How to handle money when you’re running a conference

image

Sponsors and Partnerships: Find sponsors to help fund your conference. In exchange for their sponsorship, you can put their name and logos on your print materials, e-mails, and social platforms. Form partnerships with your vendors, the hotel, the caterers, etc. Offer to promote them on your marketing materials in exchange for a reduced rate.

Full
Answer

How to save money when going to a conference?

Saving money when going to a conference is possible, but there are hidden costs you have to stay away from. Failing to plan can be costly. When attending a conference, travel preparation is one of the biggest tips for saving money. It can help you avoid overspending unnecessarily.

How do I Manage my conference budget?

By being both critical and creative, you can take your conference budget from overwhelming to ruthlessly prioritized. 1. Review your conference budget for accuracy If you ran a similar event last year, you can simply edit your existing conference budget from that event.

Is it time to Number-Crunch your conference budget?

Oh, and in last quarter’s planning process, 25% of your budget was reallocated. It’s time to get into number-crunching mode. By being both critical and creative, you can take your conference budget from overwhelming to ruthlessly prioritized.

How much should you spend on contingency expenses for a conference?

Experts usually recommend that you add an additional 5-10% onto your conference budget as a “contingency expense.” The fine print of your venue or equipment contract might have “damage fees” built in that you’ll end up being responsible for when a guest accidentally breaks a window.

image


How do you run a successful conference?

How to Run an Effective Conference: The 7 Steps You Need to…Work out the key details in advance. … Determine what your value proposition is. … Choose the perfect venue. … Decide the best time to hold your event. … Set your budget. … Choose your speakers carefully. … Find attendees on Facebook.


How do event planners save money?

Ways To Save Money On Your Next Event with 101 StrategiesHave An Inflexible Budget. … Balance Your Budget. … Trim 1/4th of the Allocated Expenditure. … Shorten Your Guest List. … Brush Up Your Negotiation Skills. … Ask Vendors to Throw In a Few Free Extras. … Use the Incentive of Repeat Business to Negotiate a Bulk Rate.More items…


How much does an average conference cost?

How Much Does A Conference Cost? The short answer is about $1,000. In total, I’ve spent over $5,200 to attend the last four FinCon conferences, and it’s been worth every single penny. My advice – in general, I would budget at least $1,000 to attend a small business conference.


How do you budget for a conference?

Your conference budget template (with tips)Get feedback on last year’s conference budget. … Agree on an efficient deal with your conference technology partners. … Separate your conference budget into fixed costs and variable costs. … Build contingency into your conference budget. … Check if you qualify for tax exemptions.More items…•


How can events reduce costs?

8 Ways to Cut Event CostsThe Venue. Finding an affordable venue that meets all your requirements can be a challenge. … Equipment & Facilities. … Multiple Quotes & Negotiating. … Flexibility on dates. … Extra Costs. … Use Social media. … Volunteers. … Event sponsorship.


How do you save money when you throw a party?

These tips will keep your party costs down so you can stay on budget while still throwing a great event.BYOB. Bring Your Own Beverage. … Skip Formal Invitations. … Try the Thrift Store. … Make the Cake Yourself (or Use the Grocery Store) … Be Honest. … Stay Focused on What’s Important.


How much should I charge to host an event?

On average, event planners should charge between 15-20% of the total cost of an event as part of their fee. Depending on the complexity of the program and the amount of time it takes to plan and execute an event, sometimes this is enough to cover a planner’s entire cost and source of profit.


Why are conferences so expensive?

Typically the fees are to cover the facilities of the meeting including services attached to the venue. In addition there may be administrative costs for the conveners to be added to that. My experience says that everytime you let a professional conference center and staff organize a meeting it becomes very expensive.


How much does it cost to run a seminar?

Seminar prices generally range from free to $150 per person. You’ll only be able to host around 25 people for a workshop so will need to charge $150 and higher to cover costs plus profit unless you can sell a lot of add-ons.


