MAKING A BUDGET

Once you have clarified your objectives, move on to making a budget. First work out where the major funding is going to come from. For that consider the following points:

Is there any money available from prospective sponsors?
If you are staging a trade-related conference, a professional association may provide funds and would be worth approaching. Alternatively approach organisations or individuals who might stage a complementary exhibition or similar marketing activity alongside your own conference.

Ticket selling to the delegates/partners
It would not be appropriate to sell tickets to the internal delegates but you should also not overlook the partners. Consider whether it is proper to sell tickets to only the partners or both the delegates and partners. Alternatively also see to it that it does not refrain them from coming since the other hasn't been invited. Make the event look very attractive by charging for it, if it were free then probably people would think it is worthless.

Detailing possible expenditure
It is vital that you should look at the areas where money should be spent in order to ensure a successful conference. This factor is very important and should never be overlooked. Identify these areas and make a rough estimate of how much it is going to come upto and now study the following areas:

Venue
While fixing the venue find out whether it is a fixed price or a per capita charge. Then include the cost of the additions like facilities, services, equipment hire, technicians, set up and dismantling charges. If you have overnight accommodation for the delegates then include room charges, extras, facilities and services.

Speakers
Consider the cost of finding speakers, approaching and negotiating, writing, updating, telephoning and confirming. In addition to that consider their fees for attending - are they specialists or celebrities. You will need to meet their travel and accommodation expenses. Find out if they are coming from a long distance? Do they want first class travel? Then the food and the miscellaneous expenses need to be catered to.

Delegates and partners
Here you have to make a note of finding the delegates, the cost of inviting them, obtaining mailing lists, printing invitations, posting them and writing again and telephoning them. You have to consider their travel and accommodation charges.

Publicity
If you intend issuing press releases you have to take into account the cost of the ads, mailing charges, stationery and faxing the releases to magazines and newspapers.

Outside help
Needless to say, if you are considering taking outside help in the form of organisations or individuals, some important things have to be kept in mind. These include:

1. Printing or supplying publicity material -
   This will include printing costs, packaging materials, special memorabilia for the event, pre-conference documents and maps, postage and spares.
2. Transporting participants and goods -
   This covers the stage setting, lighting and equipment such as televisions, cameras, projectors etc.
3. Decorating the venue -
   Floral decorations, banners and other miscellaneous items to be used both inside and outside the venue.
4. Hire charges -
   Now if you do not have certain facilities and services inside the venue, you would be required to have those things hired.
5. Security -
   Special people and special equipment may have to be hired as a safety measure.
6. Catering Arrangements -
   Whether it is going to be like a reception, breaks, luncheon/ dinner or a banquet.
7. Social activities, entertainment -
   whether it is needed inside or outside the venue for partners and what kind of entertainment is needed.
8. Insurance -
   Cancellation of the event, damage caused to the property, freak or serious accidents are some of the things that could occur in the course of the organisation. Be ready for such testing times.

Rehearsals
If a rehearsal is a must then you have to include their costs also. Travel, boarding and lodging, accommodation, transportation, extra facilities and services are some of the areas where you should look into.

Programme
Again this includes the total cost of the event. All that we saw till now should be put together and the final amount should be made.

Post conference allotments
When making the budget, take into consideration the changing rates of some items. What costs Rs. 1000 today, may cost more or less tomorrow.

Miscellaneous
Allot this section for emergency / necessary / unnecessary charges you might come across while organising the function.

Compiling the budget......