The cost of organizing a conference can range from 10,000 to 100,000 dollars depending on the type, venue, and a myriad of other factors. It would be really helpful to create a detailed conference budget using a conference budget template. Before we get to that, here are some tips to help you make an accurate assessment of the cost of your conference.
Separate fixed from variable costs
Your conference budget should feature a combination of variable and fixed costs. The former covers stuff like transport and catering, while the latter relate to venue rent, equipment, and room setup. There could also be a third category, that is both fixed and variable costs. If you hire a professional conference organizer, they might charge a flat rate and a per-delegate fee.
There is often guesswork involved in conference budgeting, especially if you’ve never organized a conference before. If you’ve organized one in t he past, get as much feedback as you can about it.
How mobile apps can help
A decent mobile app can eliminate the manual tasks required of conferences and offer you a wealth of data, saving you resources on printing and other big budget items. Use of mobile apps and other specialized conference technology is just as important as setting a conference date. We recommend including technology costs in your conference budget from the get-go.
Save off taxes
By this we mean check if you might qualify for tax exemptions. This could be the case if a non-profit organization is organizing your conference. Include tax in your budget if you don’t qualify for exemption.
Any conference budget should include this aspect. Even the best-planned conference could yield surprises. You need the budget to cover these. Approximately 15% of your total costs will go toward covering unexpected things like extra supplies or overtime for staff.
Use a conference budget template
Once your main expenses and income have become clear, use budget template to help you organize your conference. Typically, the template will be as follows:
- Your variable costs, usually comprising 55% of budget costs
- Your fixed costs, usually amounting to 30% of your budget costs
- An item for “unexpected” costs, around 15% of your budget costs
As you go along, keep updating your conference budget. Review your expenses and your income regularly so you know at what point you should start cutting back or going ahead with investments in the event.