How do you organize a conference checklist?

The Conference Planning ChecklistStep 1 – Settle on a theme.Step 2 – Design the delegate journey.Step 3 – Identify your team and set roles.Step 4 – Settle on a date, venue and budget.Step 5 – Book the right venue.Step 6 – Select the right conference technology.Step 7 – Arrange people and services.Step 8 – Book speakers.More items…•


How do you write a simple budget proposal?

How to create a budget proposal templateDescribe your project objectives. To introduce your project budget proposal, start with an overview of your project objectives. … Summarize cost elements. … Break down costs. … Provide a cost summary. … Submit for approval.


Can you save money with a wedding planner?

A wedding planner can save you money They are budget ninjas in all things wedding related. They know how to negotiate with vendors when appropriate and get the best quality for the best price across the board. They also typically get trade discounts from companies they have good relationships with.


How a wedding planner can help you?

They will provide honest advice and full-time assistance; they will guide you and support you every step of the way, so that everything turns out the way you want. They will simplify things for you and make the preparation process more bearable.


How to take conference budget from overwhelming to ruthlessly prioritized?

It’s time to get into number-crunching mode. By being both critical and creative, you can take your conference budget from overwhelming to ruthlessly prioritized. 1. Review your conference budget for accuracy. If you ran a similar event last year, you can simply edit your existing conference budget from that event.


What is zero based budgeting?

This type of budgeting, called zero-based budgeting, starts with an essentially empty spreadsheet. Regardless of your experience, zero-based budgeting can a great tactic for prioritizing your budget, because it avoids assumptions and focuses on what’s currently relevant.


Why do you have two columns in a spreadsheet?

Having two columns in your spreadsheet for cost will help keep you honest: one for “estimated cost, ” another for “actual cost.” By comparing these columns, you’ll see how accurate your estimates were last year. Did you make any mistakes you should rectify before moving forward?


Why do you need multiple quotes?

Having multiple quotes gives you negotiating leverage. Your current vendor — or the one you really have your eye on — might be willing to come down in price if you have a better deal elsewhere.


How to trim the fat from a conference budget?

One of the best ways to trim the fat from your conference budget is to automate processes that a computer can do just as well as a human. This helps decrease your staffing costs and increase your efficiency.


Who is Alyssa from Eventbrite?

Alyssa is a marketer manager at Eventbrite who loves thinking about the problems that organizers face in growing their events. In a past life, she organized the Sapphire Ball and other galas for her college community. She’s a California native who loves avocados, traveling, and judging Bachelorette brackets.


Can you lose critical expenses?

There are critical expenses you absolutely cannot lose. Others might be “nice to have,” like a social photo booth. With priority status assigned, you can easily reorder your spreadsheet to see what falls to the bottom of the list.


Plan for Professional Conferences

Fail to plan, plan to fail. When going to a professional conference, plan ahead. Plan everything from who you will meet to where you will eat. Often, the best meetings are the ones you plan before your plane lands. It shows both parties are very interested in connecting and want to make sure the connection happens.


Have an Objective

Why are you going to the professional conference again? Make sure you have a concrete reason. This will help you ask the right questions, meet the right people, attend the right sessions and otherwise rock the conference. Even if it’s just to catch up with friends – it’s still good to identify that objective.


Pick and Choose Your Events

Skip out on things that will be recorded. Attend ones which aren’t. I think that’s important. If you can watch sessions later, feel free to do so. Instead, spend the time talking with your peers. And for after-hours events, make sure not to overdo it.


Handle Business Cards like a Pro

Have your business cards ready. It helps to keep plenty of them in the same place on your person. And when receiving a business card, look it over before you shove it in your pocket. Show interest. Feel free to make notes on the back of the card so you remember what you spoke about with the person.


Follow-Up Quickly

Once everyone is heading to the airport – begin your followups. Email everyone and tell them how great it was to meet/catch up with them. But please, only do this if you mean it. A canned email can be spotted from a mile away. Make it sincere.


