#organising events

[tixilytickets]

The Essential Guide to Budgeting and Financial Planning for Your IRL Event

Organizing an in-real-life (IRL) event, whether it’s a small seminar or a large-scale conference, can be both exciting and overwhelming.

Among all the elements you need to plan—guest lists, venues, speakers, entertainment—there’s one crucial factor that can make or break your event: budgeting and financial planning.

Without a well-thought-out budget, you could find yourself overspending or, worse, underfunded, which can ruin the entire experience.

As an event planner (whether professional or just diving in), the financial aspect of organizing an IRL event demands your attention and care.

In this guide, you’ll learn how to approach budgeting and financial planning step by step, ensuring your event is both successful and financially sustainable.

By the end of this article, you’ll have a clear understanding of how to budget effectively and avoid common pitfalls in event planning.

1. Define Your Event’s Goals and Objectives

Before diving into the numbers, the first thing you need to do is set clear, defined goals for your event.

This is the foundation of your financial planning.

Ask yourself: What do you want to achieve with this event?

Is it a networking opportunity, a fundraiser, a celebration, or something else?

Knowing your event's purpose helps determine how you will allocate your resources and what elements of the event are most important.

For example, if your goal is to raise funds for a charity, your budget will focus heavily on revenue-generating activities like ticket sales, donations, and sponsorships.

Alternatively, if you're organizing a corporate event to increase brand awareness, the focus might be on creating a high-end experience, where money might go toward quality catering, décor, and guest experience.

Once you've pinpointed your goals, it becomes much easier to prioritize your spending.

For instance, if attendee experience is paramount, you may allocate more funds to catering and entertainment, while cutting back on less essential elements like swag bags or extravagant décor.

Your budget should align with your goals to ensure that your resources support your desired outcomes.

2. Estimate Your Total Budget

Now that you understand your goals, it’s time to build a budget.

Your total budget will depend on several factors: the scale of your event, your audience size, the venue, and the activities involved.

Here’s a simple way to start the budgeting process:

a. List All Potential Costs

First, create a detailed list of all the potential expenses you might incur when organizing the event.

Some of the common costs to consider include:

Venue: Depending on the size of the event, venue costs can vary significantly. This includes rental fees, additional charges for equipment or furniture, cleaning fees, and parking.

Catering: Catering costs depend on the number of attendees and the type of food you plan to serve. Will you offer a full meal, finger foods, or a cocktail reception? Each of these options will have a different price tag.

Speakers/Performers: If you're hiring guest speakers or entertainers, you’ll need to account for their fees, as well as their travel, accommodations, and per diem.

Technology: Event tech can be expensive, especially if you’re using microphones, speakers, projectors, screens, or live streaming services.

Marketing and Promotion: Advertising your event through social media, email newsletters, or traditional methods like flyers and posters all come at a cost.

Staff and Volunteers: You may need to hire event planners, security personnel, technicians, and other staff to make sure everything runs smoothly.

Insurance: Event insurance is a must for protecting your investment and managing potential risks, such as damage to property or injury during the event.

b. Estimate Costs in Each Category

Once you’ve listed your expenses, estimate how much each item will cost.

Do some research, get quotes, and try to be as precise as possible.

If you’re unsure about costs (for instance, how much to spend on catering or how much it will cost to rent AV equipment), it’s worth reaching out to vendors for quotes early in the process.

Getting an accurate estimate will give you a realistic picture of what you’re up against financially.

c. Add a Contingency Fund

While you can estimate most expenses, there are always going to be unexpected costs.

For that reason, it’s wise to set aside a contingency fund, typically around 10-20% of your overall budget.

This will help cover unforeseen expenses such as last-minute venue changes, travel complications, or unexpected vendor fees.

It’s better to have the money set aside than to scramble at the last minute.

3. Revenue Streams: How to Make Money Back

Now that you know how much you’ll be spending, it’s time to figure out how to generate enough revenue to cover those costs (and ideally make a profit).

Understanding your revenue streams is just as important as managing your expenses.

Here are several ways you can bring in income for your event:

a. Ticket Sales

Ticket sales are often the largest source of income for an event.

To price tickets, you need to consider your overall budget and the type of audience you want to attract.

If you’re targeting a high-end audience, you can set ticket prices higher, offering premium packages with additional perks (like VIP access, goodie bags, or exclusive seating).

On the other hand, if your event is aimed at a broader demographic, consider tiered pricing model to increase sales.

b. Sponsorships

Securing sponsors can significantly reduce the financial burden of hosting your event.

Approach companies or organizations that align with your event’s values and audience.

In exchange for financial backing, sponsors may want branding opportunities, such as having their logo displayed on event materials, banners, or in online promotions.

Make sure to tailor your sponsorship packages to fit different levels of support.

