Event planning can be a daunting task!
A lot of toil and dedication is required to make any event successful. No matter if it’s planning a wedding, organising corporate event or setting up massive sports event or a live concert, professional aid has become cardinal.
And that is why more and more people are hiring event planners to coordinate events in and out. Since there is an upsurge in demand for event planners, event management agencies need to structure their fees effectively.
Know how to charge for the services offered and invoice your clients efficiently for a successful business.
Planning and execution for a wedding event will be totally different from a corporate event, hence fees will also differ. Event planners can charge varying amount for different services.
Below are few guidelines that will help you to invoice your clients proficiently:
Experience of the event planners:
Industrial experience of the event planners plays a vital role while setting up charges for the event planning services. As a startup you need to charge reasonable (that doesn’t mean too less) for your services. At least till you gain good number of customers.
Of course as an established event management business, you have the liberty as well as capability to charge with good profit margin. However your fees will also depend upon the type of customers and how much they can spend. In short, the golden rule is to charge neither too high nor too less.
Charges depending on geographical location and season:
Event management company fees also depend a lot on the location. Typically services in metropolitan cities or primary locations are charged high rates as compared to small towns. You need to consider the cost of living before estimating the charges for the services.
Apart from geographical factor like location even season is considered while charging the fees especially, in case of wedding event. Usually during wedding season, event planners charge extra than their usual price.
Before you prepare a bill, you need to estimate cost for your services. As we mentioned before, each service for each event may differ, hence you need to prepare proper estimation. Expenses may include:
Venue rental – Whether it’s a beach-side venue or banquet hall, site rental fees is an essential factor to consider while estimating particular event expenses.
Vendor expenses – There are number of vendors, which you would require for organizing an event. Usually includes catering, sound, video shooting, photography, florists, decoration etc.
Transport and parking – Some event companies also provide guest pick up and drop facilities, so transportation costs should be included. Event venue may also include parking charges.
Print media expenses – Either for promotional purpose or for signage, printing expenses are part of event planning. It may include banners, fliers, signage, invitation cards and much more.
Security services – In case of large corporate events or live concerts, security is on high priority and if you are hiring any security agency then definitely those cost will be included.
Method of invoicing:
Payment style will also differ depending on the services, type of event, client type and other such factors. Either you can charge on hourly rate basis or apply flat fees. Most of the event planners prefer invoicing their clients with flat fees type as it gives a clear picture of the rates charged.
Generally, 30% extra bill amount is charged from corporate clients than social event clients.
Automated invoicing process will lessen the burden of invoicing. You can create templates, set estimates and create flawless invoices on time. Billbooks is one such exceptional online invoicing software that will not only aid to create customised invoices but also generate profit and loss statement, set recurring invoices and create unlimited free estimates.