Budget work is a very important part in planning your arrangement. Before the final decision on an actual implementation, there should be a realistic budget that is sustainable and that doesn’t put you as organiser in difficulties.
Do you think budgeting and financial follow-up is difficult or tricky? Then you can get help from a congress office, or PCO (Professional Congress Organiser). They can help you set a sustainable budget and achieve the desired financial result. They take care of participant management, invoicing and managing sponsors and exhibitor revenue. We can help you contact a PCO.
Questions to create a budget:
What price level will you maintain?
- How will the level compare with your competitors’?
- What are the participants, exhibitors and any sponsors willing to pay?
- What does your pricing strategy look like for participants?
- What does your pricing strategy look like for any exhibitors?
- Have you defined your sponsorship offering and set proposed pricing for the business exchange you are offering to any sponsors?
Do you have realistic estimations for the number of participants, tickets sold, exhibitors, sponsors, any own sales on-site? What does your own risk capital look like?
- Minimum number of participants, to reach a breakeven point?
- Max number of participants? What is it that will limit the number?
Are you fully aware of your costs?
- Fixed costs (regardless of number of participants):
- Flexible costs (dependent on number of participants):