Here’s Your Go-To Virtual Event Budgeting Guide

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The first thing you need to do while planning your virtual event is to create a budget for your event. Having a clear budget will make things and further steps easier for you and help you with further planning. While planning the event, the details and a check on the money going and coming can help you with the effective execution of your virtual event. Moreover, the amount of money spent and profits earned is how most organizers measure the success of their virtual event. No matter the objectives behind hosting the virtual event, you should always have a fixed budget in your mind. 

Though you should always stick to the budget you have decided for your virtual event, it’s advisable to keep a margin of exceeding it. Hence, always create a budget that is flexible, unique, and most importantly, smart. 

The first and most important thing you need to keep in mind while starting to create a budget is to understand that creating a budget for a virtual event is different from doing the same for physical events. While you plan the budget for your virtual event, here are a few things that you should keep in mind. The most prominent expense that the organizers need to consider in case of virtual events is that of the online event platform. Whereas, physical events come with ‘n’ number of expenses. However, here are a few things to consider if you are planning an online event. 

Set a Big Picture

The first thing you need to do while setting up your budget for a virtual event is set a bigger picture. It is advisable to look up your event with a macro view and analyze everything. It means, you need to have a clear picture of the event you are planning and about to host. Have a clear understanding of the objectives you want to achieve with this event, the number of people you are expecting to attend it, the takeaways you want your audience to have by the end of your event, etc. Once you have a clear understanding of all these factors, decide the KPIs you will use to measure your success. Needless to say, profits and losses remain on the top of the list. Apart from revenue collected and the profits you have made, a few factors that the KPI list should have were the number of leads generated, ticket sales, etc.

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  • Plan Expenses: 

Now that you have almost every factor decided, it’s time to plan expenses for your virtual event. Take one thing at a time and move ahead step by step. Having things clear in mind will help you avoid making useless expenditures and save you from impulsive purchases. The best way you can use it is to create a spreadsheet. Moreover, it will help you track your entire expenses in one place. In the spreadsheet, mention all the expenses and keep analyzing them now and then. 

  • Decide Charges: 

Now that you have decided on all your expenses, it’s time to decide the charges for your event. Charging your attendees is the most direct and assured way to monetize your event. Though ticketing remains on the top, here are a few more ways you can use that will help you monetize your event. One way to do so is by setting up tiered packages for your attendees, targeting sponsors, merchandise sales, and charging attendees for exclusive experiences. Deciding charges and ticketing can get a bit tricky, and you need to have experience and a clear mindset for the same. For that, you can conduct research and go through some trends and charges your competitors are setting. Once you have all the clarity, then move ahead, and set prices for all the factors and experiences. 

  • Consider these Most Overlooked Expenses: 

The most common expense that the organizers have to worry about in case of a virtual event is that of the Economic virtual event platform. However, there are a few expenses that the event organizers generally overlook. While you are planning your virtual event, make sure you take note of these factors, and include them in your expenses list. Make sure you include promotional strategies, video editors, speakers, speakers gifts, etc. in the list. Allocate all the charges in the beginning, and then move ahead with other things. 

  • Stay Prepared for Unexpected Expenses: 

The next thing you need to do is always always stay prepared for uncalled and unforeseen expenses. Having some money handy for things you didn’t expect at your virtual event will help you manage things efficiently. Experts suggest having some funds for liquid emergency funds. These funds are for those last-minute things that would otherwise ruin your virtual event. Not only this, but having some overflow funds will allow your team members to make decisions independently if they ever get stuck in tight spots. Other kinds of funds the experts advise organizers to have are the buffer funds. These funds are a few percent of the funds you add to each category. The buffer funds can make a significant difference to your entire virtual event, and hence, it is always advisable to add at least a portion of your total funds as the buffer funds. 

Creating a budget and sticking to it is one of the most challenging aspects of a virtual event. However, with one event or two, you will get used to it. But, a well-calculated budget with an efficient online event platform can help you execute unforgettable online events. 

 

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