A small sponsor might just want their logo on a website, while a larger sponsor might want to speak at the event, have a booth, or even sponsor a specific session.

Offering various levels of sponsorship can attract more contributors.

c. Merchandise Sales

Selling branded merchandise is another great way to raise funds and promote your event. T-shirts, mugs, tote bags, and other items can be sold before, during, or after the event.

In addition to generating income, merchandise also serves as a promotional tool—attendees are likely to wear or use the items long after the event ends, keeping your brand top of mind.

d. Food and Beverage Sales

If your event includes food or drinks, whether it’s a cocktail reception, a lunch buffet, or a coffee break, you can also generate additional revenue by selling tickets for the food and beverages.

For instance, if your event has a cash bar or food trucks, these sales can be a valuable source of income.

e. Crowdfunding

For certain events, especially those related to social causes or charitable organizations, crowdfunding might be a viable option.

Platforms like GoFundMe or Kickstarter can help you raise money by appealing to supporters who care about your cause.

Be sure to provide enticing rewards or incentives for those who contribute, such as exclusive access, shout-outs, or VIP treatment at the event.

4. Track Your Expenses and Stay on Budget

Creating a budget is only half the battle; the other half is monitoring your expenses.

You need to actively track your spending to ensure you don’t exceed your budget.

Use budgeting tools, spreadsheets, or event management software to keep tabs on how much you're spending in each category.

As you pay for services, update your records to reflect the most current information.

If you notice that you’re getting close to exceeding a budget category, it’s time to make adjustments.

Perhaps you can reduce spending in one area or find more affordable alternatives for another.

Tracking your expenses throughout the planning process allows you to stay on top of things and avoid surprises as your event date approaches.

5. Be Flexible and Adjust as Needed

While it’s essential to have a budget, you also need to be flexible.

As you get closer to the event, things may change, and new opportunities or obstacles may arise.

For instance, you might secure a last-minute sponsor, which frees up some funds for you to allocate elsewhere.

Or you might encounter an unexpected cost, like a sudden price increase for your venue or catering services.

If the unexpected happens, don’t panic.

Go back to your budget, see where you can adjust, and make the necessary changes.

Flexibility is key to staying within your financial limits.

6. Post-Event Financial Review

Once your event has concluded, it’s time for a financial review.

Compare your actual income and expenses with your initial budget.

Did you stay within your financial plan?

Were there areas where you overspent, or did you save money in unexpected places?

Understanding where you did well and where you can improve will help you plan more effectively for future events.

Conclusion

Budgeting and financial planning are critical elements in organizing a successful IRL event.

By defining your goals, estimating your total costs, creating multiple revenue streams, and closely tracking your expenses, you can ensure that your event not only meets but exceeds your expectations.

With a solid financial plan, you’ll be able to bring your vision to life without unnecessary stress or financial surprises.

With careful planning and attention to detail, you can confidently manage your event’s budget, providing an unforgettable experience for your guests without breaking the bank.

[stil-lindigo]

ARTISTS FOR PALESTINE 🇵🇸 - On the 6th and 9th of March, I'll be doing art requests on stream with other notable artists to raise money for Operation Olive Branch and the PCRF.

I'm incredibly lucky to be counting quite a few big names in the roster, including known Jesus and Odysseus enthusiast @wolfythewitch, the extraordinary fanartist @denimcatfish, and the incredibly talented @troubledminnesotan, as well as Lilypichu from OfflineTV.

You'll be able to watch the streams on the day of the event either on my twitch channel here, or via the links provided by the artists below.

Lilypichu

Cuptoast

Akairosu_

Sevvanto

Wolfythewitch

[soovyclub]

9 Ways How To Create And Plan The Perfect Fun Event

Creative ways on how to plan the perfect event, with fun party celebration ideas and tips to create an entertaining experience for guests.

[paintedcrows-caws]

Front row seat to Alex Hirsch's InMotion London Talk!! Aaaa!! (The high quality close up photos were taken by the wonderful @stupidlittlespirit! Who was sitting with me and had a far better camera, haha)

You can watch the full thing here, recorded by the brilliant Topaz Animation!: https://www.youtube.com/watch?v=Hn_O7CMM67A&t=137s

[roucaelum-art]

Yor Week 2024 day 7: mend

[lemon-lyman]

"I think I can be good at this. I think you might find me valuable."

JANEL MOLONEY as DONNA MOSS The West Wing (1999-2006) ❀ google template, insp. x, x, x, x

[saturnanomaly]

any "a series of unfortunate events" fan in here ?

