How to Calculate If You’ll Make Money From an Event
Does it feel like you’re doing everything right, but you struggle to make money from an event – or not enough money?
You have clients and you’re gaining momentum.
But it still doesn’t feel like you’re making monetary progress.
You reach out to potential clients. Set up meetings. They hire you.
Now it comes time to charge properly for your event services.
How can you tell if you’re actually going to make any money from the event you were just hired to plan?
That’s a common situation faced by every event planner at one point or another.
Now, before I share the calculator with you, let’s talk about 3 steps that’ll help you be profitable right from the start.
Make Money From an Event
According to datausa, there are nearly 140,000 event planners in the US alone.
And that number is steadily climbing by an estimated 10.0% annually.
Men Make 9% More!
And ladies, did you know that our male cohorts are making 9% more annually, even though 78.4% of event planners are female!
Standing out in a competitive market is hard enough, so making enough money is only half the battle.
Not charging properly for your event services is not helping you build your event business.
Whether it’s a fundraiser, a baby shower, a wedding or a corporate event, you need to make money from an event – each and every time.
That’s why I want to show you how to calculate if you and your event will be profitable and introduce you to 3 actionable ways to ensure you never (ever!) lose money on any event you plan.
Far too often event planners spend valuable time on just getting the client and then don’t over-deliver on their services.
Great event planners don’t just meet their clients’ expectations but exceed them.
By being proactive (instead of reactive) and anticipating client needs and problems that may arise with the event planning or the event itself, you’re able to create a contingency plan before the client even realizes there’s an issue. And let’s face it, no event ever goes without a problem or two.
By being proactive, this shows the client that you have their best interests at heart and they’re more likely to hire you again and even refer you.
Part of over-delivering is setting the clients’ expectations about what your service delivery actually means.
Promising something and then not delivering is a sure way to devalue your services quickly and lose money – either through getting fired from the event or not getting repeat business or referrals.
Walking clients through your delivery systems allows you to fulfill on the promises made and create successful relationships with those clients.
The Client Isn’t Always Right!
Don’t get me wrong, you should do everything you can to make the client happy, but it’s your job as the expert to set the expectations and say no when and where necessary.
By sharing your vision and reason for an idea (or even the amount you charge) you’re showing your expertise and why they hired you in the first place.
By following these 3 tips, this type of service promises repeat business and referrals and promises that you make money from an event.
Now, let’s talk about how to actually calculate if the event itself will (or won’t) make money.
In this short video tutorial, I’ll share a simple calculator that you can use right away.
I’d love to hear from you in the comments…
Do you have another tip that’s helped you and can help other event planners in our community ensure they’re making money each and every time?
Let us know below.
And, if this calculator helped you and you want more, join us today in our How to Be an Event Planner course where you’ll learn more in-depth strategies to become an event planner.
As always, thanks for joining us and for your willingness to learn and be a better event planner!