HOW TO FINANCIALLY PREPARE FOR ANY EVENT!
May 3, 2023 | 3 Min Read | Style X Events
Financial preparation is a key aspect of the wedding and event planning process. Here are 4 Key Factors associated with event planning:
01. Understanding The Event Decor Industry
02. Understanding Your Geographic Location
03. Understanding What's Within Your Control
04. Understanding Your Finances
If you are planning any event, grab our free Wedding & Event Budget Template
01. Understanding The Event Decor Industry
The Event Decor industry is an amalgamation of talented individuals bursting with sheer passion and unlimitless creativity to transform spaces for many of life’s celebrations. To continue to innovate and produce outstanding creations, the success of most creative endeavours is hedged on the availability of ample resources. To create the stunning weddings and events we experience, we lean on this ecosystem of industry professionals to provide us with high quality products and services to successfully execute your dream wedding or event day. From coordinating with furniture rental companies to working closely with lighting designers, we collaborate with at least 3 different vendors at every step of the design process who ultimately have the goal of exceeding your expectations. This industry just like any other, is also in the business of making profits so factored into your final bill is each company's set pricing which covers their overhead, cost of materials, labour and margin of profit.
Taking into account that each business should be pricing for profit, it truly is a luxury to outsource the design and planning of any event to a professional. Along with the vastness and depth of this industry comes an array of planners and designers to choose from that differ in years of experience and clients they targets all at different price points. If you are looking to work with a designer, the understanding that each event is backed by the experience of several companies will help you wrap your head around the finances associated with your event.
The Style X Events Team
02. Understanding Your Geographic Location
Your geographic location determines your access to resources which will in turn determine pricing options available to you. Although events and weddings are not specific to just one city, access to a variety of vendors can be constrained by your location. Let’s say you are based in Waterloo, Ontario and have secured your ideal wedding venue that encapsulates your childhood wedding vision down to the littlest of details. After careful consideration, you chanced upon the exact style of furniture and tabletop rentals that will create the most impact in the space but the vendor is located 2 hours away in Niagara, Ontario. To book this vendor, you are looking at a minimum spend of $2,000.00 in rental items plus delivery costs to transport your rentals from Niagara to Waterloo and back. The pricing may vary depending on your location and the calibre of rental company but you determine if the investment in a vendor that is not local to your event is practical for your big day.
Let's say you are flipping through your local Wedding magazine and instantly fall in love with a two toned rose making it the focal flower you plan on incorporating into your wedding. You are married to this flower choice not realizing it is local to Peru and are pleasantly surprised when you are quoted $100,000.00 from your florist who you think is trying to scam you. By the time these flowers arrive at your event, the pricing will reflect freight, the effort to maintain these delicate perishables in transit as well as the costs associated with refrigeration and processing of flowers from the farm in Peru to the floral studio in Canada. You can opt for a locally grown alternative to minimize the costs and support your local growers or pay the premium price for the longer distance travelled.
03. Understanding What’s Within Your Control
From the theme of your event to the number of guests you will host, there are so many variables you can accurately determine once you are clear on your personal style, preferences and values. These factors are ultimately within your control and have a direct impact on how you and your guests experience your celebration. Hosting your 30th birthday at a restaurant bar in downtown Toronto overlooking the city as opposed to a private residence in Quebec overlooking the water will have a completely different vibe irrespective of who you spend it with. You control the tempo by carefully selecting where you celebrate your event, how you celebrate your event and who you celebrate with which will ultimately drive the entire experience.
The details in the how you celebrate your event are within your control but, you have very limited to no control over the prices set by the restaurant downtown Toronto or the booking fee for the Quebecois villa. Your ability to bargain might come in handy but knowing you have little to no control over the prices set in the market can guide you as you make game time decisions. For those with competing financial responsibilities, you might not be able to control your income on a whim but you can control how your style and preference impact your pockets and work that into your event budget. If your style is skewed more towards luxurious experiences, your budget also needs to reflect this preference. Simply put, you control what you can with event planning and adjust where you can't to have the most amazing celebration.
For reference, below is a price comparison of how your style and preferences affect your overall budget.
SOURCE: Special Events Rentals
04. Understanding Your Finances
Armed with an understanding of how the industry works and the direct impact of your preferences and location on your pockets, I hope you are able to acknowledge that planning an event is a luxury for which you must decide if you are financially able and willing to commit to. You must decide beforehand just how much of your time and money will go into the event planning and design process which will inform your decision to enlist the services of an Event Designer or take the DIY approach. Next, determine how you are going to fund your upcoming celebration. I always recommend saving up for a 30th birthday party or an engagement party in advance so you build up enough funds to afford your idea of a stunning and well produced event.
If you decide to produce your event on your own, plan in advance and rely on the vast pool of resources to make the best financial decision for you. If you proceed with an event designer, just remember that in exchange of your convenience is an investment in the designer's time and expertise to produce an event that you are emotionally invested in. Irrespective of the approach you take, be financially conscious and aware enough to not drive yourself into debt. No matter the budget, there is always a way to celebrate you!
We hope you found this article beneficial to your planning process as you make financial decisions that are best for you. If you enjoyed reading this post, you will find our free Wedding & Event Budget Template useful your next event!
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