#eventbudgets

How Much Does an Event Planner Cost?

We get several inquiries each year, from interested parties who have never worked with an event planner before. Regardless of the type of event you want to plan, hiring an event professional can help alleviate the stress and ensure that everything runs smoothly. However, one of the biggest questions that people have when considering an event planner is whether they can afford one. In this blog post, we’ll explore the costs of hiring an event planner and provide some guidance on whether it’s worth it for you.

What Do Event Planners Do?

Before we dive into the cost, let’s briefly touch on what an event planner does. An event planner is responsible for managing all aspects of your event, from the initial planning stages to the final execution.

Some things Event Planners Do:

Finding and booking a venue

Securing vendors (such as caterers, entertainer, photographers, registration staff and so much more)

Building menus, show flows and production schedules

Managing budgets, staffing and payments

Building event branding & strategy (and sometimes marketing)

Ensuring that the event runs smoothly.

We wrote about this topic last month, check out this post on what is an event planner?

What Are the Costs of Hiring an Event Planner?

The cost of hiring an event planner varies depending on a number of factors, including the location of the event, the complexity of the event, and the experience and expertise of the planner. Some planners charge a flat fee, while others charge a percentage of the total budget. Here are a few general guidelines to give you an idea of what to expect:

For weddings, wedding planners typically charge anywhere from $1,500 to $10,000, with the average cost falling between $2,500 and $5,000. But this is dependent of the size and complexity of the wedding. Many wedding planners offer day of activation services that help ensure your wedding day is stress free.

For corporate events, event planners may charge a flat fee or a percentage of the total budget, which can range from $5,000 to $100,000 or more. Again, depending on the size and complexity of the event or events and if they run over a number of days / venues etc.

For smaller events, such as personal parties or anniversary celebrations, or for consulting event planners may charge an hourly rate, which can range from (depending on their experience level and what is required) $75 to $250 per hour.

Is Hiring an Event Planner Worth the Cost?

Now that you have an idea of what an event planner does and how much they typically charge, the question remains: Is it worth it for you?

Here are a few factors to consider when determining the cost of an event planner:

Your budget: If you’re on a tight budget, hiring an event planner may not be feasible. However, if you have some flexibility in your budget, an event planner can help you save money by negotiating with vendors , leveraging their relationships and ensuring that you’re not overspending in any one area.

Your time: Planning an event can be incredibly time-consuming, especially if you’re not familiar with the process. Hiring an event planner can free up your time and allow you to focus on other aspects of your life.

Your stress level: Planning an event can be stressful. There is a reason that event planners are listed constantly year after year in the top 10 most stressful careers, especially if you’re juggling a lot of other responsibilities. Hiring an event planner can help alleviate some of that stress and ensure that everything runs smoothly on the day of the event.

Your experience: If you’ve planned events before and feel comfortable doing so, you may not need an event planner. However, if you’re new to event planning or are planning a particularly complex event, an event planner can provide invaluable expertise and guidance.

So, Can You Afford an Event Planner?

Event Budgeting 101

When I began my career in event planning, the idea of managing budgets seemed a little overwhelming. It was never covered in any of the event management classes I took and, despite being a vital aspect of every event, it seems to be a bit of an industry secret.

So, this week let’s talk about some of the nuances of building an event budget. It’s time to share what no one else seems to talk about!

The Framework

Generally, event budgets tend to be fairly fluid. When building a proposal we’re working with big picture ideas that often evolve as we progress. Not everything we pitch will come to fruition and inevitably new ideas are always introduced along the way.

Every event is going to require a range of elements that can easily seem overwhelming but if you break it down to general categories, you’ll be sure to cover all your needs while keeping each of your requirements reasonably organized. I like to start with a list like this:

Venue

Food

Beverage

Entertainment

Décor

Equipment Rentals

Audio Visual

Sound

Lighting

On-site Staffing

Risk Management

Photography

Registration

Design /Printing

Accommodations

Promotional Items

Transportation

Event Planner fee

Keep in mind, many of these may require sub-categories as well. For instance, your venue might have many associated costs including rental fees, coat check fees or the rental of items that are not considered “in house”. Another good example is your Entertainment category. Costs in this area are generally not limited to the entertainment itself but also travel and hotel costs, per diems and any rider requirements (which is a whole other blog post on its own Corporate Entrainment: The Hidden Costs.)

Do your homework

Although this gets significantly easier with experience, even the most seasoned event management companies work on events that have elements they haven’t encountered before. Whether it’s a new venue, caterer, talent etc., you really need to know what to expect from hidden costs to minimum spends and gratuities. Every venue is different and asking the right questions is imperative. I love the simplicity of a call but I suggest also getting a follow up email than can be referenced should there be any discrepancies or confusion. Keeping detailed notes will also prove to be incredibly helpful when working on future projects.

Conservative Estimating

I cannot stress this enough. When planning budgets for clients ALWAYS build in a buffer. Every event professional can attest that this is a business built on change and you’re far better off being prepared with extra funds tucked away rather than having to present an overrun to a client, regardless of the reasoning. It’s always best to err on the side of caution and include a contingency line item into your budget to ensure you’re prepared for any unexpected expenses.

Variable Amounts

When working with certain line items there are often grey area’s that can only be estimated until you receive the final bill. The beverage line item, for example, will certainly be one of them. Open bars are always appreciated by your guests but are very difficult to estimate. Even with drink tickets, you will have some drinks that cost more than others or extra tickets that somehow make it into circulation. Always include a note letting your client know that this is a variable amount and will be determined on final consumption.

Disclaimer

In reality, there are always unknowns that even the most seasoned event professional can’t predict. If you find your budget starting to run over or your client asks for something that wasn’t in the original scope, be prepared to communicate the changes clearly and always have the increase approved in writing. It’s understandable that flexibility is sometimes required but no one – especially clients – appreciates surprises when it comes to the bottom line.

Simple Math

I get asked repeatedly if a client can even afford to host a particular event and, truthfully, the quickest way to determine if the numbers work is to divide the proposed budget by the number of guests.

For example, a brand launch for 1,200 people with a budget of $5,000 works out to only $4.16 per person. A birthday dinner for 50 people with a budget of $2,500 allows for $50.00 per person. If you consider the cost of an average meal and drinks alone, these budgets are already unrealistic in most scenarios. Your ability to explain this type of budget estimation early on in the process can really go a long way in saving both you, and your client a lot grief in the long run.