Planning a virtual event can be a daunting task, but with a little bit of organization and attention to detail, you can make sure your event is a success. One of the most important components when planning an event is the budget. Budgeting for a virtual event can be tricky, especially when compared to traditional events. Here are some key tips to help you budget for your virtual event.
The first step to budgeting for a virtual event is to estimate all of the costs associated with the event. This includes things like technology, staffing, catering, virtual event platform, and any other miscellaneous expenses. Make sure to be as accurate as possible when estimating costs.
Elements that impact the virtual event platform cost
- The number of live days: The length of your event is factor in determining price. Most platforms charge by the number of live days, particularly if they are providing live tech support.
- The number of sessions: Some platforms charge extra for the sessions which will impact your cost.
- Audience size: Some platforms charge per attendee. Keep this in mind when budgeting.
- Extra support: Most providers provide only basic email support to you as the organizer. Dedicated support during the set up or live days will include an extra fee.
- Add-ons: Enhanced features like a virtual photo booth will be an extra cost.
Related article: Speaker fees for virtual events
2) Determine Your Total Event Budget
Once you’ve estimated all of the costs associated with the event, it’s time to determine your budget. This can be done by taking your estimated costs and subtracting any potential sponsorships or other funding sources. It’s important to be realistic with your budget and make sure to leave some wiggle room for any unexpected expenses.
Keep in mind often-overlooked virtual event costs including:
- Speaker fees or gifts
- Marketing costs
- Session production and/or video editing
- API set up to feed data from the virtual event platform back to your CRM
3) Develop a Detailed Timeline
Creating a detailed timeline is essential when budgeting for a virtual event. This will help you to stay organized and ensure that the event runs smoothly. Make sure to include key milestones and any potential deadlines for tasks such as securing speakers, sponsorships or setting up the virtual event platform.
4) Track Expenditures
Once the event is underway, it’s important to track all your expenditures. This will help you to stay within your budget and ensure that you aren’t overspending. Make sure to document any purchases and keep track of all invoices.
A spreadsheet or Google doc is a tool to pull together a budget. It will allow you to organize all your expenses in one place.
Budgeting for a virtual event can be tricky, but with a little bit of planning and organization, it’s possible to make sure that your event is a success. By following these tips, you can make sure that your event stays within budget and runs smoothly.