Don’t fudge the budget
The first question you should ask yourself after conceptualizing your event is how you can afford to put it on. Come up with a pricing model that weighs different venues, caterers, entertainment choices and other expenses, and, if you can, get those numbers in writing. That way you can confidently negotiate those contracts and slip them into your budget again without any major disturbance.
Perhaps as importantly, McCarthy says, make sure you have a contingency fund. It’s ironic that taxes – the one thing besides death that you’re bound to face – are forgotten in so many well-meaning budgets. “If you’re going to spend $10,000 on food, that’s around $12,000 once you add the gratuity and GST,” she reminds us. Unexpected fees, too, can creep up on you, so make sure you have all setup fees, administrative charges and delivery fees in mind. And, again, be confident in your negotiations. It’s not your vendors’ job to look through your contract and cross your Ts.