An event budget is mission-critical for any event planner. It is a forecast of what it will cost to make your event a reality, as well as details the actual expenses and revenue. It helps determine whether your endeavour is even financially viable.
If the idea of creating such an important document fills you with dread, don’t panic! We’re going to start slowly.
Starting your virtual event budget
Here are 5 things to keep in mind when creating your virtual event budget:
Take a step back
Before you dive into the details, take a step back and look at your event as a whole. What is the goal of your event, and how much are you willing to spend to achieve it?
Keeping your objective top of mind will help you prioritise how you distribute your spending. If your aim is to educate, investing in expert speakers is the right way to go. Otherwise, if your goal is to facilitate networking, then finding a robust networking tool will be your top priority.
Set your KPIs
Now that you know what success looks like, it’s time to decide how you will measure it. Choose KPIs (Key Performance Indicators) that matter the most to your online event and to you.
Some popular metrics include:
- Total revenue
- Total profit
- Number of new leads
- Number of prospects
- Ticket sales
Throughout your budgeting and spending process, make sure you have the necessary means to calculate your chosen KPIs. Do you need to invest in a reporting tool to help you?
Begin your research
Now that you have your objectives and KPIs out of the way, you can begin your research. There are many ways to cook an egg, so you will need to research all of your options to find solutions that work for your needs and budget.
Once you have your first draft with chosen suppliers, speakers, and virtual event tools, you need to get another perspective.
Get support from your team
Ask a colleague (or management) to take a look at your first draft. They’ll be able to give you different views on spending items, and maybe even suggest alternative suppliers.
If you aren’t the only person working on this virtual event, make sure that your teammates and other relevant stakeholders have access to the budget.
Draw up the budget
It’s time to get down to the nitty-gritty and plan your event expenses item by item! This task is far from fun, but you cannot move forward and plan your webinar without it.
Be as detailed as possible, and be honest about your numbers. For a step-by-step guide on creating a virtual event budget, read our blog here.
The idea of drawing up a budget can be daunting but is absolutely necessary. You can do it when you put your mind to it!
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