small costs that can push you over the budget limit. For example:
- You have a $5,000 budget for the caterer, and you’re given an estimate of $4,500. Bonus! You have $500 left over, right? Think again. You didn’t calculate taxes, gratuity, and service fees. So make sure to remember the small expenses too when calculating your budget.
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