Hiring Instead of Buying Helps You to Avoid Accidental Overspend
It’s easy to get caught up in the excitement of planning your event and go over budget on furniture and accessories. Before you know it, you’ve spent hundreds of pounds on personalised party favours, colour-matched tablecloths and professionally printed seating plans that are great for one day but will likely never see the light of day again.
Overspending on event equipment is a major reason why the majority of grooms on Don’t Tell The Bride end up running out of budget (we’re looking at you, groom who hired a giant warehouse and filled it with vintage cars). According to Entrepreneur, inadequate control of costs happens to a lot of professional experts as well, so in this post, we give you our advice on avoiding the overspending trap.
Separate Necessities and Nice-to-Haves
While it’s essential to have crockery and cutlery, glassware and table linen, it perhaps isn’t so essential to provide a wealth of selfie props for a photo booth or a sweetie table loaded with additional treats. Consider which elements of your planned event equipment and accessories are absolutely essential and total these to get your minimum spend, before adding on any extras (including that mouthwatering chocolate fountain).
Select an All-Inclusive Equipment Hire Package
One of the best ways to save on kitting out your venue is to opt for an all-inclusive equipment hire package that perfectly meets your requirements and negates the need to add extras that will inflate the cost of your accessories and furniture. Arnold & Walker offers a range of equipment hire packages to suit many different types of event, and you can request your own bespoke package if what’s included doesn’t quite cover all your bases.
List All Fixed and Variable Costs
While most event costs are paid up front, some can escalate during your event and will require some extra room in your budget. Variable costs might include the cost of running a free bar (if you decide to treat your guests to all of their beverages and really spoil them!), adding extra guests to a banquet at the last minute or paying for your choice of photographs in addition to the photographer’s fee. Then, there’s the potential need to compensate your venue for breakage or lost items. These costs may seem small on their own, but when put together they can really mount up, so make sure you keep essential costs below your maximum budget to allow for these additional potential costs.
Make Sure You’re Aware of Your Contractual Agreements
When you hire a professional bar service, commit to a caterer and say yes to a venue, you may be signing up for additional costs that you’re unaware of. Does your bar service have a minimum spend per head? Is your caterer charging extra for corkage? Do you have to commit to a certain number of drinks per person for your venue’s bar package? Make sure you read all of the small print and have enough budget to cover the requirements of your service providers.
Provide a Contingency Fund
Professional experts recommend having a contingency fund of at least 5-10% of your overall event budget to help you manage any unforeseen costs and mitigate risks. Have this in place and you’ll make sure your event is a day you can enjoy as much as your guests, knowing that every eventuality — even if it seems unlikely! — is accounted for.