Let’s face it, everyone loves a good party. You’ve got great food, good music, lots of dancing, and best of all you’ve got cake, all the cake you can eat without worrying about the calories. Because after all, you have an excuse, you’re at a party!
One thing is for sure, parties don’t come cheap. It’s the kind of expense that can set you back many thousands of dollars in just one night. Any way you look at it, throwing a party can get very expensive.
So, the real question you will be looking to answer is how to pull off a magnificent event or party on a limited budget while still impressing all your guests.
Luckily, you’ve come to the right place, because we have prepared several money saving tips that will put your mind at ease and take the strain of your wallet so you can use that much needed cash for another day.
Believe it or not, it’s all in how you approach things. Instead of using your limited resources to plan a big budget event, you need to reverse your thinking and change your strategy by embracing the budget that you can afford and pushing it to the limit.
There are many ways to plan a fun and memorable party with a limited budget, and here are but a few:
Negotiate With the Banquet Hall
Due to the recent pandemic, places like banquet halls are not doing exceptionally well. It’s not that people have stopped throwing parties but rather not many people like to cram into closed spaces for safety reasons. Also because of the pandemic, not many people are in partying moods, so the banquet halls have experienced a significant decline in business in recent years.
Fortunately for you, this can work to your advantage when negotiating a price for your next event or party. Before you walk in the door, get on the phone, and do some research by reaching out to several local banquet halls in your area and ask them for their standard booking rates.
This will give you an edge when negotiating your price, because by showing them you are familiar with the going rates, you are less likely to be taken advantage of. Furthermore, since you’ve done your research, you can mention several local competitors by name to make it obvious that there are many other options out there instead of just the one you’re negotiating with now.
And since times are tough and no one wants to lose a potential customer, they may be inclined to offer you some better rates or at the very least additional services for the current going rates.
Save on catering costs
One great way to save on catering costs is to partner up with a brand new, starting out catering company. Because they are still in the early stages and are looking for clients, you can present your event as an opportunity for extra exposure to your high-end guests and offer to put up an elegant banner promoting that the party is being catered by so -and-so in exchange for a reduced rate to you.
Another great way to cut some catering costs is to consider doing a buffet style party. Guests love the buffet because it gives them the option to walk right over to the foods they love and service themselves without having to wait. It’s much more cost effective than planning out a big menu and paying extra for waiter services.
You may also consider limiting the open bar to just wine, sodas, and other popular nonalcoholic beverages and avoid offering varieties of expensive liquor which can be quite costly. Besides, we want everyone to make it home safely.
Consider Reaching Out to A Sponsor
Remember, every company wants exposure, and everyone is looking to get their name out there to the public. So, if your event falls into a category which another business can benefit from by advertising, why not reach out to them and have them sponsor some of the cost of your event. For example, if you are running a formal business event, partnering with a wine company to set up a wine tasting event at the same venue may benefit both sides.
If you’re making an event in a specific industry, reach out to partnering business and offer to make a deal. They will be more than happy to partake in such an opportunity because spending money on customer acquisition is a lot more expensive than sponsoring your little party. It would be a win / win for them and for you.
Hire a Guest Speaker for Less
Guest speakers are the life of the party. If you want your event to really stand out, a good guest speaker makes all the difference. However great guest speakers do not come cheap and since we’re on a budget we want to get the best price possible.
One of the ways to do that is to plan way ahead and schedule your speaker in advance. Speakers tend to charge more as their calendar fills up and they become more in demand so booking several months in advance may give you some negotiating power.
Another way to save on a speaker is to try and find one who is already booked in the area but for a mid-day event. By offering to hire them for your evening party, this allows the speaker to capitalize on both events and save on transportation as well as lodging costs. Such conveniences for the speaker may also get you a reduced rate for your event.
Plant Your Budget Carefully
Now that you have learned all the best money saving tips and tricks, it is time to actually plan your budget. Since you’re looking to save money, yet still get the best service possible, you may want to avoid reaching out to random vendors to help you with your party needs.
The best way to go is to reach out to your friends and colleagues to ask for their advice on the best and most reliable vendors they have used in the past, and have them recommend a few. And perhaps even put in a good word on your behalf to try and get a discount for their services.
Once you’ve made a list of all the vendors and negotiated the pricing, keep in mind there are other expenses that you need to consider. We have already discussed the going rate for the banquet hall, the catering and even the guest speaker. But there is more to a good party than just that.
In addition to the ones we have already discussed, there are costs for party decorations, a music band for entertainment as well as tipping the staff. So, when planning a budget, make sure to include everything that your party or event may need.