Do you believe spending lavishly on your event will result in happy attendees? Probably not. While budget is an important aspect of every event, you can still achieve success with effective planning. It takes research, patience and hard work to pull off a great event, especially when you’re on a low budget. Who said it’s going to be easy? If you’re reading this blog, you’ve already seen the light, you just need to follow it. Here are 10 hacks for an event manager at any hospitality or entertainment enterprise to organize an event on a low budget.
1. Plan and Prioritize
Start early. Chalk out a plan or create an event checklist of everything required to organize an event. From the venue to logistics, event promotion to the right ticketing partner, don’t miss out on the important factors. Prioritize what’s important and discard ideas that can increase your expense. Most importantly, keep an extra buffer in your budget considering any last-minute expenses that can come up from nowhere.
2. Book your Venue Early
The venue is one expense, the hospitality industry doesn’t need to worry about. However, entertainment enterprises without a venue need to keep aside a set amount for the event space.
New event spaces may charge less to promote themselves if you plan to choose one that’s new, remember you may end up paying more. Since traditional event spaces are equipped with the tools required for an event you don’t have to spend extra. However, we recommend you book your venue well in advance to save on the cost.
3. Negotiate with your Stakeholders
If you’ve got negotiation skills, you’re sorted. If you’re not, watch a few videos, believe us, it helps. Research a little bit and keep a few options so you can compare and decide. Set up a meeting with your stakeholders and find out what’s the best price they can offer. Check with the competitors and find out who offers the best service at an affordable price. Read the reviews online if there are any and make your decision. Review the case studies available on the vendor’s website to understand their value proposition and how they helped their clients in resolving their problems.
4. Food & Drinks
While every event requires food and drinks arrangement, you’ll need to find a caterer that does the job well that too within the price you’ve set aside for catering. You don’t need to offer a fine dining experience unless your event demands it. For example, you’ve planned a tech conference in your town, the main highlight of your event is NOT food, so focus on the experience because that matters.
5. Small Expenses Matter
Little drops of water make an ocean. While you may ignore the minor expenses, you’ll be shocked when the final invoice arrives. Track your expenses. Find out if there are any hidden costs, additional surcharges that you may have to pay later. Also, don’t let your bills pile up. Pay the stakeholders from time to time to avoid a huge bill later.
6. Avoid Extra Costs
Take some time out and think of all the extra expenses you’ve been paying which may not be necessary. Make a list of it and discard the unnecessary ones one by one. For example, if you’ve been giving expensive or branded giveaways, you can either switch to focussing on offering a better experience as that’s what will matter eventually. When you eventually check the final outcome, you’ll be surprised at how much you saved.
7. Low Budget Event Ticketing System
When it comes to the event industry, event ticketing companies charge exorbitant fees that can make an event presenter rethink about hosting an event. But not all ticketing companies are the same. Yapsody is one of the best examples. We are a premium ticketing company that empowers event presenters to create beautiful events at an incredibly low price. We offer features like the online ticket store, virtual box office, multiple payment gateway systems, multi-language support and mobile apps to make event ticketing convenient and simple for you.
8. Use Offers
When you organize an event on a budget, it can be difficult to set aside a particular amount for offers. But that’s not the case when you’re with Yapsody. Since you’re already using a low priced event ticketing system, you can save on your event ticketing fees. Keep the amount for yourself or use it to create exciting offers for your loyal fans. In fact, you can save even more and increase your online ticket sales by using our holiday season offers. But you don’t need to wait until the holiday season to avail it. For any event, you sell tickets for from now on till the end of the year, save flat 25% on your event ticketing fees and use that amount for something more important. Check our unbelievable offers here.
9. Promote your Event Organically
Save the trees and save your costs. Rather than printing flyers and banners, go digital. With most of your audience available online, it makes more sense to promote your event where your audience is. Create your online store (landing page) so your potential attendees can buy tickets online. Create your event on the Facebook business page and post your event online along with a link to the landing page. Use Instagram and Twitter along with popular hashtags to reach out to your target audience. Use SEO hacks to get your event page ranking higher. You can also promote your events through Yapsody. The perks of being a Yapsody event presenter is that we share your events on our social media profiles and feature your events on our blogs. You can also use our premium event listing feature for free to post your events on our website.
10. Sell Tickets Online for Free
If you’ve been selling tickets manually, imagine the cost you’re incurring. From transportation to physically traveling to places only to promote your event. Instead, take the easier route. Sell tickets online for free. At Yapsody, you can opt for our “Pass on Fee” feature. This feature lets you add the ticketing cost to the price of the tickets. That way, you pay nothing from your pocket. At the end of the month when your final invoice is generated, there are no hidden charges and the ticketing cost is covered by your attendees. Also, did we mention the free stuff you get with Yapsody? Be it our event promotion services, reporting tools, email marketing tool to our event planning software and our 24/7 customer support, everything is FREE.
From negotiating with your stakeholders to selecting a low budget event ticketing system, we’ve covered the 10 best tips to organize an event on a low budget. Get all geared up and take that first step. Sign up with Yapsody and offer the best experience at the best price. Save on your event ticketing fees, use our promo code – HOLIDAY25 to avail a flat 25% off on your ticketing fee.