Well, you are not alone, managing events in Nepal is especially difficult. While managing your events whether its personal like destination wedding, reception, ceremony, Baratabandha, Gunyo Cholo, Mehendi, Haldi, Suryadarshan (Gufa), and Nwaran (naming ceremony) or business events like seminar, musical concert, conference, and exhibition, maintaining a detailed event budget planning is important. The guide is here to help decrease load on personal or business finance. Guide includes vital cost breakdown tips for big expenses, crucial expenses you might miss, event budget calculator and role ofevent management company in Nepal to cut down cost.
How to create an Event Budget Plan for events in Nepal?
Creating an event plan budget is noting down on a paper, diary and discussing with people involved in the organisation of the event but these unplanned meetings are not fruitful. Conducting meetings on the basis of the simple event budget plan and recording important notes can significantly cut costs and streamline event completion.
1. Deciding Event Goals – The first factor to decide the total amount of money required for your event depends on the goal of your event. You or your team should simply solve these questions
- What’s the type of event that’s being planned?
- What’s the total number of guests expected to attend the event?
- What’s the message you plan to communicate?
2. Estimating Budget – Calculating your budget depends on several factors but the first step to estimating the budget is the amount of money you plan to spend. Personal events totally depend on the amount of money you plan to spend because these events like marriage and so forth do not generate revenue. The budget estimation ends after deciding on the amount to spend but for business events sponsorship, ticket sales, attendance fees, and advertisement rights are other avenues to compare for estimating budget. Consider all the sources of finances for estimating the budget.
3. Create Expense List – Creating a list of expenses is crucial to know the amount you or the company needs to spend on the event. Spending over the budget is not the right way to plan an event. Hence, creating an expense list is the right way to organise an event and fit it under the budget. Make a list of the cost on venue, overall marketing cost in social media, papers, TVs, cost of transportation, decoration cost, permits and additional contingency finance for unforeseen cost.
4. Get quotes – After planning the event goal, deciding on the budget and managing the forecasted expenses under decided budget, getting quotes from event organisers is important. Quotes help you know, if the event size planned can be covered on the budget according to current market price. Additionally, it also helps you know the places the event budget can be cut and any extra finance needed to complete the event as per the planning performed by you or your office team.
5. Fund Division – Divided funds for all expenses and costs of the event and prioritise the expense for event sections which need extra spending. If the event generates revenue from sponsorship and early bird/early entry ticket sales, use those to cover expenses.
6. Set an Emergency fund – Allocate a fund of additional 10-15% depending on financial purse for any emergency costs which may arise in the event.
Hidden Event Costs in Nepal
Managing events often gets costlier due to hidden event costs, event organizers whether personal or business should consider finding hidden costs to conduct events under budget. Some typical Hidden event costs in Nepal are:
1. Permits & Other Fees – organizing events in public places and heritage sites in Nepal comes with local government and central government fees. Add these to your list while planning events to manage the budget.
2. Transportation costs – Conducting events in distant places is expensive in Nepal as transportation bills are costly.
3. Insurance & Taxes – Conducting events in halls, hotels, exhibition centers often attaches taxes and some places even charge insurances. Hence, allocate a budget for these costs too.
4. Seasonal Price Hikes – Wedding seasons and festival seasons are times when halls get overbooked in Nepal. Thus, consider organising events off from these seasons.
Event Budget Calculator
Managing event budgets is easier said than done. After following an event budget plan it is important to budget it systematically. Easiest way to manage event budget and keeping track of finances is to use Event Budget Calculator. The event budget calculator for managing your budget can be a google sheet or Excel template with these fields:
- Location or Venue Costs
- Caterer Costs
- Audio visual elements like speaker, screens, lightings costs
- Marketing Costs
- Decoration Costs
- Transportation Expenses
- Permits & other fees
- Contingency fund
How Event Management Company in Nepal can save us money?
Hiring an event management company like EverestAds & Event Management can help you in cost reduction and stress free smooth event execution. Hiring event management aids you in :
1. Expert budgeting – The budgeting experts have years of experience cutting costs and finding hidden costs to manage the event under budget. Additionally, professionals know the current market costs to give you a real cost of your event.
2. Supplier Network – the event managers are in constant touch with vendors of events cutting the cost of events while decreasing the loss of time otherwise spent in searching for vendors.
3. Permit and Risk Management – The permits of government fees and risks of the event is managed fully if the whole event is booked with an event company like us.
In short event budget planning does not need to be a stressful task and managed easily with proper planning. If you still feel you need additional aid in managing events then contact EverestAds & Event Management.
