How to Steward an Event - Part 3: Money Matters

By now, you should know when your event is taking place, and where, and you should have booked the venue, and decided if the event is to be catered or not.

Now you move into the budget – which will enable you to work out how much to charge for the event.

Already, you will know how much the venue will cost, and if you have to hire any equipment, as well as what (if any) food and drink you will provide.

Look at events held over the past few months and see how many people turned up. Take an average, and use this as the minimum number of people you will want at your event.

The next is to work out how much any equipment hire will be – phone around. Compare prices, and make sure that the price you are quoted is the final cost. If possible, get the quote in writing (fax is good), or visit the hire place and get a written quote on the spot. ENSURE THAT YOU HAVE A QUOTE – NOT AN ESTIMATE! The reason for this is that an estimate can be changed extensively – however a quote is more definite.

Work out how much per head you are going to give for food and drink. Consult with your Head Cook on this – they will have a menu planned (or partially planned) and will be able to tell you the minimum per head they need. Even if you are only providing soup, or bread and cheese, work out how much will be needed.

So – let’s look at the figures you will have. Remember – the figures I give are an example only.

Minimum attendees: 65 Hall Hire: $200.00 Equipment Hire: $300.00 Food budget: $10 per head @ 65 people = $650.00 Emergency & Incidentals: $100 (in case of any last minute problems, and to cover the cost of prizes)

Total cost: $1,250

Now – divide the total cost by the minimum attendees and that will give you a price that you need to charge as a minimum – in this case it would be $19.24 – round it up to $20.00.

Now this may seem a lot, but it means that you will be covering costs and that is what is important. It is up to you to make sure that the event is attractive enough for people not to mind paying that amount.

At this point, find out from your Head Cook how many days before they will need to know final numbers. I like to give them at least 4 days, so cut the bookings off 5-7 days before the event.

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