What is one of your first thoughts when you think of event planning? We’re assuming one is: how much is this going to cost?

Knowing the numbers is an essential step, from small meetings to weddings to gala dinners and large conferences.

That’s why creating an event budget is critical.

At TCU Place, we’ve been fortunate enough to host occasions of all shapes and sizes in our banquet rooms, halls, and even on our theatre stage. From marketing to promotion to decorations, we’ve done it all. We have some tips and tricks on how to cost out an event effectively and some reasons why you should consider booking with us for your next one.

Create a Budgeting Plan

Because arranging a gathering can be stressful, it’s crucial to start planning your budget early. Working in stages makes budgeting and sticking to it more manageable.

One of the most challenging tasks for event organizers is to guarantee that expenses and revenues are carefully managed to meet your financial goals and accurately gauge event performance. Whether you’re planning in-person, virtual, or hybrid events, the expenses and revenues you’ll need to account for will differ.

It’s also critical to distinguish between fixed and variable expenditures or expenses. Fixed costs are those that remain constant regardless of the number of guests. Variable costs alter depending on the number of people who attend.

Defining the focus areas of your event will help you prioritize your spending and invest in the stuff that matters.

Start by breaking out your major spending categories. Expenses can include venue rental, decoration, programming, marketing, advertising, ticket sales, and numerous other factors. Once you’ve chosen your overall categories, it’s easier to create a foundation for what you need to spend money on, whether planning for a brand new event or one you’ve been operating for years.

Think of your event—what are the components you’ll need for each segment? When working with a venue, does the rental cost include audiovisual equipment, security, or catering, or will you have to hire for each need individually? Often at a venue, the amount you spend in one area impacts the cost of other areas…so ask really great questions to find out about options.

TCU Place Can Help Plan It All

The venue choice is always a great place to start. Our passionate team can take care of decorating, ticketing, marketing, hospitality, catering, planning, and so much more when you book your event here.

Our facility boasts spaces from 15 up to 1,500 guests. We have 21 rooms, our world-famous theatre, banquet halls, etc. Whether you want to plan the event independently or want us to take care of your to-do list, we’re well-versed in every approach.

Organizing events of any scale is not an easy task, as there are many aspects to consider. There is plenty of space at TCU Place and an experienced and attentive crew to help you host your event. We can ensure success whatever you need us to do, from planning a business meeting to coordinating a wedding – because this is YOUR place.

Let’s start planning together!