For the events world, it has of course been a challenging year. COVID-19 has resulted in cancelled events and lost profits across the board, so it’s understandable that you might be working to a tighter budget right now. But while extra costs, such as bigger venue spaces for social distancing, may come with the return to in-person events, you don’t need to spend a vast amount of money to successfully host a live event.
Here’s our step-by-step guide to making the most of a small event budget. When planning and hosting any in-person event, remember to comply with the latest government guidelines.
Step one: Go back to basics
Take a step back and think about your event’s core aims, using this stripped back format to determine your most basic costs. Focusing on your main objectives is often a more cost-effective strategy, as it means you’ll avoid creating an overly complex event with expensive elements. For instance, you could swap costly entertainment acts for a unique soundtrack that you create yourself, or avoid bar and staffing costs by implementing a bring your own bottle (BYOB) policy.
Step two: Work out your must-haves and nice-to-haves
Use an event planning spreadsheet to figure out both your fixed and variable costs. Your fixed costs are the ones that can’t be changed, whereas your variables can be altered to suit what’s left of your budget. Venue hire is a classic example of a fixed cost. But a variable could be the catering options – perhaps the three-course meal would be an added bonus, but the standard fish and chips is more affordable.
Step three: Reduce costs where possible
You’ll be surprised how much you can save when you take a moment to determine where you can cut costs. In these uncertain times, some suppliers and contractors are being more flexible – for example, by waiving upfront deposits. So it’s worth talking to your suppliers to see if this is something they’d be willing to do.
Event marketing costs can also be reduced by capitalising on word-of-mouth. Activating ambassadors and doing your own networking can be an affordable alternative to advertising fees. When it comes to venue hire, which can equate to a hefty sum, see if your provider offers discounted rates on certain days of the week or off-peak months. They might even include extra services for free, like security or equipment for livestreaming if you’re hosting a hybrid event.
Step four: Secure lucrative sponsors
It’s important to remember that you don’t have to go it alone. Target lucrative sponsors that you know have a budget to spend. Perhaps they can help with paid social media marketing, provide goodie bags for attendees, or even fund the cost of the entire event. In this climate, with the possibility of restrictions changing, it’s important to be transparent with potential sponsors about any risks of cancelling or postponing your event. Try to find a sponsor that’s happy to be flexible, just in case.
Step five: Rethink your ticketing strategy
Up your revenue by enhancing your ticketing strategy. You can use an event ticket price calculator to determine profitable pricing, then consider introducing tiers to generate extra turnover. For example, you might want to offer a VIP ticket option that includes a one-on-one session with a sponsor or lifetime access to an online community. Plus, you can easily sell add-ons, like merchandise, for that extra profit boost.
Make a successful return to live events
Coming back to the in-person events scene will mean some changes to your usual processes. But Eventbrite is here to help you host live events once again. Check out our useful resources on everything from a planning checklist for making a comeback to how to make your event COVID-19 secure and how to help ensure that your attendees feel safe. You can also reach your target audience without breaking the bank with the help of our powerful marketing tools. And don’t forget to stay up-to-date with the latest COVID-19 guidelines in your area.
