Maximise Your Event Budget

It would be easy to put on a fantastic event with a limitless budget, but it takes careful planning and skill to get it right on a budget. However, by considering all elements of your event, and researching ways to cut down on costs, you too can host like a professional.

Always try to leave some money aside for any unexpected costs

When you book your event with 1 Wimpole Street you will be provided with dedicated account and operations managers to guide you through each stage, from planning to completion, but if you’re working alone be sure to bookmark our tips for maximising your budget.

Planning Ahead is Crucial

It sounds obvious, but it is essential to plan ahead. Consider the elements needed to make your event a success and ensure you have put aside a realistic budget for each.

Inevitably, venue hire will take up a sizeable chunk of the event planning pot, so try to maximise your spending power by booking your event at less popular times of the year. For example, avoid the summer season, when prices are at their highest, and consider hosting your event during the week.

Look for venues that are event ready. Here at 1 Wimpole Street we have a proven record of accommodating all sorts of events: conferences, meetings, audio and press conferences. With spaces already equipped with furniture, specialist lighting and technical equipment you don’t need to worry about hiring these in, allowing you to make the most of your budget.

There’s no point spending hundreds of pounds in catering deposits for people who don’t turn up. As soon as you’ve decided on a date and venue, send out a ‘Save the Date’ email. Once you have a realistic idea of numbers you will be able to move forward with planning in the safe knowledge that you are not wasting money.

Perhaps the best advice we can share with you, always try to leave some money aside for any unexpected costs. For example, unexpected guests will throw your budget up in the air unless you have the money put aside.

Take full advantage of the lighting available at the venue

Think outside of the box

Rather than investing heavily in promoting your event by print, which will prove worthless if plans change, consider promoting it digitally. Creating social media accounts for the event allows attendees to engage with others and creates a buzz around the occasion.

Apart from hiring the venue itself, another element of your event that can prove costly is decoration. You may think that to achieve the ‘wow’ factor you need to invest in all manner of props, from swan shaped ice sculptures to huge flower displays. In fact, you can get the look for much less by taking full advantage of the lighting available at the venue.

Well positioned lighting can create the perfect mood, and relevant colours can be used to translate brand identity to your clients. Project logos on to walls and erect large screens to communicate your message to all four corners of the room. With technology the opportunities are endless, and it can not only prove cheaper but also more sustainable to opt for a multimedia approach.

Negotiate

The venue is there to help you, so ask them to give you an indication of the ‘slower’ dates which may be available at a discounted rate. If you are willing to be flexible on dates, you’ll often find that you can negotiate a lower price nearer to the date, as venues would prefer to fill their space rather than risk having no business at all.

Our Essential Planning Checklist