What to do if cash is withdrawn from bank?

If cash is withdrawn from the bank for an event, the withdrawal amount should be noted and the cash kept separate from your general petty cash. Make sure you prepare enough small change to provide a “float” for each stall or part of the event.


Why is it important to have a cash register system?

It’s good to have a system in place so that volunteers can keep track of cash for their part of the event, and so that everyone is clear about their responsibilities for handling and recording cash coming in and out.


Why is it important to keep a record of cash in and out?

It’s still helpful to keep a record of cash in and out so that accurate figures can be given to the treasurer.


How to keep your money safe outdoors?

If you’re going to be outdoors, think about using something with a lid so that your notes don’t blow away! Some people use two ice cream boxes, one inside the other – the notes can be kept sandwiched between the two boxes to stop them flying off. Alternatively you can hire zipped money aprons from the Resource Centre.


Why is Resource Centre free?

All Resource Centre information is available for free because we know small community groups have small budgets. However, we are a small charity, so if you are in a position to make a donation, it will help us to keep running this service into the future.


Who should sign floats?

At the start of the event, any floats should be counted and signed for by the people receiving the float (s). The treasurer should keep a record of how much float money has been given out and who has signed for it.


Do you have to collect cash from different stalls?

All cash, record sheets and receipts from the different stalls/volunteers should be collected together. The cash should be counted and recorded by two unrelated individuals.


1. Social Proof the heck out of your website

Our first step was building a website and pushing it to our network as quickly as possible to validate it with real paying customers.


2. Create urgency and FOMO

While our regular tickets were $499, we launched with a limited-quantity Super Early Bird pricing at $299. Our assumption was that if we sold out Super Early Bird pricing within a day, the rest would follow. So we promoted it it aggressively across all channels and accomplished our first goal.


3. Leverage and grow your email list

I can’t say this enoug21`431`42qh, but dedicated emails were the biggest driver of revenue… they generated over 75% of the sales.


4. Leverage your speakers

Combined, our speakers had a social following of over 10 million. So getting them to promote us was huge.


5. Leverage your community

Create a list of all the local accelerators, incubators, coworking spaces, community organizations, meetup groups and influencers. Essentially, a list of everyone who has influence over your target audience.


6. Retargeting

While we didn’t have a blog of our own, we shared a ton of content across email, twitter, LinkedIn, and Facebook, related to our theme written by our speakers and other big influencers. But how do you capitalize on other people’s content?


7. Press

Getting press for your events can be tricky; however, our advantage was it was an event for a local non-profit plus the angle was relevant for local tech press. Simple email pitches to influencers and reporters got us some early coverage.


Land a whale – make it EASY for them to say YES

To make this event amazing we had to establish credibility. If we had credibility then everything would be easier…so this was our first step. Selling tickets, getting PR, landing other speakers…everything would be easier with credibility.


Stick out and land great speakers – our email template

Popular folks like Andrew and the rest of the speakers get asked to do stuff all the time – interview requests, coffee meetings, etc….so we had to stand out from the crowd.


The Venue

This was actually pretty freaking easy. Most offices LOVE hosting meetups. We cold emailed a few co-working spaces and they all said yes. I can’t emphasize this enough, but the key in these emails was to appeal to their interests. NO ONE CARES ABOUT YOU…THEY ONLY CARE ABOUT THEMSELVES. Remember this.


Selling tickets

This was the hardest part, but it really wasn’t even THAT hard as we sold out two days before the event even took place. Weeks before we even sold a ticket we sat down for a few hours and systematically wrote down everywhere we wanted to advertise.


What worked for us

Have a purpose: We had a very clear purpose: to learn about the early days of bootstrapped companies (specifically the first $150k in sales). Having a clear goal helped us make decisions regarding the flow and purpose of Bootstrap LIVE.

image

Leave a Comment