EventCombo's Guide for How to Make a Profit In The Event Planning Industry
Jan 24, 2017 Dr. Kristina Nelson
One of the key strategies to making money in the event planning business is to learn how to price your tickets correctly. You need to avoid two concepts—that of over-charging, and that of under-charging. If you are new to the event planning industry, you need to start becoming efficient with your estimates of what it will cost to complete your events. Therefore, one thing you always need to consider is how much it will cost not only to pay the bills for the event but to pay both your employees and yourself to profit.
So, what do you need to consider to learn how to price events successfully? Below we provide you with a few concepts that should help you learn how to accomplish this strategy.
Consider Your Market
Depending on what market you are serving, the fee structure can vary. Corporate events are usually priced differently than social events. Social events require you to charge a fee for your work (usually estimates run from twelve to seventy-five dollars an hour), as well as some percentage of vendor commissions. In the case of case of corporate events, planners usually charge for their services (about sixteen to one-hundred-fifty dollars an hour) as well as an extra fee for each contracted item, or a flat fee is charged to cover all the necessary contracts the planner will make. Vendor commissions are usually also charged.
Consider Your Location
The location of an event can also change fees in your event because of cost of living expenses. For instance, typically you would charge more to hold an event in the Northeast as opposed to the Southeast because of what items cost regionally.
Consider Your Experience
If you are a new or inexperienced event planner building up your reputation, you need to start charging a bit lower for your event planning services. However, avoid going too low just to contract the job, because your goal for your work is always to make some profit.
For more event planning information, stick with us here at Eventcombo. Here at Eventcombo, we not only offer helpful advice to make all of your events a success, but we also offer the opportunity for you to sell your tickets online through our website to increase your ticket sales.
