The Ultimate Guide to Finding a Budget-Friendly Event Venue

Regardless of what type of event you’re planning, there are some unavoidable essentials. These include venue fees, speakers, and AV rentals.

Choosing the right event venue in Chicago can greatly impact your event’s budget. Use a free space planning tool to help you visualize your event layout before you make any commitments.

Know Your Budget

One of the first steps in planning an event is landing on a budget. This may be a number that you and your team set, or it could be the amount of money available to spend on the event.

It is essential to remain realistic throughout establishing an event budget. It is tempting to over or underestimate expenses, but doing so will only lead to unforeseen challenges. Overestimating can result in a lack of resources or compromised quality, while underestimating can lead to unattainable goals and financial strain.

Include all necessary expenses in your event budget, including staffing and venue costs. Additionally, be sure to factor in items like food and beverage, audiovisual, and keynote speakers or entertainment, as they can significantly impact attendee satisfaction.

Know Your Needs

Have you ever attended an event that didn’t consider the number of people attending and created bottlenecks around the bar, buffet line, or restrooms? If so, you know it doesn’t make for a good experience for your guests.

Estimating your budget early, even if it’s just at a high level, will allow you to ask vendors for quotes earlier in the process. This may result in saving money.

Consider registration and ticketing needs, whether or not your event will be free or paid, and how much you need to spend on staff and support. This information will help you narrow your options for the right venue. This will ensure that you select a manageable space that meets your AV and technical requirements.

Explore Your Options

When drafting an event budget, it’s important to include all expenses. That includes fixed and variable costs like venue rental, equipment rentals, and insurance. It’s also essential to consider additional costs, like catering, transportation, and marketing.

Consider hosting the ceremony and reception at a family member’s house or backyard to save on venue rental fees. Alternatively, rent a conference room or private space at a local business to host a more professional event at a lower price. If you plan on having a larger guest list, a pub or club might be an affordable option for the after-party. Some of these venues offer food and drinks for a minimum spend, while others charge a room rental fee.

Look for Deals

If you’re planning on hosting an event in the future, it’s worth getting quotes from multiple vendors. This will help you identify opportunities for savings, which you can then pass on to your stakeholders and sponsors.

Using an online venue-sourcing tool will help you save time by allowing you to search venues based on specific filters and features. It also helps you compare pricing and amenities, ensuring that you find the best possible deal for your budget.

Many spots offer discounted venue rates, which can help you stick to a budget while still throwing an amazing party or productive meeting. This will leave you with more money for things like entertainment and food. For example, you can hire a food truck to provide snacks for your guests at a fraction of the cost of a buffet.

Negotiate

The venue is the largest expense in most event budgets and will likely dictate how much you can spend on everything else. That means negotiating with your venue is an essential step in getting the best deal for your event.

Start by calling several venues to get quotes on the services you need. The more venues you call, the more leverage you have to bargain.

If your event has been held in the past, use that history to your advantage. Showing you have a track record of bringing in a large crowd and meeting budgets can give you a leg up in negotiations.

Many venues will have wiggle room in their pricing, especially if they know you are serious about working with them and may become a repeat customer. Don’t approach the negotiation process as a haggling game but as a way to build a mutually beneficial partnership.