There’s a lot that goes into planning corporate events. From venue selection to event budgeting, you have to cover a lot of bases in order to host a successful event. A lot of big companies run into the common dilemma of not knowing exactly how much to spend on a venue. Venue costs can really differ depending on the location, size, amenities, and reputation among other things. Thankfully, when it comes to corporate event planning, there are a few tried and tested ways to determine the proper budget for your event. We’ll go through some of them here.
The Importance of a Venue in an Event’s Success
Finding the right venue is so important when it comes to your event’s success. The right venue can really set the tone and leave a lasting impression on attendees. You’ll want to find a venue that works for the type of event you’re hosting. For example, if you’re planning a conference, you’ll want to ensure that your venue has the right space to facilitate networking or has an area for presentations. But if you’re planning a Christmas party, you’re probably going to want a venue that has good catering options and space for entertainment. Your venue will be the backdrop for your event – no matter what kind it is!
Factors Influencing Venue Cost
Event budgeting can be tough, but when you’re choosing a space for corporate events, you’ll be able to settle on a budget by specifying your needs. Do you want a venue that’s downtown or on the outskirts of a city? It’ll be more expensive to host an event in a city centre, however if you decide to choose a venue on the outskirts of a city, you need to keep in mind that parking or public transport may create additional costs.
Venue costs will also differ depending on the size and capacity of the venue. If you’re hosting a smaller event, your budget will decrease. If you’re hosting a conference for 1000 people, you’re likely looking at a higher cost.
Another thing to consider when corporate event planning is what sort of amenities you need. Depending on your event type you may need AV equipment such as screens and projectors. You may be interested in catering options or adding extra security to your event. If you’re looking to add your company’s branding to your event, that will most likely be an additional cost.
During your venue finding journey, you’ll probably come across some well known venues and some lesser known ones. No matter what, read reviews to see how previous events went there. You can save some money using a lesser known venue instead of a high-demand one as they offer more competitive pricing. Finally, consider the time of year of your event. If you’re planning a Christmas party in December, most venues will be more expensive than if you were planning a drinks reception any other time of year.
Benefits of Allocating a Higher Budget to the Venue
If you are able to, you’ll end up with more choice if you can allocate a higher budget to the venue. You’ll also have more choice if you’re able to be flexible with the date and time of your event. Some venues use dynamic pricing, which means that they might be cheaper on a Monday than on a Thursday or Friday. By increasing the budget for your corporate events, you’ll also have access to the best facilities and services. You’ll be able to hire venues with high-tech equipment or amazing caterers, which will leave a better impression on your attendees and stakeholders. Plus, there’s even potential for higher event attendance if you’re able to pick the venue that everyone keeps talking about.
Risks of Under-Budgeting for the Venue
If you do have a smaller budget, there are some risks to consider. There will be limited availability and choice. You may end up having to move your event to somewhere less central to cut costs. There’s also the chance that you’ll have to compromise on quality and services if you don’t have a lot of money to spend on your venue for your corporate event. You may have to outsource services like catering which could result in unexpected additional costs. Make sure you’re really thinking about what the top of your budget is before you settle on a venue that could potentially save you money.
Budgeting Tips for Venue Selection
Anytime you’re looking for a corporate events venue you need to do research. Compare multiple venues and their offerings so you know you’re getting the best deal possible. To that end, don’t accept the first price offered, once you do settle on a venue. You can always negotiate. While you’re in this process make sure to check if the venue offers any packages for catering or daily delegate rates (DDR). If you’re finding that the venue selection for your budget isn’t the best, consider some alternatives and look into unconventional venues or expand your radius. Above all, plan ahead! Booking your space early could potentially save you in venue costs.
If you do find yourself wondering what sort of budget you need for your corporate event and for venue selection, sit down, and make a list of your needs. Once you have those, you’ll be able to figure out exactly what type of venue you need and how much it will cost. Your event will be more successful if you take the time to really think about what you need and what sort of vibe you’re going for. And if you need any help at all, get in touch with us using our Venue Finder form! VenueScanner is the best choice when it comes to finding the perfect venue for your corporate event.
