Putting on a successful conference takes both planning and preparation.
Having a realistic budget is a key part of those preparations.
At Totally Wicked Stadium, our events team is often asked: How much does it cost to run a conference? The answer depends on a number of factors, with prices ranging from a few hundred pounds into the thousands.
Ensuring your budget is realistic will ensure you don’t cut corners, and your objectives for the event are fully met.
How much does it cost to put on a conference, and what factors will influence the price you’re likely to pay?
How much does it cost to set up a conference?
To achieve an accurate estimate of how much does it cost to host a conference that meets your objectives, it’s important to identify your key expenses.
You can then estimate the expected costs for each of these categories:
- Venue hire
The cost of your venue is likely to make up the most significant element of your conference expenses.
The costs can vary depending on location, the venue’s capacity, and the facilities it can offer.
Totally Wicked Stadium has a range of spaces available, from intimate meeting rooms to pitch-side suites that can accommodate up to 400 people.
- Catering and refreshments
Conferences will usually provide some refreshments for the attendees.
This can range from coffee, tea, and soft drinks to finger buffets and more formal dinners.
The cost of catering and refreshments will depend on the menu selection and catering service prices.
At Totally Wicked Stadium, our in-house catering team can provide a cost-effective service for our clients whatever their requirements.
- Equipment and technical Support
You may need to hire equipment such as screens, microphones, and sound systems for your event.
The cost for these services will be determined by the type of equipment and associated technical support that you require.
- Speaker and presenter fees
If you’re looking to hire a speaker or a presenter for your event, then this should be budgeted for.
Often conferences will feature a headline external speaker to attract delegates.
- Marketing and promotion
Making sure your target audience is aware of your event is essential.
Having a realistic marketing budget that reaches that audience should be part of your budgetary plans.
- Event staffing
Conferences and corporate events usually require staff to help ensure everything goes smoothly.
Coordinators, registration desk staff, and security, as well as catering are all aspects you’ll need to consider when drawing up a budget.
- Accommodation and travel costs
If the conference lasts more than one day, you may need to provide accommodation for speakers. There may also be travel costs to consider.
- Miscellaneous expenses
You should also budget for any other miscellaneous expenses you’ll require for your conference.
Typically, this might include networking materials, delegate name badges, gifts, and programmes.
How to make a budget for a conference
A key question any event planner is likely to ask is how much does it cost to run a conference that achieves their key objectives?
To find out, you’ll need to set a budget.
Creating a realistic budget for your planned conference requires a thoughtful approach to ensure your costs don’t run out of control, or that vital areas are not overlooked.
It begins with thorough research into what’s available and the price of using particular services. This will include venue rental, catering, marketing, staff, logistics, and speaker fees if relevant.
These can then be categorised into fixed and variable costs, with a contingency fund of 10 to 20 per cent of the budget to cover any unforeseen costs.
As your planning develops, you may need to review and adjust allocations as required while ensuring that stakeholders are kept informed about any changes.
As well as expenses, revenue targets for the event should be set. Typically, these will include revenue streams such as ticket sales, sponsorships, and exhibitor fees.
After you’ve ensured that you’ve taken all of your relevant costs into account, you can set your budget.
It’s easy for event costs to spiral out of control, so it’s important to have a clear idea about what is affordable, deliverable, and realistic.
Effective event planning at Totally Wicked Stadium
Totally Wicked Stadium is the leading choice for events and conferences in Liverpool, Manchester, Warrington, and across the North West of England.
Our experienced team can provide you with advice and support in planning a successful event.
With a range of flexible event spaces, in-house catering, and plenty of free parking, Totally Wicked Stadium is a super league choice for conferences in the region.
Contact our team today!