Choosing the ideal venue of the event is one of the biggest decisions during the planning. Whatever event you are planning, be it a wedding, business meeting, birthday party, fundraiser or conference, which venue to celebrate it in first and foremost creates the theme, creates the experience and in many cases it takes up more of your budget.Â
What is difficult is not only to find a beautiful space but to find one that matches your financial aspects without sacrificing quality. Below are a few ways to find an event venue to fit your budget.
1. Set a Realistic BudgetÂ
Establish your overall event budget before trying to research the venues and find out what you can comfortably spend on the venue. Generally, the costs of the venue usually constitute a sizable portion of the overall event budget ranging between 30-50% depending on the nature of the event.
Clarify your budget, whether your budget includes taxation, charges, security deposits, gratuities, and insurance. The right financial structure will ensure that you do not waste time exploring options that are beyond your financial capability.
2. Determine your Guest count early for event venue
The number of guests has a massive impact on the prices of venues. The bigger the venue, the larger the charge to rent, the higher the number of people to hire, and the greater the catering expenses.
You can refresh a realistic guest estimate in the early planning phase, to avoid paying for unnecessary space. An event venue that is properly sized will save you from overspending and making pricey changes down the line.
3. Consider Off-Peak Dates and Times
The price of the venue usually varies depending on the season, the day of the week and time of the day. Weekends or holiday seasons usually attract a higher rate for the venue.
In case of flexibility, think about the weekday events, Sunday gatherings or the off-season months. It is also common to find the morning or brunch events cheaper as compared to holding the events in the evening. A mere change of time can save one a lot of rental charges.
4. Explore Non-Traditional Venues
Hotels and banquet halls are not the only place for the event. Competitive rates can be provided in the community centers, art galleries, libraries, gardens, as well as in the private estates and even in the restaurants.
Unconventional spaces tend to offer exclusivity at a reduced rate. There can also be discounted rates in some public spaces dedicated either to the residents or to nonprofit events. Search expansion makes it more likely that you will come across an adequate gem at a low cost.
5. Compare All-inclusive PackagesÂ
Although the cost of renting a venue might seem cheap at first sight, the hidden cost often spikes the bill at the end. Certain locales provide packages that include all the tables, chairs, linens, serving, sound and lighting services and employees as well.
Although such packages can look more costly at first, they reduce the need to hire multiple vendors separately. When services are pooled it can result in significant savings and coordination.