Budgeting is considered as the least glamorous part of planning special events; however, it’s arguably the foremost important.
Budgeting allows you to inform your money where to go and designate where your financial resources are spent. This process helps avoid a shocking tab and overspending at the top of your event.
Take a while to try and do your research and allocate where your money will enter order to properly steel oneself against any celebration. Here are three recommendations on how to prepare a budget for your event:
You should inspect the Chief Expense Areas
When planning a special event, begin by outlining the main expense categories you would like to incorporate in your budget.
It’s important to possess a written budget (i.e. Excel spreadsheet, Word document, online app, planner, etc.) in place to keep check of actual as well as projected expenditures. The main expense categories to plan for include:
- Cost of the Venue (where you are Catering)
- Catering & Food
- Beverages as well as Alcohol
- Audio-visual Equipments (Speakers, Music, Projectors, Microphone etc.)
- Entertainment-related Expenses
- Event & Serving Ware rentals (Chairs, Tables, Tents, Linens etc.)
- Decoration-related Stuff
- Stationary & Marketing
- Videographers & Photographers
- Production-related Staff (Speakers, Event Planners, Crew for Clean-up Duty)
When you are creating a budget for your catering event, you ought to check the number of things you would need, the entire expense should be calculated, how much will it actually cost, and a section for comments so as to document any notes long the way.
Priorities should be Set
Along the way, likelihood is that you’ll to possess to form some hard decisions to trim expenditures to remain on-budget.
Dream ideas for catering service in Kolkata special event planning can quickly outgrow the cash in your wallet. Therefore, it’s crucial to line a maximum budget and set priorities to separate the must-haves from the requirements.
First, start with the foremost important aspects of operating your special event. What’s required to truly host your special event? Maybe you’ve got to book a venue which will seat 200 guests.
Or, maybe you want to offer vegetarian dishes to accommodate dietary restrictions for your guests. Whatever your must-haves could also be, always allow those items first then the fun stuff second. This keeps your expectations realistic from the get-go.
Emergency Budget Allocation
You’ve probably heard the old saying that it’s better to be safe than sorry. Well, planning for your catering special event is not any exception!
Whether you forget to take into account for taxes, insurance, tips, or maybe weather-related ‘Type 2’ situations, expenses that haven’t been taken into account are almost bound to crop up.
For this reason, it’s always safer to budget an emergency fund for cost overages and other unexpected costs.
Depending on the size of your catering special event, aim to allocate somewhere between five and ten percent of your budget solely for emergencies.
However, if the situation never arises, then the leftover money can be reallocated for different purposes as well as other uses. However, if you find yourself in an unexpected situation, you’ll be able to have your peace of mind knowing that you have set aside a sum of money for emergency situations.