ENVIRONMENTAL CONSCIOUS 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:
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01. Chicken Wire - Floral 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 vendor'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. If you are looking to work with a designer, the understanding that it is a luxury service provided by the expertise of several companies can help you financially prepare for any event ahead of time. 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 price points. So ultimately you do have the control to seek out and assemble a team of industry professionals to actualize your event dreams!
Let’s say you are based in Waterloo, Ontario and have started wedding preparations for your 2024 wedding. You 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 focal structures 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 $3,000.00 in rental items plus delivery and labour costs to transport your rentals from Niagara to Waterloo and back which could cost you an additional $800.00. Flipping through your local wedding magazine, you instantly fell in love with a two toned rose flower and instantly decided to incorporate it into your wedding not realizing it is local to Peru. You are then quoted $20,000.00 by your local florist who you think is trying to scam you. Your florist goes on to explain the logistics of the floral industry and details how 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.
Understanding that we all pay a premium on the distance travelled for goods and services is key when planning any event as our geographic location determines access to resources. As such, access to a variety of resources can be constrained by your geographic location which will determine pricing options available to you. We all have different budgets when planning any event, but the general rule of thumb is the furthest a good or service is, the more it costs to transport. If you do decide to work with imported goods or out of town vendors, it is always important to secure these ahead of time as there is an additional premium paid on expediting delivery to arrive by your intended date. Remember, you can always opt for local alternatives that will bring you closest to your vision through research or working with a local designer.
We can all agree that 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 and who you celebrate with which ultimately drives the entire experience for you and your guests. The details in the how you celebrate your event are within your control but, you have very limited to no control over external 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 market prices can guide you as you make game time decisions.
Once you are clear on your personal style and values, you determine the location and theme of the event to the number of guests which have a direct correlation with your budget. For some, you might not be able to increase your income at a whim but you can control how your style and preferences impact your budget and work that into your event planning process. If your style is skewed more towards luxurious experiences, your budget will also needs to reflect this preference as you are paying for a premium service offered by different industry professionals. If your preference is to have a large gathering, you will need to adjust your budget to accommodate the quantity and volume of goods and services needed to have an exceptional experience. Simply put, there are many variables within your control that have a direct impact on how you and your guests celebrate your special occasion. Remember to control what you can and adjust where you can't to have the most amazing experience for you and your guests.
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. With most investments, there is a period of accumulation where you build up your savings to afford your investment or deduct period payments from your income to go towards said investment. The same can be said for events and I always encourage people to save for a big birthday celebration or a small engagement party because most people are always surprised by the cost of goods and services that go into making a well designed event on any scale.
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. Irrespective of the approach you take, be financially conscious and aware enough to understand that time is your friend and saving up for a party 2 years in advance is better than going 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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