Planning a party can be lots of fun, but some parts are definitely more fun than others. Take, for example, budgeting for your big event. If you’re a numbers person, it’s probably not so bad, but for those of us who aren’t, it can be a bit overwhelming.
If you’re not sure where to begin when planning a budget for your special event, never fear. Here’s a cheat sheet for you to use as a guide when planning your next soiree at Tribeca Rooftop + 360° in NYC.
It’s A Numbers Game
Once you know what kind of event you’re planning (wedding, corporate event, social event), it’s time to get started planning your budget. Chances are, you have a number in mind for your total budget. Once you’ve got that number figured out, you’re ready to roll!
Meet Your Needs
What will your even need to be a success? Chances are, you will need a venue, food, a photographer, entertainment, decor (including centerpieces, linens, and furniture), and possibly even party favors or promotional material. You may even want to figure your attire into your budget if you are planning a wedding.
Now that you know what types of services you will need, you can start making calls and having consultations with potential vendors.
Get Sponsored
If your event happens to be a corporate event, there’s a chance that you can up your budget by bringing in sponsors. Be sure to credit your sponsors where appropriate, such as on promotional materials or invitations, and make sure their names are mentioned, and they are properly thanked both at your event and after the event.
Split It Up
Now that you have some numbers from your potential vendors, it’s time to divvy up the funds allocated for your event. If the sky’s the limit, this is a lot easier, but if you’re working within a budget, you may have to forgo some details to be sure you can afford others. Focus on the absolute needs first, like a venue, food, and a photographer. Other details like decor can be scaled back to save money, as can any swag or favors.
Make Some Calls
Now that you know where your budget needs to go, it’s time to book your vendors. Prepare to put down a deposit for these services and supplies upfront, so make sure you have enough funds available before you reserve your spot.
The Big Day
Depending on your vendor, some businesses may request payment on the day of your event, so be prepared to pay them when payment is due. Prepare checks ahead of time, or make sure there’s plenty of room on your credit card so that payment can be easily handled without calling you away from the festivities.
Important Tips
Finally, don’t forget to tip your vendors. From the catering staff to the photographer, DJ, and anyone who works at your event, be sure to have cash available for tipping. This is where it pays to pay attention to your contract, too. Some contracts may already include gratuity, so if that is the case, you can forgo the cash tips unless your vendor goes above and beyond and you want to give them a little bit extra to show your gratitude.
Assess Any Damages
Finally, it’s important to remember that accidents happen. If you damage any of your rented furniture, dishes, or the venue, you may be looking at additional charges, so having a little extra tucked aside is always a good idea.
Be sure to read your contract carefully, so you know exactly what you’re responsible for if something does get damaged during your event.
Give Yourself A Pat On the Back
Congratulations! You just budgeted for a special event. Now you can focus on the fun part, the event itself!
If you’re ready to book your event with us at Tribeca Rooftop + 360° in NYC, please contact us today, and let's get the party started!