[thatqueerbat]

watching scars stream, and i didn't realise until now that hes not there irl, but through an incredibly cool robot. thats such an incredible way to make sure scar gets to be part of the irl events, as well as such a fun thing in general?!?

like in no other world could we have zed casually pick scar up and fly him around.

things like this just. shows how much thought went into this event, how much planning and organising and time went into making this charity stream the best it can be

[conivolos]

MINIBANG FIC TIME!!!

beta'd by @biromanticlesbianjayferin !!!!

wonderful amazing art by rexmin, png lover, drorey, and valeovalairs!!!!!

everyone tysm for everything, for being silly with me, this whole event was amazing <333

[songofwizardry]

ok I'm not an expert but I'm not seeing much specific info going around here, and there's a lotta Palestine solidarity protests in the UK this weekend, so here is some (including UK-specific) protest info and resources (mostly pulled whole-cloth from Twitter)

policing is heavy at Palestine protests generally

Hamas is a proscribed org under UK law. that means "inviting support" for them or "wearing clothing or displaying articles" that implies you are a supporter is a criminal offence (if you're interested, here's the full list of criminal offences from gov.uk). Palestinian flags etc are ok*, but do not have something that could be mistaken for Hamas imagery. don't go out there looking for convictions pls.

*in spite of what Suella Braverman has implied, the London Muslim Community Forum has just confirmed that the Palestinian flag is not a proscribed flag and is not banned (apologies for quoting the "we advise the met police" group but I thought it was important to have that info explicitly)

don't talk to cops. that includes the police liasion officers in blue bibs.

particularly if you're concerned about your face ending up on social media etc, but also just good practice in general (both in terms of COVID and protest safety)—mask up. cover up tattoos etc.

have bustcards or contact details for protest legal support on you. Green and Black Cross can be contacted on 07946 541 511. write the number on your arm etc.

if you witness an arrest: check if there's a legal observer nearby and if so call them over; if not: if the arrestee doesn't have a bustcard, give them one, find out where they're being taken, and contact eg GBC or a protest support line

if you have the time and can help out, there will likely be arrestee support required after—GBC tend to post callouts on Twitter for this

other links

for particularly children and young people and their families being referred to PREVENT for pro-Palestine statements, contact PREVENTWatch and maybe also Palestine in School (newer initiative I think, I don't have an excessive amount of detail on them just FYI)

Liberty, Migrants Organise and Black Protest Legal Support have bustcards in different languages, including Arabic and Somali (also Liberty's website has lotsa useful info, including advice for disabled protesters, protesting and immigration status, and what to do if you're kettled)

GBC's thread on what to do if you see an arrest is useful, as are all their resources generally

if I've missed anything or made a mistake, lmk—as I said, I am very much not an expert. if you know people who are protesting, pass them the legal support line numbers; if you're attending, stay safe and be vigilant; and ofc carry water.

[bellwethers]

Here’s a piece I did for @kuruk-weekend, please check out the blog for details about this event

[kitconnor]

@lgbtqcreators event 16 — raise your flag → creator bingo — inspired by another creator4K CELEBRATION — @henwilsons asked; nina zenik + pink?

Nina just liked to flirt with everything. He’d once seen her make eyes at a pair of shoes she fancied in a shop window.

(in/sp.)

[tapeworrmart]

Got to sell some art at a cool folk horror event organised by @gullbones with my brother @n0sebleeds (go check him out) last night! Never sold my art in person before so it was quite the experience but it def told me that I would absolutely be okay with doing conventions now! So that's fun! Anyway just wanted to document it, hello first pic of me on this blog.

The Whitehead print I made for the showing of A Field In England will be being added to my etsy soon!

[airborneice]

soo this was supposed to be for @hilda-appreciation-week, i finished it the week after the event, saved it in my drafts and straight up forgot 🥲

it was for Day 6 - Favourite Location - kind of a cheat but I just chose Hilda's room and zoomed in on the bit around Alfur's house bc I love looking at all the little trinkets she has and how it changes between seasons. like having the drawings of her friends and the new house in season 2 when she's more settled in Trolberg and new drawings of creatures for every adventure she's been on :) there's so many little details!!! also it was another excuse to draw my beloved peppercorn yayy

[esteemed-excellency]

Question for all european Fallen London players:

I was talking with @that-giorgione today and we thought it would be nice to organise a meeting somewhere in 2025.

This is just to know if anyone would be interested in saying hello in person and hanging out. Nothing big, we can meet and chat at lunch/dinner/at a bar/etc ✌️

If anyone is interested, I will post more polls to understand where and when exactly we could do this.

[rebornofstars]

hello!! just wondering whether anyone would be interested in a September-based art & writing event focussed on celebrating the female characters in the LU fandom?

i've been thinking about trying to organise something like this for a few months now, but i'm finally speaking up, because this morning i had an idea...

we could call it:

✨Sepfember✨

anyway, if you'd be interested in a september event, let me know!